Strategic management
what an organization does to achieve its mission and vision
Strategic management process
a comprehensive and ongoing management process aimed at formulating and implementing effective strategies; it is a way of approaching business opportunities and challenges such that the firm achieves in vision and mission.
Strategy formulation
synonymous with business planning and strategic planning. The set of processes involved in creating or determining the strategies of the organization; it focuses on the content of strategies
Strategy implementation
the methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved.
Synergy
the interaction of two or more activities, creating a combined effect greater than the sum of their individual efforts.
Diversification
the number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another.
Business strategy
the set of strategic alternatives that an organization chooses from as it conducts business in a particular industry or market.
SWOT Analysis
an assessment of strengths, weaknesses, opportunities, and threats
Sustainable competitive advantage
a competitive advantage that will exist after all attempts at strategic imitation have ceased.
Intended strategy
the strategy conceived of by managers and the impetus for initial attempts at strategy implementation
Realized strategy
the actual strategy that is implemented and comes to fruition as a consequence of implementation and other internal and external factors
Emergent strategy
a pattern of action that develop over time in an organization in the absence of vision, mission, and goals, or despite missions and goals, or in addition to what was conceived of in the intended and deliberate strategies
Deliberate strategy
a plan of action, flowing from the intended strategy, that an organization chooses and implements to support its vision, mission and goals.
Strategic focus
when an organization is clear about its mission and vision and has a coherent, well-articulated strategy for achieving those
Overall cost-leadership strategy
a strategy in which an organization attempts to gain a competitive advantage by reducing its costs below the costs of competing firms.
Differentiation
the strategy where competitive advantage is based on superior products or service
Differentiation strategy
a strategy in which an organization seeks to distinguish itself from competitors through the perceived quality of its products or services
Focus strategy
a strategy in which an organization concentrates on a specific region market, product line, or group of buyers in combination with its pursuit of either an overall cost leadership or differentiation strategy.
Core competency
a particular bundle of resources and capabilities that provides unique competitive advantages to the firm
Value chain
the primary and support activities that an organization uses to create value in the form of products or services.
VRIO
strands for valuable, rare, inimitable, and organization
Industry
a group of firms producing products are close substitutes
Industry microenvironment
consists of stakeholder groups that a firm has regular dealings with.
Strategy diamond
a framework comprising five facets for understanding the content of a strategy; the facets are arenas, differentiators, vehicles, staging and pacing, and economic logic.
Tangible asset
an asset that has value and physically exists
Intangible asset
an asset that cannot be physically touched, or is not physical in nature