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“Introduction to Strategic Management”

Strategic Management by David Kryscynski

This is the introduction lecture for Strategic Management. Very Innovative and Informative video.


 

strategic management

A List of Strategic Management Terms

  1. Business – A strategy that pertains to single departments or units within a company.
  2. Combination – A type of grand strategy that employs several different grand strategies at once.
  3. Concentration – A growth strategy that extends the sale of current products or services to a company’s current market.
  4. Differentiation – A business strategy that strives to make the company’s product or service unique.
  5. Diversification – A growth strategy that moves a company into a similar kind of business with new or different products or services.
  6. Divestiture – A type of defensive strategy in which a company sells some part of its business, often an unprofitable part.
  7. Evaluating – The process of continuously monitoring the company’s progress toward its long-range goals and mission.
  8. Focus – A business strategy that directs marketing and sales towards a small segment of the market.
  9. Formal – The type of planning that involves systematic studying of an issue and the preparation of a written document to deal with the problem.
  10. Formulating strategy – Developing the grand- and business-level strategies to be used by the company.
  11. Functional – A strategy which involves short-range operational plans which support business strategies by emphasizing practical implementation.
  12. Goal – A concise statement that provides direction for employees and set standards for achieving the company’s strategic plan
  13. Grand – A type of strategy that provides overall direction for the company.
  14. Growth – A type of grand strategy developed when a company tries to expand sales, products, or number of employees.
  15. Implementing – Putting a strategy to work after it has been formulated.
  16. Intermediate – Covers the time span between short-range and long-range, usually 1-3 years or 1-5 years
  17. Liquidation – A type of defensive strategy in which the entire company is sold or dissolved.
  18. Long Term– A three-to-five year period of time, but possibly as far as 20 years into the future.
  19. Mission Statement – A brief summary explaining why a company exists.
  20. Operational – Short-range planning that focuses on forming ideas for dealing with specific functions in the company.
  21. Overall Cost Leadership – A business strategy that is designed to produce and deliver a product or service for a lower cost than the competition.
  22. Planning – The process that businesses use to decide the company’s goals for the future and the ways to achieve those goals.
  23. Policy – A broad general guide to action that establishes boundaries within which employees must operate.
  24. Procedure – A detailed series of related steps of tasks written to implement a policy.
  25. Retrenchment – A type of strategy that aims to reverse negative trends in a company, such as losses in sales.
  26. Rule – A specific and definite corporate action that employees must follow.
  27. Short Term– A one-year period of time.
  28. Stability – A type of strategy that aims to keep the company operating at the same level that it has for several years.
  29. Strategic – Long-range planning done by the highest management levels in the company.
  30. Strategic Management – The application of the basic planning process at the highest levels of the company.
  31. Strategy – An outline of the basic steps management is going to take to achieve a goal.
  32. SWOT Analysis – The most utilized process for determining a company’s overall health; it involves analyzing internal strengths, internal weaknesses, external opportunities, and external threats.
  33. Turnaround – A type of defensive strategy that is used to regain success.
  34. Vertical Integration – A growth strategy that moves a company into a market it previously served either as a supplier or as a customer.

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