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