1. Strategy is an action that managers take to attain one or more of the organization’s goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.
2. Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions.
3. Management by objectives (MBO) is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them.
4. The combination of internal and external factors that influence a company's operating situation. The business environment can include factors such as: clients and suppliers; its competition and owners; improvements in technology; laws and government activities; and market, social and economic trends.
5. SWOT analysis (alternatively SWOT Matrix) is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person.
6. The BCG matrix or also called BCG model relates to marketing. The BCG model is a well-known portfolio management tool used in product life cycle theory. BCG matrix is often used to prioritize which products within company product mix get more funding and attention.
7. retrenchment, is reduces outgoing money or expenditures or redirects focus in an attempt to become more financially solvent. Many companies that are being pressured by stockholders or have had flagging profit reports may resort to retrenchment to shore up their operations and make them more profitable.
8. The GE / McKinsey matrix is a business portfolio matrix showing relative business strength and industry attractiveness... The GE matrix generalizes the axes as "Industry Attractiveness" and "Business Unit Strength" whereas the BCG matrix uses the market growth rate as a proxy for industry attractiveness and relative market share as a proxy for the strength of the business unit. The GE matrix has nine cells vs. four cells in the BCG matrix.
9. The activity of leading a group of people or an organization or the ability to do this. Leadership involves
(1) establishing a clear vision,
(2) sharing that vision with others so that they will follow willingly, (3) providing the information, knowledge and methods to realize that vision, and (4) coordinating and balancing the conflicting interests of all members and stakeholders.
10. Strategic Change means changing the organizational Vision, Mission, Objectives and ofcourse the adopted strategy to achieve those objectives. Strategic change is defined as " changes in the content of a firm's strategy as defined by its scope, resource deployments, competitive advantages, and synergy
11. B. 1.Strategic issues require top-management decisions- decision-making 2. Strategic issues involve the allocation of large amount of company resources- allocation of resources 3.Strategic issues are likely to have significant impact on the long term prosperity o f the firm- operational success 4.Strategic issues are future-oriented- long term existence
5..Strategic issues usually have major multi functional and multi business consequences-? 6.Strategic issues necessitate considering factors in the firm's external environment-?
12.b. A model that attempts to explain the competitive advantage some nations or groups have due to certain factors available to them. The Porter Diamond is a model that helps analyze and improve a nation's role in a globally competitive field. The model was developed by Michael Porter,...
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