IB Ch11
Terms
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- planning
- process of idenitifying and selecting an organizations objectives and deciding how the organization will achieve those objectives,
- strategy
- set of planned actions taken by managers to help a company meet its objectives.
- mission statement
- written statement of why a company exists and what it plans to accomplish.
- stakeholders
- all parties, ranging from suppliers and employees to stockholders and consumers, who are affected by a company's activities.
- core competency
- special ability of a company that competitors find extremely difficult or impossible to equal.
- value-chain analysis
- process of diviing a companys activities into primary and support activities and identifying those that create value for customers.
- multinational (multidomestic) strategy
- adapting products and their marketing strategies in each national market to suit local preferences.
- global strategy
- offering the same products using the same marketing strategy in all national markets.
- growth strategy
- strategy designed to increase the scale (size of activities) or scope (kinds of activities) of a corporations operations.
- retrenchment strategy
- strategy designed to reduce the scale or scope of a corporations businesses,
- stability strategy
- strategy designed to guard against change and used by corporations to avoid either growth or retrenchment.
- combination strategy
- strategy designed to mix growth, retrenchment, and stability strategies across a corporations business units.
- low-cost leadership strategy
- strategy in which a company exploits economies of scale to ahve the lowest cost structure of any competitor in its industry.
- differentiation strategy.
- strategy in which a company designs its products to be perceived as unique by buyers throughout its industry.
- focus strategy
- strategy in which a company focuses on serving the needs of a narrowly defined market segment by being the low-cost leader, by differentiating its product, or both.
- organizational structure
- way in which a company divides its activities among seperate units and coordinates activities between those units.
- chains of command
- lines of authority that run from top managers to individual employees and specify internal reporting relationships.
- international division structure.
- organizational structure that seperates domestic from international business activities by creating a seperate international division with its own manager.
- international area structure
- organizational structure that organizes a companys entire global operations into countries or geographic regions.
- global product structure
- organizational structure that divides worldwide operations according to a companys product areas.
- global matrix structure
- organizational structure that splits the chain of command between products and area divisions.
- self-managed team
- team in which the employees from a single department take on the responsibilities of their former supervisors.
- cross-functional team
- team composed of employees who work at similar levels in different functional departments.
- global team
- team of top managers from both headquarters and international subsidiaries who meet to develop solutions to company-wide problems.