Cedarville University Exam 2 Study Giest
S.W.O.T. Analysis - ANSWER-Organizational Strengths and Weaknesses environmental Opportunities and Threats
Core Capabilities - ANSWER-The internal decision-making routines, problem-solving processes, and organizational cultures that determine how efficiently inputs can be turned into outputs
Distinctive competence - ANSWER-What a company can make, do, or perform better than its competitors
Cost leadership - ANSWER-The positioning strategy of producing a product or service of acceptable quality at consistently lower production costs than competitors can, so that the firm can offer the product or service at the lowest price in the industry.
Proximal Goals - ANSWER-short-term goals or subgoals
Distal goals - ANSWER-long-term or primary goals
Options-Based planning - ANSWER-maintaining planning flexibility by making small, simultaneous investments in many alternative plans
Slack Resources - ANSWER-a cushion of extra resources that can be used with options-based planning to adapt to unanticipated changes, problems, or opportunities
Top Management - ANSWER-Responsible for developing long term strategic plans
Middle Management - ANSWER-Responsible for developing and carrying out tactical plans to accomplish strategic objective
Lower-level managers - ANSWER-Responsible for developing and carrying out operational plans
Strategic Planning - ANSWER-long-term planning, usually over two to five years
Tactical Planning - ANSWER-short term planning, usually over six months to two years
Operational Plans - ANSWER-day to day plans for producing or delivering the organization's products and services
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