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Unit33

In: Social Issues

Submitted By ynnh1126
Words 475
Pages 2
Unit 3

Unit 3 Key Terms
Business Strategy: The major actions by which a business competes in a particular industry or market. Concentration: A strategy employed for an organization that operates a single business and competes in a single industry.
Concentric Diversification: A strategy used to add new businesses that produce related products or are involved in related markets and activities.
Conglomerate Diversification: A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.
Core Competence: A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
Corporate Strategy: The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.
Differentiation Strategy: A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions.
Functional Strategy: Strategies implemented by each functional area of the organization to support the organization’s business strategy.
Goal: A target or end that management desires to reach.
Low-Cost Strategy: A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.
Mission: An organization’s basic purpose and scope of operations.
Operational Planning: The process of identifying the specific procedures and processes required at lower levels of the organization.
Plans: The actions or means managers intend to use to achieve organizational goals.
Resources: Inputs to a system that can enhance performance.
Scenario: A narrative that describes a particular set of future conditions.
Situational Analysis: A process planner’s use, within time and resource constraints, to gather, interpret, and summarize all

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