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Ch 11 Key Terms

planning
process of identifying and selecting an organization’s objectives and deciding how the organization will achieve those objectives
strategy
set of planned actions taken by managers to help a company meet its objective
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 dividing a company’s activities into primary and support activities and identifying those that create values for customers
multinational (multi domestic) 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 or scope of a corporation’s operations
retrenchment strategy
strategy designed to reduce the scale or scope of a corporation’s 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 corporation’s business units
low-cost leadership strategy
strategy in which a company exploits economies of scale to have the lowest cost structure of any competitor in its industry
differentiation strategy
strategy in which a company design 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 separate units and coordinates activities among those units
chains of command
lines of authority that run from top management to individual employees and that specify internal reporting relationship
international division structure
organizational structure that separates domestic from international business activites by creating a separate international division with its own manager
international area structure
organizational structure that organizes a company’s entire global operations into countries or geographic regions
global product structure
organizational structure that divides worldwide operations according to a company’s product areas
global matrix structure
organizational structure that splits the chain of command between product 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
False
The scope of a corporation’s operations refers to the size of its operations.
global team
A team of top managers from both headquarters and international subsidiaries who meet to develop solutions to company-wide problems is referred to as a ________ team.
false
The closing of factories with unused capacity is an example of a stability strategy.
false
A focus strategy works best with mass-marketed products aimed at price-sensitive buyers.
technology development
Beanstalk International is a rapidly growing company with well-established subsidiaries in several nations. The company wants to follow a strategy of adapting its products and marketing activities in each national market to suit local preferences. This strategy aims at creating value for its customers.

Which of the following is a support activity that creates value for Beanstalk’s customers?

differentiation strategy
Which of the following business-level strategies should a company follow in order to charge a higher price for its products and enjoy greater customer loyalty?
false
Core competencies of organizations are the special skills of certain employees that give a company an edge over other organizations.
strategy formulation process
allows managers a chance to step back from day-to-day activities and get a fresh perspective on the direction of the company and its industry
primary activities
these include inbound and outbound logistics, production, marketing and sales, and customer service
support activities
these include business infrastructure, human resources, technology development, and sourcing
Identify company mission and goals, Identify company core competency and value-creating activities, Formulate strategies
What are the three stages of the strategy-formulation process, and what is involved at each stage?
Multinational
A company that adapts its products and marketing to local preferences in each national market follows a ______ strategy
Global product
The organizational structure that divides worldwide operations according to a company’s product areas is called a(n) _____________.

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