Management Chapter 5
Bench Marking - correct answer-The search for the best practices among competitors or non
competitors that lead to their superior performance
Capabilities - correct answer-An organizations skills and abilities in doing the work activities
needed in its business
Commitment Concept - correct answer-The idea that plans should extend far enough to
meet those commitments made when the plans were developed
Competitive Intelligence - correct answer-A type of environmental scanning that gives
managers accurate information about competitors
Competitive Strategy - correct answer-An organizational strategy for how an organization will
compere in its business
Core Competencies - correct answer-The major value-creating capabilities of an
organization
Corporate Strategy - correct answer-An organizational strategy that specifies what business
a company is in or wants to be in and what it wants to d with those businesses
Cost Leadership Strategy - correct answer-When an organization competes on the basis of
having the lowest cost in the industry
Differentiation Strategy - correct answer-When an organization competes on the basis of
having unique products that are widely valued by customers
Directional Plans - correct answer-Plans that are flexible and set general guidelines
Environmental Scanning - correct answer-An analysis of the external environment, which
involves screening large amounts of information to detect emerging trends
Focus Strategy - correct answer-When and organization competes in a narrow segment or
niche with either a cost focus or a differentiation focus
Formal Planning Department - correct answer-A group of planning specialists whose sole
responsibilities is to help write the various organizational plans
Functional Strategy - correct answer-Strategy used in an organization's various functional
departments to support the competitive strategy
Goals (Objectives) - correct answer-Desired Outcomes or Targets
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