International Business Chapter 11 - international strategy - terms

Planning -- process of identifying and selecting an organization's objectives and deciding how the organization will achieve those objectives.
Strategy -- such 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 the company that competitors find it extremely difficult or impossible to equal.
Value chain analysis -- process of dividing a company's activities in two 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 and 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 in use by corporations to avoid either growth were 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 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 separate units and coordinates activities between his units.
Chains of command -- lines of authority that run from top management to individual employees and specify internal recording relationships.
International division structure -- organizational structure that separates domestic from international business activities 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 that is composed of employees who work at similar levels and different functional departments.
Global team -- team of top managers from both headquarters and international subsidiaries who need to develop solutions to companywide problems