Buad 453 Exam 1 | University Of Tennessee Knoxville Study Guide With Answers

Portfolio planning {Ans: a process that helps executives assess their firms' prospects for success within each of its industries, offers suggestions about what to do within each industry, and provides ideas for how to allocate resources across industries.}Environment {Ans: consists of the set of external conditions and forces that have the potential to influence the organization.}Vertical Integration {Ans: a firm gets involved in new portions of the value chain. This approach can be very attractive when a firm's suppliers or buyers have too much power over the firm and are becoming increasingly profitable at the firm's expense.}exit barriers {Ans: can include emotional barriers, such as the bad publicity associated with massive layoffs, or more objective reasons to stay in an industry, such as a desire to recoup considerable costs that might have been previously spent to enter and compete.}SMART goals {Ans: Specific Measurable Aggressive Realistic Time-bound}Entrepreneurial Orientation {Ans: refers to the processes, practices, and decision-making styles of organizations that act entrepreneurially. a key concept when executives are crafting strategies in the hopes of doing something new and exploiting opportunities that other organizations cannot exploit.}