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Principles of Management > Chapter 4 > Flashcards

Chapter 4 Flashcards

(63 cards)

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1
Q

Situational Analysis

A

a process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration

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2
Q

Goals should be SMART:

A

Specific, Measurable, Attainable, Relevant, Time-bound

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3
Q

Plans

A

the actions or means managers intend to use to achieve organizational goals

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4
Q

Contingency Plans

A

set of actions to be taken when a company’s initial plans have not worked well or if events in the external environment require a sudden change ( terrorist attack, natural disaster)

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5
Q

Basic (Formal) Planning Steps

A

1: Situational Analysis
2: Alternative Goals and Plans
3: Goal and Plan Evaluation
4: Goal and Plan Selection
5: Implementation
6: Monitor and Control

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6
Q

What kind of planning do the strategic managers do?

A

Top-Level Planning

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7
Q

What kind of planning do the tactical managers do?

A

Medium Level Planning

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8
Q

What kind of planning do the operational managers do?

A

Frontline Planning

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9
Q

Strategic Planning

A

a set of procedures for making decisions about the organization’s long-term goals and strategies
done by senior executives

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10
Q

Strategic Goals

A

major targets or end results relating to the organization’s long-term survival, value, and growth

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11
Q

Characteristics of Strategic Planning/Goals

A

Top-Level planning, low detail, 3-7 years

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12
Q

Strategy

A

a pattern of actions and resource allocations designed to achieve the organization’s goals

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13
Q

Tactical Planning

A

a set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as the functional area like marketing

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14
Q

Characteristics of Tactical Planning

A

Middle-Level Planning, medium detail, 1-2 years

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15
Q

Operational Planning

A

the process of identifying the specific procedures and processes required at lower levels of the organization

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16
Q

Characteristics of Operational Planning

A

Frontline Planning, high detail,

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17
Q

Strategy Map

A

enables members at every level to understand roles in achieving goals

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18
Q

4 key strategy drivers (“balanced scorecard”)

A

1: the skills of its people and their ability to grow and learn
2: the effectiveness of its internal processes
3: its ability to deliver value to customers
4: its ability to grow its financial assets

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19
Q

Strategic Management

A

a process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies

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20
Q

6 Steps of Strategic Management (Planning) Process

A

1: Establishment of mission, vision, and goals
2: Analysis of external opportunities and threats
3: Analysis of internal strengths and weaknesses
4: SWOT (strengths, weaknesses, opportunities, and threats) analysis and strategy formulation
5: Strategy implementation
6: Strategic control

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21
Q

mission

A

an organization’s basic purpose and scope of operations

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22
Q

Strategic vision

A

the long-term direction and strategic intent of a company

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23
Q

Stakeholders

A

groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies (buyers, suppliers…)

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24
Q

Industry Profile

A

major product lines and significant market segments in the industry

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25
Industry Growth
growth rates for the entire industry, growth rates for key market segments, projected changes in patterns of growth, and the determinants of growth
26
Industry Forces
threat of new industry entrants, threat of substitutes, economic power of buyers, economic power of suppliers, and internal industry rivalry
27
Competitor Profile
major competitors and their market shares
28
Competitor Analysis
goals, strategies, strengths, and weaknesses of each major competitor
29
Competitor Advantages
the degree to which the industry competitors have differentiated their products or services or achieved cost leadership
30
Political Activity
the level of political activity that organizations and associations within the industry undertake
31
Social Issues
current and potential social issues and their effects on industry
32
Social Interest Groups
consumer, environmental, and similar activist groups that attempt to influence the industry
33
Labor Issues
key labor needs, shortages, opportunities, and problems confronting the industry
34
Macroeconomic Conditions
economic factors that affect supply, demand, growth, competition, and profitability within the industry
35
Technological Factors
scientific or technical methods, particularly recent and potential innovations
36
Financial Analysis
examines financial strengths and weaknesses through financial statements such as a balance sheet and an income statement and compares trends to historical and industry figures
37
Marketing Audit
examines strengths and weaknesses of major marketing activities and identifies markets, key market segments, and the competitive position (market share) of the organization within key markets
38
Operations Analysis
examines the strengths and weaknesses of the manufacturing, production, or service delivery activities of the organization
39
Other Internal Resource Analyses
examine, as necessary and appropriate, the strengths and weaknesses of other organizational activities such as resource and development (product and process), management information systems, engineering, and pruchasing
40
Human Resources Assessment
examines strengths and weaknesses of all levels of management and employees and focuses on key human resources activities, including recruitment, selection, placement, training, labor (union) relationships, compensation, promotion, appraisal, quality of work life, and HR planning
41
Resources
inputs to a system that can enhance performance (tangible or intangible)
42
Core capability
a unique skill and/or knowledge an organization possesses that gives it an edge over competitors (or "competence)
43
Benchmarking
the process of assessing how well one company's basic functions and skills compare with those of another company or set of companies to assess and improve performances
44
SWOT Analysis
a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy
45
Corporate Strategy
the set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities
46
Concentration
a strategy employed for an organization that operates a single business and competes in a single industry
47
Vertical Integration
the acquisition or development of new businesses that produce parts or components of the organization's product
48
Concentric Diversification
a strategy used to add new businesses that produce related products or are involved in related markets and activities
49
Conglomerate Diversification
a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets or activities
50
Portfolio
diversified businesses of an organization
51
BCG Matrix
technique for analyzing corporations strategy for managing its portfolio
52
Question Marks
high-growth, weak-competitive position businesses | require investment
53
Stars
high-growth, strong-competitive position businesses | require investment
54
Cash Cows
low-growth, strong-competitive position businesses | fund other businesses
55
Dogs
low-growth, weak-competitive position businesses | divested
56
Joint Venture
a partner that already has the expertise in a certain market that the first organization needs ("strategic partnership or strategic alliance")
57
Business Strategy
the major actions by which a business competes in a particular industry or market
58
low-cost strategies
a strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product (Walmart, Southwest Airlines)
59
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
60
functional strategy
strategies implemented by each functional area of the organization to support the organization's business strategy
61
4 steps of strategy implementation
1: Define Strategic Tasks 2: Assess Organization Capabilities 3: Develop Implementation Agenda 4: Create Implementation Plan
62
6 Barriers of Strategy Implementation
Top-down or laissez-faires senior management style Unclear strategy and conflicting priorities Ineffective Senior Management Team Poor Vertical Communication Poor coordination across functions/businesses/borders Inadequate down-the-line leadership/skills/development
63
Strategic Control System
a system designed to support managers in evaluating the organization's progress regarding its strategy and when discrepancies exist, taking corrective action

Principles of Management (6 decks)

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