group3_trimmed_flashcards

Question 1

Planning

Answer 1

Defining goals, establishing strategy, and developing plans to coordinate activities.

Question 2

Formal Planning

Answer 2

Specific goals covering a specific time period with written and shared goals among organizational members.

Question 3

Purposes of Planning

Answer 3

Provides direction, reduces uncertainty, minimizes waste, and sets standards for controlling.

Question 4

Strategic Planning

Answer 4

Plans that apply to the entire organization and establish overall goals.

Question 5

Operational Planning

Answer 5

Plans that encompass a particular operational area of the organization.

Question 6

Goals (Objectives)

Answer 6

Desired outcomes or targets.

Question 7

Plans

Answer 7

Documents that outline how goals are to be accomplished.

Question 8

Financial Goals

Answer 8

Related to the financial performance of the organization.

Question 9

Strategic Goals

Answer 9

Related to achieving the organization’s mission.

Question 10

Stated Goals

Answer 10

Official statements of what an organization says its goals are.

Question 11

Real Goals

Answer 11

What the organization actually pursues, observable in actions.

Question 12

Types of Plans

Answer 12

Strategic vs. Operational, Long-term vs. Short-term, Specific vs. Directional, Single-use vs. Standing.

Question 13

Specific Plan

Answer 13

Clearly defined plan with no room for interpretation.

Question 14

Directional Plan

Answer 14

Flexible plan that provides general guidelines.

Question 15

Single-Use Plan

Answer 15

One-time plan specifically designed to meet the needs of a unique situation.

Question 16

Standing Plan

Answer 16

Ongoing plan providing guidance for activities repeatedly performed.

Question 17

Traditional Goal Setting

Answer 17

Goals set at the top level and broken down into subgoals for each organizational level.

Question 18

Means-End Chain

Answer 18

An integrated network of goals where accomplishment of lower-level goals leads to achievement of high-level goals.

Question 19

Management by Objectives (MBO)

Answer 19

Setting mutually agreed-upon goals and using them to evaluate employee performance.

Question 20

Strategic Management

Answer 20

A six-step process involving strategy planning, implementation, and evaluation.

Question 21

Mission Statement

Answer 21

A statement of the organization’s purpose.

Question 22

External Analysis

Answer 22

Analyzing opportunities and threats in the environment.

Question 23

Internal Analysis

Answer 23

Analyzing organizational resources, capabilities, and core competencies.

Question 24

Strengths

Answer 24

Internal capabilities that may help an organization reach its objectives.

Question 25

Weaknesses

Answer 25

Internal limitations that may interfere with an organization’s ability to achieve objectives.

Question 26

Opportunities

Answer 26

External factors the organization can exploit to its advantage.

Question 27

Threats

Answer 27

External factors that could cause trouble for the organization.

Question 28

SWOT Analysis

Answer 28

A combined external and internal analysis.

Question 29

Corporate Strategy

Answer 29

Strategy determining what businesses a company is in or wants to be in.

Question 30

Growth Strategy

Answer 30

When an organization expands the number of markets served or products offered.

Question 31

Stability Strategy

Answer 31

Organization continues to do what it is currently doing.

Question 32

Renewal Strategy

Answer 32

Organization addresses declining performance.

Question 33

Competitive Strategy

Answer 33

How a company will compete in its chosen business(es).

Question 34

Cost Leadership Strategy

Answer 34

Competing by having the lowest costs in its industry.

Question 35

Differentiation Strategy

Answer 35

Competing by offering unique products that are valued by customers.

Question 36

Focus Strategy

Answer 36

Competing in a narrow segment with either a cost advantage or differentiation.

Question 37

Functional Strategy

Answer 37

Strategy used by an organization’s various functional departments to support the competitive strategy.

Question 38

Benchmarking

Answer 38

Searching for best practices among competitors and noncompetitors.

Question 39

Strategic Flexibility

Answer 39

Ability to recognize major external changes, quickly commit resources, and recognize when a decision was wrong.

Question 40

Environmental Scanning

Answer 40

Screening information to detect emerging trends.

Question 41

Business Model

Answer 41

How a company is going to make money.

Question 42

Innovation Strategy

Answer 42

Strategies focused on creating new products or services.

Question 43

First Mover Advantage

Answer 43

Being first to bring a product innovation to the market.