MGMT ch 4 Flashcards
(19 cards)
Planning
Is a management function that involves planning, organizing, leading, and controlling.
Informal planning
Not written down and often not shared with others. Very general.
Formal planning
Written down time bound. Shared goals and action steps.
What types of goals do organizations have.
- Traditional goal setting.
- Management by objective (MBO)
Traditional Goal Setting
This is when goals are set at the top of the hierarchy and broken down into sub goals for each organizational level.
Management by objective
Specific goals are set by management and employees, progress is periodically reviewed and rewards are set.
SMART Goals
S|Specific
M|Measurable
A|Attainable
R|Relevant
T|Time bound
Goal setting process
- Review mission and vision statement
- View available resources
- Define goals individually or not
- Communicate goals to those necessary
- Link rewards to goal attainment
What are the types of plans managers use
- Forecast planning
2.Contingency planning
3.Scenario planning
4.Benchmarking - Process planning
Forecast planning
Attempting to predict the future and developing plans accordingly
Contingency planning
Identifying alternative plans for outcomes that are different than expected
Scenario planning
Predicting various future outcomes and making plans for each
Benchmarking
Developing plans based on the practices of competitors
Process planning
Creating a framework for the general process necessary to reach a goal, such as a marketing campaign
Strategic management process
- Review vision and mission statement
- Conduct SWOT
- Formulate Strategies
- Implement Strategies
- Evaluate Results
What strategies do managers use
- Corporate strategy
- Competitive strategy
- Functional strategy
Corporate strategy
Growth Strategy:
Stability Strategy
Renewal Strategy:
Competitive strategy
specifies how an organization will compete in its businesses(es).
Functional strategy
used by the organization’s functional departments to support the competitive strategies
