Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Management > Planning and Strategic Management > Flashcards

Planning and Strategic Management Flashcards

(76 cards)

Start Studying
1
Q

Planning and Strategic Management

Planning is …

A

The intentional, systematic process of deciding what goals and activities a person, group, work unit, or organization will pursue in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Planning and Strategic Management

______ is a purposeful effort that is directed and controlled by managers and sometimes draws on the knowledge and experience of employees throughout the organization

A

Planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Planning and Strategic Management

____ is a decision process

A

Planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Planning and Strategic Management

Planning is

process

A

A decision process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Planning and Strategic Management

Planning process

step 1

A

Situational analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Planning and Strategic Management

Situational analysis

which step of planning process

A

Step 1 planning process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Planning and Strategic Management

A thorough situational analysis considers …

A

Past events, examines, current conditions, and attempts to forecast future trends.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Planning and Strategic Management

Situational analysis

internal focus / external focus

A

It focuses on the internal forces at work in the organization or work unit and consistent with the open systems approach

Examines influences from the external environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Planning and Strategic Management

Situational analysis

consistent with which approach

A

Open systems approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Planning and Strategic Management

A thorough situational analysis will help you …

A

Make important planning decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Planning and Strategic Management

General decision-making stages

list steps

A
  • identifying and diagnosing the problem
  • generating alternative solutions
  • a evaluating alternatives
  • making the choice
  • implementing
  • evaluating
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Planning and Strategic Management

Specific formal planning steps

list steps

A
  • situational analysis
  • alternative goals and plans
  • goal and plan evaluation
  • goal and plan selection
  • implementing
  • monitoring and controlling 
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Planning and Strategic Management

Step 2: alternative goals, and plans

define

A

Based on the situational analysis, the planning process should generate multiple goals that could be pursued in various plans for achieving them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Planning and Strategic Management

Goals

define

A

Goals are the targets or ends the manager wants to read 

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Planning and Strategic Management

Targets or ends, the manager wants to reach 

name

A

Goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

step 2: alternative goals and plans

Plans

define

A

The actions are means the manager intends to use to achieve goals created generated in step 2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

alternative goals and plans

At a minimum, plans should …

A
  • Outline alternative action for attaining each goal,
  • The resources required to reach the goal through those means,
  • And the obstacles that may develop
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

alternative goals and plans

Contingency plans

define

A

What if plans? They include actions to be taken if initial plans do not work well or if events demand a sudden change.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

specific formal planning process

What happens after step two

A
  • Managers will evaluate the advantages, disadvantages, and potential effects of each goal and plan
  • they must prioritize their goals, perhaps eliminate some, and consider carefully the implications of alternative plans for meeting, high priority goals
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

goal and plan evaluation

What is the particular important during this stage?

A

In particular, they will pay a great deal of attention to the cost of any initiatives and the predicted return on investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

specific formal planning process

In particular, they will pay a great deal of attention to the cost of any initiatives and the predicted return on investment

Identify the stage

A

Stage three: goal and plan evaluation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

goal and plan selection

Describe step

A
  • Once managers have assessed goals and plans, managers will try to select the best.
  • the evaluation process helps to identify trade-offs and decide what to do
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

goal and plan selection

And some organizations, the alternative generation, evaluation, and selection steps generate

A

Planning scenarios

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Specific formal planning process

In what steps are planning scenarios generated

A
  • step two - alternative goals and plans
  • step three - goal and plan evaluation 
  • step four - goal and plan selection
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
# specific formal planning process Implementing | describe
* even the best plans are useless if they are not implemented proper * managers and employees must understand the plan; * have the resources to implement it; * be motivated to do so
26
# implementing Successful implementation requires …
A plan to be linked to other systems in the organization, particularly the budget and rewards systems
27
# implementing Why must successful implementation be tied to budget and reward systems?
* If a manager doesn’t have a budget with financial resources to execute the plan, it is unlikely to succeed * many organizations use incentive programs to encourage employees to achieve goals and to implement the plan properly through commissions, salaries, promotions, bonuses, and other rewards based on successful performance
28
# implementing How is plan implementation linked to an organizations reward system?
Organizations may use incentive programs to help encourage achieving goals through * commissions * salaries * promotions * bonuses * other rewards
29
# monitoring and controlling Why is controlling important?
Managers need to develop control systems to measure performance and allow them to take corrective action when needed
30
# monitoring and controlling Why is monitoring important?
Managers must continually monitor the actual performance of their work units against the unit, goals, and plans
31
# specific formal planning process | which stage Implementation of the goals and plans
Step five: implementing
32
What is strategic planning?
Involves making decisions about the organizations, long-term goals, and strategies
33
Characteristics of strategic planning
Strategic plans have a strong external orientation and cover major portions of the organization
34
# identify concept Have a strong external orientation and cover major portions of the organization
Strategic planning
35
# identify concept Our major targets are results that relate to the long-term survival, value, and growth of the organization
Strategic goals
36
# whose responsibility Establish goals that reflect the effectiveness and efficiency (hi ratio of outputs to inputs)
Strategic managers—top level managers
37
Typical activities of strategic goals
* growing a business * Increasing market * Improving profitability * Boosting return on investment * Fostering both quantity and quality of out * Increasing product * Improving customer service * Contributing to society
38
# identify concept Is a pattern of actions and resource allocations designed to achieve organizational goals
Strategy
39
# define Strategy
Is a pattern of actions and resource allocations designed to achieve organizational goals
40
# purpose Tactical planning
Translate, garage strategic goals, and plans into specific goals and plans that are relevant to a particular unit in the organization, often a functional area like customer service or human resources
41
# focus Tactical planning
Focuses on the major actions. A unit must take to fulfill its part of the strategic plan.
42
# purpose Operational planning
Identifies the specific procedures and processes required at lower levels of the organization
43
# operational planning Focus of Frontline managers
Frontline managers usually focus on routine tasks, such as * production runs, * customer service product updates, * delivery schedules, * and the human resource requirements
44
# structure Planning model
* The planning model is a hierarchical one * top level strategies flowing down through the levels
45
# identify concept The actual pattern of decisions and actions overtime that come from deliberate planning, but also from many decisions and actions to rising throughout the organization
Realized strategies
46
Focus of top managers
Spearhead intentional plans while middle and operating level managers influence house strategies unfold
47
Top level managers must be sure that they communicate some of the strategy to …
All organizational levels and pay attention to what is actually happening throughout
48
# Match the managerial level with the type of plans 1. Strategic 2. Tactical 3. Operational
* Strategic: top level * tactical: middle * operational: Frontline
49
What level of detail do strategic plans have
Low
50
What level of detail do tactical plans have
Medium detail plans
51
What level of detail do operational plans have
High
52
What is the time horizon of strategic plans?
Long (3-7 years)
53
What is the time horizon of tactical plans?
Medium (1-2 years)
54
What is the time horizon of operational plans?
Short (<1 year)
55
# identify concept Tool for communicating strategic goals, and helping employees understand the parts they will play in helping to achieve them
Strategy map 
56
What is one method for aligning the organization strategic and operational goals?
Strategy map
57
What are the four key drivers of the strategy map?
1. Financial goals. 2. Customer goals 3. Internal goals 4. Learning and growth goals.
58
# strategic planning Strategic management involves …
* Managers from all parts of the organization in the formulation and implementation of strategic goals and strategies * it integrates strategic planning and management into a single process.
59
| define Strategic management
* It integrates strategic planning and management into a single process * strategic planning becomes an ongoing activity in which all managers are encouraged to think strategically and focus upon long-term, externally, oriented issues, as well as short term, tactical, and operational issues 
60
# strategic management process Six major components
1. Establishing mission, vision and goals. 2. Analyzing external opportunities and th. 3. Analyzing internal strength and weakness 4. SWOT analysis and strategy form 5. Strategy implementation 6. Strategic control.
61
# strategic management process Step 1
Establishing mission, vision, and goals * the mission is a clear and concise expression of the basic purpose of the organization * the strategic vision points to the future, as opposed to the organizations mission which is an ongoing purpose
62
# strategic management process Describe strategic vision
* Points to the future for the organization * it provides a perspective on where the organization is headed and what it can become.
63
# strategic management process Describe the mission or mission statement
* The mission is a clear and concise expression of the basic purpose of the organization * it describes the organizations ongoing purpose
64
# strategic management process Step two
Analyzing external opportunities and threats * the mission and vision drive, the second component of the strategic management process: analyzing external environment
65
# strategic management process What is the environmental analysis?
* In step two, an accurate and thorough evaluation of the competitive environment and macro environment * this begins with an examination of the industry
66
# strategic management process What should the environmental analysis cover?
* an analysis of the industry * analysis of the stakeholders Also the other forces in the environment, such as economic conditions, and technological factors * one critical task in environmental analysis is forecasting future trends
67
# strategic management process What is one critical task in environmental analysis?
Forecasting future trends
68
# strategic management process What is step three
Analyzing internal strengths and weaknesses
69
# strategic management process What are the steps in an environmental analysis?
1. Industry and market an 2. Competitor analysis. 3. Political and regulatory analysis. 4. Social analysis. 5. Human resources analysis 6. Macro economic analysis 7. Technological analysis. 8. Financial analysis. 9. Marketing audit. 10. Operations analysis. 11. Other internal resource analysis. 12. human resource assessment.
70
# strategic management process Features: industry and market analysis
* industry profile * industry growth * industry forces
71
# strategic management process Competitor analysis
* competitor profile * competitor analysis * competitor advantages
72
# strategic management process What our resources?
Resources are inputs to production (systems theory) that can be accumulated overtime to advance the performance of a firm
73
What are the two broad categories of resources?
* tangible assets, such as real estate, production, facilities, and raw materials; * in tangible assets, such as company, reputation, culture, technical knowledge, and patents
74
| list How resources provide competitive advantage
1. If it is instrumental and creating customer value. 2. If it is rare and not equally available to all companies 3. If they are difficult to imitate. 4. The resources are well organized.
75
What is a core capability?
Also referred to as competence, is something a company does a especially well relative to its competitors
76
What is benchmarking?
The process of assessing how well one companies, basic functions and skills compare with those of another company or set of company

Management (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions