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BOH Unit 3 Test > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

What is the planning process?

A

1 .Define your objectives
2. Determine where you are in your objectives
3. Anticipate future events
4. Consider alternatives and make your plan
5. Consider alternatives and make your plans
6. Implement your plan and evalulate the results

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2
Q

Benefits of planning

A
  1. Improved Flexibility
  2. Improved coordination and control
  3. Better use of time
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3
Q

Long term Planning and who develops the plans

A

Objectives that will be accomplished in the future (more than a year away)
Top level manager develop long term plans

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4
Q

Short Term Planning Tools

A

Plans that will be completed in a year or less by middle/lower level managers

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5
Q

Policies

A

Rules/guidelines for decision making usually many policies are set in place

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6
Q

Operational plans

A

-helps display a clear understanding of day to day tasks (how an organization operates)
-helps employees reach the organization’s basic objectives

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7
Q

Rational Comprehensive Plan

A

Main idea is to make a perfect plan with data
Logical decision making using data and math models

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8
Q

Incrementalism Planning

A

Time efficient using gut decision and little data

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9
Q

Collectivist Planning

A

Combo of incrementalism and rational comprehensive planning

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10
Q

Budgeting

A

Plan with money and resources to ensure no over spending and the company is profitable
Allocate resources

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11
Q

Strategic Plans

A

Organization’s vision (organization’s purpose and what it hopes to be in the future)

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12
Q

Forecasts

A

Long term predictions
Trying to predict the company’s future profits,revenues, cost since they significantly change the companies value

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13
Q

Participatory Planning

A

Including the interests/values of share/stakeholders in the company that often lead to creativity or informed decisions

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14
Q

Benchmarking

A

Comparing both external and internal from other companies companies to make improvements in the future
Observe others and incorporate their idea or learn from their mistakes to become more successful

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15
Q

Scenario Planning

A

Identifying possible events or occurrences in the future to develop plans to deal with them if they happen
Help organization deal with them quickly and efficiently with a change

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16
Q

What is Strategy?

A

Comprehensive action plan that identifies long range direction of the organization
Guides how they make use of their resources (money, capital resources)

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17
Q

Competitive advantages

A

Is a position in which an organization performs better than their competitors allowing them to secure their customers

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18
Q

Examples of competitive advantages

A
  1. Low Cost
    2.Quality
    3.Knowledge
  2. Speed Quick to market advantage
  3. Barrier to entry
  4. Financial position advantage
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19
Q

What are the levels of strategic planning and who is in charge?

A
  1. Corporate (Top Level Manager)
  2. Business (Middle Manager)
  3. Functional (front-line manager and supervisors)
20
Q

Level Of Strategic Planning

A

1.Corporate strategy (What business are we in?)
2.Business Strategy (How do we compete in each major business?)
3.Functional Strategy (How do we best support each of our best strategies?)

21
Q

How do managers make decisions?

A

By seeing the environment
Certain environments:
Offer complete information about possible action alternatives and their outcomes.
Risk environments:
Lack complete information about action alternatives and their consequences, but offer some estimates of probabilities of outcomes for possible action alternatives.
Uncertain environments:
Information is so poor that probabilities cannot be assigned to likely outcomes of known action alternatives

22
Q

Strategic Planning Managment Tools

A

Porter’s Five Forces Model
Corporate Culture

23
Q

Porter’s Five Forces Model

A

Competition in the industry
New Entrants threat in industry
Threat of existing substitutes
Power of Suppliers
Power of Customers

24
Q

Corporate Culture

A

The outer perspective -observable culture
inner perspective-core culture.

25
Q

Globalization strategy

A

-world is one large market;standardize products and advertising as much as possible
-ethnocentric view

26
Q

Multidomestic strategy

A

Customize products and advertising to local markets as much as possible
Polycentric view

27
Q

Transnational view

A

Balances efficiencies in global operations and responsiveness to local markets
Geocentric view

28
Q

Strategic alliances

A

Two or more organizations partner to pursue an area of mutual interests

29
Q

Types of strategic alliances

A

Outsourcing alliance
Supplier alliance
Distribution

30
Q

what is the E- business strategies

A

The strategic use of the internet to gain competitive advantage

31
Q

Popular e-business strategies

A

Business to business (B2B) strategies
Business to customer (B2C) strategies

32
Q

Programmed decision

A

Apply solutions that are readily available from past experiences to solve structured problems

33
Q

Non-programmed decision

A

Develop novel solutions to meet the demands of the unique situation that presented unstructured problems

34
Q

Crisis Decision Making

A

A crisis that involves an unexpected problem that can lead to disaster if not resolved quickly and appropriately

35
Q

Systematic thinking

A

Approaches the problems in a rational, step by step and analytical fashion

36
Q

Intuitive thinking

A

Approaches problems in a flexible and spontaneous fashion

37
Q

Multidimensional thinking

A

Applies both intuitive and systemic thinking

38
Q

Organic Growth

A

Internal growth from existing operations

39
Q

Inorganic growth

A

Growth through acquisition or expansion

40
Q

Concentration Strategies

A

Trying to compete successfully within a single industry

41
Q

Diversification Strategies

A

Related or unrelated products or services or vertical integration

42
Q

Growth

A

Attempts to expand the business

43
Q

Retrenchment

A

Fixes problems and identifies weakness

44
Q

Stability

A

Maintain status quo

45
Q

Why is the porter’s five forces used?

A

This tool to better comprehend the market conditions they face

BOH Unit 3 Test (1 decks)

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