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33 Cards in this Set
- Front
- Back
Name the three components of planning
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Determine firm’s Goals
Develop Comprehensive Strategy Design Tactical and Operational Plans |
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Organizing
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Management process of determining how best to arrange an organization’s resources and activities into a coherent structure
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Leading
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Management process of guiding and motivating employees to meet an organization’s resources and activities into a coherent structure
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Controlling
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Management process of monitoring an organization’s performance to ensure that it is meeting its goals
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Technical Skills
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Skills needed to perform specialized tasks (A programmer’s ability to write code, an animator’s ability to draw, and an accountant’s ability to audit a company’s records)
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Human Relations Skils
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Skills in understanding and getting along with people
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Conceptual Skils
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Abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation
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Decision-Making Skills
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skills in defining problems and selecting the best courses of action
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Time management skills
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Skills associated with the productive use of time
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Strategic management
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Process of helping an organization maintain an effective alignment with its environment
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Goal
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Object that a business hopes and plans to achieve
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Strategy
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Broad set of organizational plans for implementing the decisions made for achieving organizational goals
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Mission Statement
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Organization’s statement of how it will achieve its purpose in the environment in which it conducts its business
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Long-Term Goal
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Goal set for an extended time, typically five years or more into the future
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Intermediate Goal
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Goal set for a period of one to five years into the future
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Short-Term Goal
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Goal set for the very near future
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Corporate Strategy
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Strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines
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Business (Or Competitive Strategy)
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Strategy, at the business-unit or product-line level, focusing on improving a firm's competitive position
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Functional Strategy
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Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
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Strategy Formulation
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Creation of a broad program fro defining and meeting an organization's goals
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Strategic Goal
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Goal derived directly from a firm's mission statement
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SWOT Analysis
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Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
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Environmental Analysis
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Process of scanning the business environment for threats and opportunities
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Organizational Analysis
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Process of analyzing a firm's strengths and weaknesses
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Strategic Plan
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Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals
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Tactical Plan
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Generally short-term plan concerned with implementing specific aspects of a company's strategic plans
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Operational Plan
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Plan setting short-term targets for daily, weekly, or monthly performance
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Contingency Planning
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Identifying aspects of a business or its environment that might entail changes in strategy
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Crisis Management
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Organization's methods for dealing with emergencies
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Corporate Culture
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The shared experiences, stories, beliefs, and norms that characterize an organization
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The 1st process of corporate change
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At the highest level, analysis of the company's environment highlights extensive change as the most effective response to its problems. This period is typically characterized by conflict and resistance
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The 2nd process of corporate change
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Top management begins to formulate a vision of a new company.
(Whatever that vision, it must include renewed focus on the activities of competitors and the needs of customers) |
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The 3rd process of corporate change
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The firm sets up new systems for appraising and compensating employees who enforce the firm's new values.
(The purpose is to give the new culture solid shape from within the firm) |