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34 Cards in this Set
- Front
- Back
Planning
pg. 140 |
is coping with uncertainty by formulating future courses of action to achieve specified results.
-when you make a plan, you make a blueprint for action that describes what you need to do to realize your goals. |
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4 basic strategy types when responding to uncertainty in the environment
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1.) defenders
2.) prospectors 3.) analyzers 4.) reactors |
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Defenders
pg. 142 |
"Lets stick with what we do best, avoid other involvements"
are expert at producing and selling narrowly defined products or services. -often old line successful enterprises such as Macy's and JC Penney -devote most of their attention to making refinements in their existing operations, such as slashing prices. |
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Prospectors
pg. 143 |
"Lets create our own opportunities, not wait for them to happen"
-Focus on developing new products or services and in seeking out new markets, rather than waiting for things to happen. -19th century gold mining, Gap, and Apple |
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Analyzers
pg. 143 |
"Let others take the risks of innovating, and we'll imitate what works best"
-let other organizations take the risks of product development and marketing and then imitate (or slightly improve on) what seems to work best. -for years microsoft has been accused of taking this approach |
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Reactors
pg. 143 |
"Lets wait until there's a crisis, then we'll react"
-make adjustments only when finally forced to by environmental pressures. -an example is Kmart failed to respond to Wal marts development, resulted in stalled growth and significant reduction in market share |
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Mission
pg. 145 |
an organizations purpose or reason for being
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Mission statement
pg. 145 |
"What is our reason for being?"
-expresses the purpose of the organization. |
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Vision
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a long term goal describing what an organization wants to become. It is a clear sense of the future and the actions needed to get there.
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Vision
pg. 145 |
a long term goal describing what an organization wants to become. It is a clear sense of the future and the actions needed to get there.
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Vision statement
pg. 145 |
"What do we want to become?"
-expresses what the organization should become, where it wants to go strategically. |
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Strategic planning
pg. 146 |
they determine what the organizations long term goals should be for the next 1-5 years with the resources they expect to have available.
-TOP MANAGERS use mission and vision statements for strategic planning |
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Tactical planning
pg. 146 |
they determine what contributions their departments or similar work units can make with their given resources during the next 6-24 months
-MIDDLE MANAGERS use tactical planning |
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Operational planning
pg. 146 |
they determine how to accomplish specific tasks with available resources within the next 1-52 weeks.
-FIRST LINE MANAGERS do operational planning |
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objective
pg. 147 |
Also known as a goal, is a specific commitment to achieve a measurable result within a stated period of time.
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Means-end chain
147 |
goals arranged in a hierarchy
-because in the chain of management (operational, tactical, strategic) the accomplishment of low level goals is the means leading to the accomplishment of high level goals or ends. |
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Strategic goals
pg. 147 |
are set by and for top management, and focus on objectives for the organization as a whole.
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Tactical goals
pg. 147 |
are set by and for middle managers, and focus on the actions needed to achieve strategic goals
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Operational goals
pg. 147 |
are set by and for first line managers, and are concerned with short term matters associated with realizing tactical goals.
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SMART goal
pg. 147 |
is one that is specific, measurable, attainable, results-oriented, and has target dates.
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results-oriented
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they should support the organizations vision.
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target dates
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deadline dates for goals and when they are to be attained.
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Action plan
pg. 148 |
defines the course of action needed to achieve the stated goal, such as marketing plan or sales plan.
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Operating plan
pg. 148 |
typically designed for a 1 year period, defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flow, and market share
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Standing plans
pg. 150 |
plans developed for activities that occur repeatedly over a period of time.
-consist of policies, procedures, and rules. |
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Procedure
pg. 150 |
(or standard operating procedure) a standing plan that outlines the response to particular problems or circumstances.
-Example: "white castle specifies exactly how a hamburger should be dressed, including the order in which the mustard, ketchup, and pickles are applied. |
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Rule
pg. 150 |
a standing plan that designates specific required action.
-example: "No smoking is allowed anywhere in the building" |
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Single-use plans
pg. 150 |
plans developed for activities that are not likely to be repeated in the future.
-programs or projects |
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Program
pg. 150 |
a single use plan encompassing a range of projects or activities.
-Example: "the U.s. government space program had several projects, including the challenger project and the hubble telescope project. |
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Project
pg. 150 |
a single use plan of less scope and complexity than a program.
-example: "the space shuttle discovery was one project in the governments space program" |
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Management by objectives (MBO)
pg. 151 |
a for step process in which
1.) managers and employees jointly set objectives for the employee. 2.) mangers develop action plans 3.) mangers and employees periodically review the employees performance 4.) the manager makes a performance appraisal and rewards the employee according to results. -purpose of MBO is to motivate rather than control subordinates |
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cascading
pg. 153 |
objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organization.
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Planning/control cycle
pg. 155 |
2 planning steps
1.) make the plan 2.) carry out the plan 2 control steps 3.) control the direction by comparing results with the plan. 4.) control the direction by taking corrective action in two ways--namely (a) by correcting deviations in the plan being carried out, or (b) by improving future plans. |
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Policy
pg. 150 |
a standing plan that outlines the general response to a designated problem or situation.
-example: "this workplace does not condone swearing" |