Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
5 Steps in the Basic Management Process |
* SETTING OBJECTIVES * MAKING BASIC PLANNING FORECASTS * REVIEWING ALTERNATIVE COURSES OF ACTION * EVALUATING WHICH OPTIONS ARE BEST * CHOOSING AND IMPLEMENTING YOUR PLAN |
|
|
views and goals from the top of the firm down to frontline employees as a chain |
HIERARCHY OF GOALS |
|
|
broad guidelines delineating how employees should act |
POLICIES |
|
|
spell out what to do in a specific situation |
PROCEDURES |
|
|
company's overall plan for matching its internal strengths and weaknesses with the external opportunities and threats in order to maintain a competitive position |
STRATEGIC PLAN |
|
|
course of action |
STRATEGY |
|
|
process of identifying and executing strategic plan by matching company's capabilities with the demands of the environment |
STRATEGIC MANAGEMENT |
|
|
NOTE! |
A Strategic Plan contains strategies to reach the end goal. The Strategies will be executed in strategic management. |
|
|
STRATEGIC MANAGEMENT PROCESS |
1. Defines the company's current business |
|
|
2. Perform external and internal "audit"
* Environmental scan worksheet * SWOT Analysis Strengths & Weaknesses - Internal Opportunities & Threats - External * PEST Analysis Political, Economic, Social, Technological (all external factors) |
3. Formulate a new direction * Vision Statement - future oriented * Mission Statement - present iriented |
