Business Management Chapter 5

Front 1

___: written, documented plan developed through an identfiable process

Back 1

Plan

Front 2

___: orginate from the functional areas of the organization such as production, marketing, finance and personnel

Back 2

Functional Plans

Front 3

___: understand what is going on in the world

example: technology advances

Back 3

Situational Analysis

Front 4

____: Target or end that management desires to reach

Back 4

Goals

Front 5

Goals should be ____

Back 5

SMART
Specific
Measurable
Attainable
Relevant
Time-Bound

Front 6

___: action or mean managers intend to achieve organizational goals

Back 6

Plan

Front 7

_____: Achieve a set of goals that are not likely to be repeated in the future

Back 7

Single-Use Plans

Front 8

____: Focus on ongoing activities designed to achieve an enduring set of gals

Back 8

Standing Plans

Front 9

____: Specify actions to take when a company's initial plans have not worked well or events in the external environment require a sudden change

Back 9

Contingency Plans

Front 10

_____: Generally cover up to one year

Back 10

Short-Range Plans

Front 11

_____: Typically span at least three to five years; some extend as far as 20 years into the future

Back 11

Long-range plans

Front 12

____:Formulation, proper implementation, and continuous evaluation of strategic plans; determines the long-run directions and performance of an organization. To develop strategic plans and keep them current

( BIG PICTURE)- OVERRALL

Back 12

Strategic Planning

Front 13

____: Short-range planning; done primarily by middle to lower-level managers, it concentrates on the
formulation of functional plans

( More Tactical) day-to-day

Back 13

Operation Planning

Front 14

____: statements outlining what the organization is trying to achieve; give an organization and its members directions

Back 14

Objectives

Front 15

___: a philosophy based on converting organizational objectives into personal objectives. IT assumes that establishing personal objectives elicits employee commitment, which leads to improved performance

Back 15

Management by objectives (MBO)

Front 16

______: Broad, general guides to action that constrain or direct the attainment of objectives

Back 16

Policies

Front 17

____: Series of related steps or task expressed in chronological order for a specific purpose

Back 17

procedure

Front 18

___: require specific and definite actions to be taken or not to be taken in a given situation

Back 18

Rules

Front 19

____: A pattern of actions and resource allocations designed to achieve the organizations goals.

-outlines the basic steps to management plans to take to reach an objective or set of objectives ; outlines how management intends to achieve its goals

Back 19

Strategy

Front 20

3 Phases of Strategic Management Process

Back 20

1. Formulate
2. Implement
3. Evaluate

Front 21

Step 1 of Planning and Strategic Management

Back 21

1. Establish a Mission, Vision and Goals

Front 22

____: Defines the basic purpose of an organization: why the organization exists

Back 22

Mission

Front 23

____: Long-term direct intent

Back 23

Strategic vision

Front 24

Step 2 of Planning and Strategic Communication

Back 24

2. Analyze External Opportunities

Front 25

Circle of External Operation

Back 25

CORE-FIRM
Middle- COMPETITIVE ENVIRONMENT
Outside- Macro environment (doesn't effect company directly)

Front 26

___: Part of Macroenvironment

Back 26

PEST
-political, economic, sociocultural, technological

Front 27

_____X _____ = Core Competence

Back 27

Resource X Capabilities

Front 28

Four alternatives for Corporate Strategy

Back 28

1. Concentration
2. Vertical Integration
3.Concentric Diversification
4. Conglomerate Diversification

Front 29

____: focusing on a single business competition in a single industry

Back 29

Concentration

Front 30

______: Expanding the organization's domain into supply channels or to distributors generally to eliminate uncertainties and reduce costs associated with suppliers or distributors

Back 30

Vertical Integration

Front 31

_____: Moving into new businesses related to the company's core benefits

Back 31

Concentric Diversification

Front 32

_______:expansion into unrelated businesses. Typically to minimize risks

Back 32

Conglomerate Diversification

Front 33

_____: a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions

Back 33

Differentiation

Front 34

_____:pursue one tiny segment

Back 34

Niche Strategy