Management (Ch.3 -- Planning And Strategic Mgmt)

Front 1

Planning

Back 1

A mgmt function that involves defining goals, establishing a strategy for achieving those goals, and developing plans to integrate and coordinate activities.

Front 2

Goals

Back 2

Desired outcomes for individuals, groups, or entire organizations.

Front 3

Plans

Back 3

Documents that outline how goals are going to be met and describe resource allocations, schedules, and other necessary actions to accomplish goals.

Front 4

Traditional goal setting

Back 4

An approach to setting goals in which goals are set at the top of the organization and then broken into subgoals for each organizational level.

Front 5

Management by objectives (MBO)

Back 5

An approach to goal seting in which specific measurable goals are jointly set by managers and employees, progress on goals is periodically reivewd, and rewards are allocated on the bases of this progress.

Front 6

Mission

Back 6

The purpose of an organization.

Front 7

Strategic plans

Back 7

Plans that apply to the entire organization, establish the organization's overall goals, and seek to position the organization in terms of its environment.

Front 8

Operational plans

Back 8

Plans that specify the details of how the overall goals are to be achieved.

Front 9

Long-term plans

Back 9

Plans with a time frame beyond three years.

Front 10

Short-term plans

Back 10

Plans with a time frame of one year or less.

Front 11

Specific plans

Back 11

Plans that are clearly defined and leave no room for interpretation.

Front 12

Directional plans

Back 12

Plans that are flexible and that set out general guidelines.

Front 13

Single-use plan

Back 13

A one-time plan specifically designed to meet the needs of a unique situation.

Front 14

Standing plans

Back 14

Plans that are ongoing and provide guidance for activities performed repeatedly.

Front 15

Strategic management

Back 15

That set of managerial decisions and actions that determines the long-run performance of an organization.

Front 16

Strategic management process

Back 16

A six-step process that encompasses strategic planning, implementation, and evaluation.

Front 17

Strengths

Back 17

Any activities the organization does well or any unique resources that it has.

Front 18

Core competencies

Back 18

The organization's major value creating skills, capabilities, and resources that determine its competitive advantage.

Front 19

Opportunities

Back 19

Positive trends in external environmental factors

Front 20

Threats

Back 20

Negative trends in external environmental factors.

Front 21

S.W.O.T analysis

Back 21

An analysis of the organization's strengths, weaknesses, opportunities, and threats.

Front 22

Grand strategies

Back 22

The four primary types of corporate-level strategy: growth, stability, retrenchment, and combination.

Front 23

Merger

Back 23

When two companies of relatively similar size combine resources to form a new company.

Front 24

Acquisition

Back 24

When a larger company buys a smaller company and integrates it into the larger company.

Front 25

Related diversification

Back 25

When a company grows by merging with or acquiring firms in different, but related, industries.

Front 26

Unrelated diversification

Back 26

When a company grows by merging with or acquiring firms in different and unrelated industries.

Front 27

Stability strategy

Back 27

A corporate-level strategy characterized by an absence of significant change.

Front 28

Retrenchment strategy

Back 28

A corporate-level strategy designed to address organizational weaknesses that are leading to a decline in performance.

Front 29

Combination strategy

Back 29

The simultaneous pursuit by an organization of two or more of growth, stability, and retrenchment strategies.

Front 30

Competitive advantage

Back 30

What sets an organization apart: its distinct edge.

Front 31

Cost leadership strategy

Back 31

A business-level strategy in which the organization sets out to be the lowest-cost producer in its industry.

Front 32

Differentiation strategy

Back 32

A business-level strategy in which a company seeks to offer unique products that are widely valued by customers.

Front 33

Focus strategy

Back 33

A business-level strategy in which a company pursues a cost or differentiation advantage in a narrow market segment.

Front 34

Stuck in the middle

Back 34

A situation in which an organization is unable to develop a competitive advantage through cost or differentiation.

Front 35

Functional-level strategy

Back 35

An organizational strategy that supports the business-level strategy

Front 36

Quality management

Back 36

A philosophy of management driven by continual improvement and responding to customer needs and expectations.

Front 37

Benchmarking

Back 37

The search for the best practices among competitors or non-competitors that lead to their superior performance.

Front 38

ISO 9000 series

Back 38

Designed by the international organization for Standardization, these standards reflect a process whereby independent auditors attest that a company's factory, laboratory, or office has met quality management standards.

Front 39

Six sigma

Back 39

A philosophy and measurement process that attempts to have no more than 3.4 defects per million parts or procedures.