Management Exam Ii Ch. 5

Front 1

Planning
pg. 140

Back 1

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.

Front 2

4 basic strategy types when responding to uncertainty in the environment

Back 2

1.) defenders
2.) prospectors
3.) analyzers
4.) reactors

Front 3

Defenders
pg. 142

Back 3

"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.

Front 4

Prospectors
pg. 143

Back 4

"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

Front 5

Analyzers
pg. 143

Back 5

"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

Front 6

Reactors
pg. 143

Back 6

"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

Front 7

Mission
pg. 145

Back 7

an organizations purpose or reason for being

Front 8

Mission statement
pg. 145

Back 8

"What is our reason for being?"
-expresses the purpose of the organization.

Front 9

Vision

Back 9

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.

Front 10

Vision
pg. 145

Back 10

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.

Front 11

Vision statement
pg. 145

Back 11

"What do we want to become?"
-expresses what the organization should become, where it wants to go strategically.

Front 12

Strategic planning
pg. 146

Back 12

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

Front 13

Tactical planning
pg. 146

Back 13

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

Front 14

Operational planning
pg. 146

Back 14

they determine how to accomplish specific tasks with available resources within the next 1-52 weeks.
-FIRST LINE MANAGERS do operational planning

Front 15

objective
pg. 147

Back 15

Also known as a goal, is a specific commitment to achieve a measurable result within a stated period of time.

Front 16

Means-end chain
147

Back 16

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.

Front 17

Strategic goals
pg. 147

Back 17

are set by and for top management, and focus on objectives for the organization as a whole.

Front 18

Tactical goals
pg. 147

Back 18

are set by and for middle managers, and focus on the actions needed to achieve strategic goals

Front 19

Operational goals
pg. 147

Back 19

are set by and for first line managers, and are concerned with short term matters associated with realizing tactical goals.

Front 20

SMART goal
pg. 147

Back 20

is one that is specific, measurable, attainable, results-oriented, and has target dates.

Front 21

results-oriented

Back 21

they should support the organizations vision.

Front 22

target dates

Back 22

deadline dates for goals and when they are to be attained.

Front 23

Action plan
pg. 148

Back 23

defines the course of action needed to achieve the stated goal, such as marketing plan or sales plan.

Front 24

Operating plan
pg. 148

Back 24

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

Front 25

Standing plans
pg. 150

Back 25

plans developed for activities that occur repeatedly over a period of time.
-consist of policies, procedures, and rules.

Front 26

Procedure
pg. 150

Back 26

(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.

Front 27

Rule
pg. 150

Back 27

a standing plan that designates specific required action.
-example: "No smoking is allowed anywhere in the building"

Front 28

Single-use plans
pg. 150

Back 28

plans developed for activities that are not likely to be repeated in the future.
-programs or projects

Front 29

Program
pg. 150

Back 29

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.

Front 30

Project
pg. 150

Back 30

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"

Front 31

Management by objectives (MBO)
pg. 151

Back 31

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

Front 32

cascading
pg. 153

Back 32

objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organization.

Front 33

Planning/control cycle
pg. 155

Back 33

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.

Front 34

Policy
pg. 150

Back 34

a standing plan that outlines the general response to a designated problem or situation.
-example: "this workplace does not condone swearing"