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66 Cards in this Set
- Front
- Back
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planning
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setting goals and deciding how to achieve them, or, coping with uncertianity by formulating future courses of action to achieve specified results
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Why is planning difficult?
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-it requries you to set time aside to do it
-you may have to make some decisions without a lot of time to plan -it takes discipline to do it, then follow it -once you do it, you need to maintain it and follow it |
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How planning benefits you
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-it helps you check on your progress
-helps you coordinate activities -helps you think ahead -helps you come with uncertainty |
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4 approaches to responding to uncertianity
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defenders, prospectors, analyzers, or reactors
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defenders
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experts at producing and selling narrowly defined products or services
--"lets stick with what we do best and avoid other involvements" |
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Prospectors
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focus on developing new products or services and in seeking out new markets rather than waiting for things to happen
--"lets create our own opporutnity, not wait for them to happen" |
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Analyzers
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let other organizations take the risks of product development and marketing and then imitate (or perhaps slightly improve on) what seems to work best
--"Let others take the risks of innovating, we;ll immiatete what works best" |
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Reactors
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make adjustments only when finally focused by enviornmental pressures
--"lets wait until theres a crisis, then we'll react" |
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Adaptive Cycle
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-portrays business as a continuing cycle through decisions about 3 kinds of business problems
-entrepreuneral -engineering -administrative |
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How an organizations mission becomes transformed into objectives
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-Mission Statement
-Vision Statement -Strategic Planning -Tactical Planning -Operational Planning |
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Mission Statement
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an organizations purpose for being
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Vision Statement
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what the organization should become, where it wants to go strategically
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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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Strategic planning
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done by top managers, the decide what the organizations long term goals are for the next 5-7 years with the resources they expect to have available
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tactical planning
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done by middle managers who decide what contributions their department or smaller units can make given their resources for the next 1-2 years
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Opperational planning
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done by the first line managers who decide how to accomplish specific tasks for the next 1-52 weeks
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Types of goals
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Strategic, tacital, operational
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Strategic goals
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are set by top managers and focus on objectives for the ogranization as a whole
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Tactical Goals
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set by middle managers and focus on how to achieve strategic goals
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operational goals
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are set by first line managers are focused on short term matters with realizing tactical goals
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SMART
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specific
measureable attainable result-oriented target dates |
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types of plans
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standing and single use
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standing plans
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developed for activites that occur repeatedly over a period of time
policy-outlines general responses to a designated problem or situation procedure-outlines response to particular problem or circumstance rule-designates specific required action |
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Single Use PLan
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developed for activities that are not likely to be repeated in the future
program-encompasses a range of projects or activites project-has less scope and complexity than a program |
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MBO-the four step process for motivating employees
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1. jointly set objectives
2. develope action plan 3. periodically review performance 4. give performance appraisal and rewards, if any |
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The Planning/Control cycle
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1. make the plan
2. carry out the plan 3. control the direction by comparing results with the plan 4. control the direction by either correcting deviations in the plan being carried out or by improving future plans |
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The project life style
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definitin, planning, execution, closing
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Definition
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state the problem, look at the risks, identify the project goals and objectives, and determine the budget and schedule
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Planning
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consider the details needed to make the big picture happen
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Execution
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actual work stage
-define management style and establish the control tools, monitor progress, review schedule |
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Closing
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acceptance by the client, deliverables, training, final report
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Critical Path Method (CPM)
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-list activities
-estimate activity completion time -draw netwrok diagram based on dependencies -ensure critical path stephs remain on schedule |
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Business plan
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a document outlining a proposed firms goals, the strategy for achieveing them, and the standards for measuring success
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strategy
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an educated guess as to what the organization has to do in order to survive
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strategic management
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the process that involved managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
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Strategic planning
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determines the organizations long term goals
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Reasons to adopt strategic management and strategic planning
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-can provide direction and momentum
-can help stress the importance of new ideas -helps develope and maintain competitive advantage |
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strategic positioning
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an effective strategy that attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
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5 step process of strategic management process
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1. Establish a mission and vision
2. establish the grand strategy with enviornmental scanning 3. formulate the strategic plans 4. carry out the strategic plans 5. maintain strategic control |
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Porters 5 competitive forces
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1. The threats of new entrants-new competition
2.bargaining of power suppliers-relying on a single supplier leaves you vulnerable 3. Bargaining power of buyers-customers that shop around 4.Threats of subsitute products or services 5. Rivalry among competitors |
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Porters 4 competitve strategies
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1. Cost leadership-keeping prices below competition targeting a wide market
2. Differentiation strategy-products are of unique and superior value to sell to a wide market 3. Cost focus strategy-keep prices below competition to target a narrow market 4. focused differentiation strategy-offer products of unique value to sell to a narrow market |
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Product life cycle
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-the four stages a product goes through in its "life"
1. introduction stage-introduced to the market 2. growth stage-consumer demand increases 3.maturity stage-product starts to fall out of demand and prices drop 4.decline stage-product falls out of favor and is withdrawn from the market place |
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Diversification Strategy
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involves opperating several businesses to spread the risk
-unrelated and related |
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Synergy
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the economic value of seperate, related businesses under one ownership and management is greater together than the businesses are worth seperatey
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competitve intelligence
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gaining information about ones competitors activities so that you can anticipate their moves and react appropriately
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Strategy implementation-execution
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-meshing stratgey with reality
-aligning people with goals -achieveing planned results |
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process of execution
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first core process-effective leaders make future leaders
the second core process-the "how" of execution the 3rd core process-defines where the organization wants to go |
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organizational culture
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a system of shared beliefs and values that develops within an organization and guides the behavior of its members
--the organizations personality |
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why is culture important
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1.) provides an opportunity to reinforce the companies message
2.) gets everyone on board 3.) helps companies manage confict 4.) helps the employees understand why companies do what they do |
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how can culture be embeded in an organization
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1.) formal statements
2.) slogans and statements 3.) stories, legends and myths 4.) leader recreations and crisis 5.) role modeling 6.) physical design 7.) rewards, promotions 8.) organized goals 9.) measurable activities 10.) organizational structure 11.) procedures for self development |
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organization
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system of consciously coordinated activities of forces of 2 or more
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vertical hierarchy
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shows the chain of command of an organization
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8 types of organizational structures
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simple, functional, divisional, congolomerate, hybird, matrix, team based, network
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Simple structure
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authority centralized in a single person
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functional structure
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common in both profit and nonprofit organizations, people with similar occupational speciallities are put together in formal groups
--president, VP of marketing, VP of finanance |
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Divisional structure
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when people of similar occupational specialities are put together in groups
-product divisions, consumer divisons, geographic divisions |
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hybrid structure
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uses different parts of functional and divisional structure in different parts of the same organization
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Conglomterate structure
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group divisions or business unites based around smaller business or industries
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Matrix structure
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combines functional and divisional chains of command
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Team based structure
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teams, both temp. and permanenet are used to improve horizontal relations
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network structure
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has a central core that is linked to outside independent firms
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Contingency design
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the process of fitting an organization to its enviornment
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Mechanistic Enviornment
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organizations are characterized by centralized authority, clearly specified tasks and rules and close supervision of employees
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Organic Environment
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decentralized authority, few rules and procedures and networks and employees are expected to cooperate and respond to tasks unexpected
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Orgaztional size
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measured by the number of full time employees
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Organizational Life Style
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birth, youth, midlife, maturity
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