Mgmt Chapter 5

Front 1

Goal

Back 1

a desired future state that the organization attempts to realize.

Front 2

Plan

Back 2

a blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals.

Front 3

Planning

Back 3

the act of determining the organization’s goals and the means for achieving them.

Front 4

Mission

Back 4

the organization’s reason for existence.

Front 5

Mission statement

Back 5

a broadly stated definition of purpose that distinguishes the organization from others of a similar type.

Front 6

Strategic goals

Back 6

broad statements of where the organization wants to be in the future; they pertain to the organization as a whole rather than to specific divisions of departments.

Front 7

Strategic plans

Back 7

the action steps by which an organization intends to attain strategic goals.

Front 8

Tactical goals

Back 8

goals that define the outcomes that major divisions and departments must achieve for the organization to reach its overall goals.

Front 9

Leadership

Back 9

is the ability to influence people to adopt the new behaviors needed for strategy implementation.

Front 10

Joint ventures

Back 10

are separate entities created with two or more active firms as sponsors, and the organizations share the associated risks and costs.

Front 11

Collaboration

Back 11

cooperating with other firms rather than competing with them.

Front 12

Focus strategy

Back 12

concentrates on a specific regional market or buyer group.

Front 13

Cost leadership strategy

Back 13

is an aggressive attempt to seek efficient facilities, pursue cost reductions, and use tight cost controls to produce products more efficiently than competitors.

Front 14

Differentiation strategy

Back 14

is an attempt to distinguish the firm’s products or services from others in the industry.

Front 15

Situation analysis

Back 15

is an evaluation that typically includes a search for SWOT--strengths, weaknesses, opportunities, and threats—that affect organizational
Performance.

Front 16

Strategic implementation

Back 16

the use of managerial and organizational tools to direct resources toward accomplishing strategic results.

Front 17

Strategic formulation

Back 17

is the planning and decision making that lead to establishment of the firm’s goals and development of a specific strategic plan.

Front 18

Value

Back 18

the combination of benefits received and costs paid.

Front 19

Synergy

Back 19

a joint effect that is greater than the sum of the parts acting alone.

Front 20

Core competence

Back 20

something the organization does especially well in comparison to its competitors.

Front 21

Competitive advantage

Back 21

what sets the organization apart from others and provides it with a distinctive edge for meeting customer needs in the marketplace.

Front 22

Strategy

Back 22

plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization’s goals.

Front 23

Strategic management

Back 23

a specific type of planning in for-profit business organizations; typically pertains to competitive actions in the marketplace

Front 24

Planning task force

Back 24

a group of managers and employees who develop a strategic plan

Front 25

Event-driven planning

Back 25

evolutionary planning that responds to the current reality of what the environment and the marketplace demand.

Front 26

Crisis management plan (CMP)

Back 26

a detailed, written plan that specifies the steps to be taken, and by whom, if a crises arises.

Front 27

Scenario building

Back 27

looking at trends and discontinuities and imagining possible alternative futures to build a framework within which unexpected future events can be managed.

Front 28

Contingency plans

Back 28

plans that define company responses to specific situations, such as emergencies, setbacks, or unexpected conditions.

Front 29

Standing plans

Back 29

ongoing plans that are used to provide guidance for tasks performed repeatedly within he organization.

Front 30

Single-use plans

Back 30

plans that are developed to achieve a set of goals that are unlikely to be repeated in the future.

Front 31

Management by objectives (MBO)

Back 31

a method of management whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance.

Front 32

Operational plans

Back 32

plans developed at the organization’s lower levels that specify action.

Front 33

Operational goals

Back 33

specific, measureable results expected from departments, work groups, and individuals within the organization.

Front 34

Tactical plans

Back 34

plans designed to help execute major strategic plans and to accomplish a specific part of the company’s strategy.