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128 Cards in this Set
- Front
- Back
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situational analysis
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A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
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S.M.A.R.T. |
Specific, Measurable, Attainable, Relevant, Time-bound
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plans |
the actions or means the manager intends to use to achieve goals.
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scenario |
a narrative that describes a set of future conditions |
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Strategic planning
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A set of procedures for making decisions about the organization's long-term goals and strategies
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Strategic goals
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Major targets or end results relating to the organization's long-term survival, value, and growth
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3 types of managers |
top-level - (strategic managers),
middle-level - (tactical managers), front-line - (operational managers). |
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Strategy
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A pattern of actions and resource allocations designed to achieve the organization's goals
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5 strategic questions |
(1) - Where will we be active?
(2) - How will we get there (e.g., by increasing sales or acquiring another company)? (3) - How will we win in the marketplace (e.g., by keeping prices low or offering the best service)? (4) - How fast will we move and in what sequence will we make changes? (5) - How will we obtain financial returns (low costs or premium prices)? |
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Tactical planning
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A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing
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Operational planning
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The process of identifying the specific procedures and processes required at lower levels of the organization
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Strategic management
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A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies
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six major components of strategic management
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1.Establishment of mission, vision, and goals.
2.Analysis of external opportunities and threats.3.Analysis of internal strengths and weaknesses.4.SWOT (strengths, weaknesses, opportunities, and threats) analysis and strategy formulation.5. Strategy implementation. 6.Strategic control. |
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Mission
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An organization's basic purpose and scope of operations
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Strategic vision
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The long-term direction and strategic intent of a company
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Stakeholders
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Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies
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Resources
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Inputs to a system that can enhance performance
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Two Categories of Resources |
(1) tangible assets such as real estate, production facilities, raw materials, and so on,
(2) intangible assets such as company reputation, culture, technical knowledge, and patents as well as accumulated learning and experience |
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Core capability
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A unique skill and/or knowledge an organization possesses that gives it an edge over competitors derived from:
Resources that are rare Resources that are organized Resources that are inimitable Resources that are valuable |
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bench-marking
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the process of assessing how well one company's basic functions and skills compare with those of another company or set of companies.
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SWOT analysis
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A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy
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Corporate strategy
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The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities
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Concentration
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A strategy employed for an organization that operates a single business and competes in a single industry
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Vertical integration
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The acquisition or development of new businesses that produce parts or components of the organization's product
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Concentric diversification
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A strategy used to add new businesses that produce related products or are involved in related markets and activities
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Conglomerate diversification
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A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities
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Business strategy
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The major actions by which a business competes in a particular industry or market
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Differentiation strategy
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A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions
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Functional strategies
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Strategies implemented by each functional area of the organization to support the organization's business strategy
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Strategic control system
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A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action
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Mechanistic organization
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A form of organization that seeks to maximize internal efficiency
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Organic structure
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An organizational form that emphasizes flexibility
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Strategic alliance
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A formal relationship created among independent organizations with the purpose of joint pursuit of mutual goals
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Learning organization
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An organization skilled at creating, acquiring, and transferring knowledge, and at modifying its behavior to reflect new knowledge and insights
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High-involvement organization
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A type of organization in which top management ensures that there is consensus about the direction in which the business is heading
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Economies of scope
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Economies in which materials and processes employed in one product can be used to make other related products
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diseconomies of scale
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the costs of being too big.
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Downsizing
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The planned elimination of positions or jobs
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Rightsizing
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A successful effort to achieve an appropriate size at which the company performs most effectively
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Survivors syndrome
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Loss of productivity and morale in employees who remain after a downsizing
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Customer relationship management
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A multifaceted process focusing on creating two-way exchanges with customers to foster intimate knowledge of their needs, wants, and buying patterns
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Value chain
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The sequence of activities that flow from raw materials to the delivery of a good or service, with additional value created at each step
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Total quality management
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An integrative approach to management that supports the attainment of customer satisfaction through a wide variety of tools and techniques that result in high-quality goods and services
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Deming's “14 points” of quality
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1. Create constancy of purpose—strive for long-term improvement rather than short-term profit.
2.Adopt the new philosophy—don't tolerate delays and mistakes. 3.Cease dependence on mass inspection—build quality into the process on the front end. 4.End the practice of awarding business on price tag alone—build long-term relationships.5.Improve constantly and forever the system of production and service—at each stage. 6.Institute training and retraining—continually update methods and thinking. 7.Institute leadership—provide the resources needed for effectiveness. 8.Drive out fear—people must believe it is safe to report problems or ask for help. 9.Break down barriers among departments—promote teamwork. 10.Eliminate slogans, exhortations, and arbitrary targets—supply methods, not buzzwords. 11.Eliminate numerical quotas—they are contrary to the idea of continuous improvement.12.Remove barriers to pride in workmanship—allow autonomy and spontaneity. 13.Institute a vigorous program of education and retraining—people are assets, not commodities. 14.Take action to accomplish the transformation—provide a structure that enables quality. |
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Six sigma quality
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A method of systematically analyzing work processes to identify and eliminate virtually all causes of defects, standardizing the processes to reach the lowest practicable level of any cause of customer dissatisfaction
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ISO 9001
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A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of producers and consumers
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the 8 ISO 9001quality principles are |
1.Customer focus—learning and addressing customer needs and expectations.
2.Leadership—establishing a vision and goals, establishing trust, and providing employees with the resources and inspiration to meet goals. 3.Involvement of people—establishing an environment in which employees understand their contribution, engage in problem solving, and acquire and share knowledge. 4.Process approach—defining the tasks needed to carry out each process successfully and assigning responsibility for them. 5.System approach to management—putting processes together into efficient systems that work together effectively. 6.Continual improvement—teaching people how to identify areas for improvement and rewarding them for making improvements. 7.Factual approach to decision making—gathering accurate performance data, sharing the data with employees, and using the data to make decisions. 8.Mutually beneficial supplier relationships—working in a cooperative way with suppliers. |
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Barriers to entry
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Conditions that prevent new companies from entering an industry
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Switching costs
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Fixed costs buyers face when they change suppliers
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Supply chain management
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The managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers
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Final consumer
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A customer who purchases products in their finished form
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Intermediate consumer
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A customer who purchases raw materials or wholesale products before selling them to final customers
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Technology
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The systematic application of scientific knowledge to a new product, process, or service
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Small batch
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Technologies that produce goods and services in low volume
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Large batch
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Technologies that produce goods and services in high volume
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Continuous process
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A process that is highly automated and has a continuous production flow
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Mass customization
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The production of varied, individually customized products at the low cost of standardized, mass-produced products
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Computer-integrated manufacturing (CIM)
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The use of computer-aided design and computer-aided manufacturing to sequence and optimize a number of production processes
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Flexible factories
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Manufacturing plants that have short production runs, are organized around products, and use decentralized scheduling
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Lean manufacturing
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An operation that strives to achieve the highest possible productivity and total quality, cost-effectively, by eliminating unnecessary steps in the production process and continually striving for improvement
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Time-based competition (TBC)
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Strategies aimed at reducing the total time needed to deliver a good or service
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Logistics
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The movement of the right goods in the right amount to the right place at the right time
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Just-in-time (JIT)
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A system that calls for subassemblies and components to be manufactured in very small lots and delivered to the next stage of the production process just as they are needed
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Concurrent engineering
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A design approach in which all relevant functions cooperate jointly and continually in a maximum effort aimed at producing high-quality products that meet customers' needs
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Advertising support model
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Charging fees to advertise on a site
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Affiliate model
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Charging fees to direct site visitors to other companies' sites
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Bootlegging
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Informal work on projects, other than those officially assigned, of employees' own choosing and initiative
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Business accelerators
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Organization that provides support and advice to help young businesses grow
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Business incubators
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Protected environments for new, small businesses
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Business plan
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A formal planning step that focuses on the entire venture and describes all the elements involved in starting it
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Entrepreneur
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Individual who establishes a new organization without the benefit of corporate sponsorship
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Entrepreneurial orientation
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The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services
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Entrepreneurial venture
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A new business having growth and high profitability as primary objectives
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Entrepreneurship
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The pursuit of lucrative opportunities by enterprising individuals
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Franchising
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An entrepreneurial alliance between a franchisor (an innovator who has created at least one successful store and wants to grow) and a franchisee (a partner who manages a new store of the same type in a new location)
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Initial public offering (IPO)
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Sale to the public, for the first time, of federally registered and underwritten shares of stock in the company
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Intermediary model
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Charging fees to bring buyers and sellers together
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Intrapreneurs
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New venture creators working inside big companies
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Legitimacy
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People's judgment of a company's acceptance, appropriateness, and desirability, generally stemming from company goals and methods that are consistent with societal values
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Opportunity analysis
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A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate your idea into a viable business, and your source(s) of capital
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Skunkworks
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A project team designated to produce a new, innovative product
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Small business
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A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices
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Social capital
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Goodwill stemming from your social relationships; a competitive advantage in the form of relationships with other people and the image other people have of you
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Social enterprises
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Organization that applies business models and leverages resources in ways that address social problems
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Social entrepreneurship
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Leveraging resources to address social problems
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Subscription model
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Charging fees for site visits
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Transaction fee model
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Charging fees for goods and services
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Advertising support model
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Charging fees to advertise on a site
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Intermediary model
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Charging fees to bring buyers and sellers together
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Affiliate model
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Charging fees to direct site visitors to other companies' sites
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Subscription model
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Charging fees for site visits
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Social entrepreneurship
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Leveraging resources to address social problems
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Social enterprises
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Organization that applies business models and leverages resources in ways that address social problems
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Business incubators
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Protected environments for new, small businesses
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Business accelerators
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Organization that provides support and advice to help young businesses grow
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Initial public offering (IPO)
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Sale to the public, for the first time, of federally registered and underwritten shares of stock in the company
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Opportunity analysis
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A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate your idea into a viable business, and your source(s) of capital
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Business plan
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A formal planning step that focuses on the entire venture and describes all the elements involved in starting it
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Accommodation
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A style of dealing with conflict involving cooperation on behalf of the other party but not being assertive about one's own interests
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Autonomous work groups
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Groups that control decisions about and execution of a complete range of tasks
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Avoidance
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A reaction to conflict that involves ignoring the problem by doing nothing at all or deemphasizing the disagreement
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Boundary-spanning
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Interacting with people in other groups, thus creating linkages between groups
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Cohesiveness
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The degree to which a group is attractive to its members, members are motivated to remain in the group, and members influence one another
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Collaboration
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A style of dealing with conflict emphasizing both cooperation and assertiveness to maximize both parties' satisfaction
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Competing
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A style of dealing with conflict involving strong focus on one's own goals and little or no concern for the other person's goals
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Compromise
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A style of dealing with conflict involving moderate attention to both parties' concerns
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Gatekeeper
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A team member who keeps abreast of current developments and provides the team with relevant information
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Informing
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A team strategy that entails making decisions with the team and then informing outsiders of its intentions
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Management teams
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Teams that coordinate and provide direction to the subunits under their jurisdiction and integrate work among subunits
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Mediator
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A third party who intervenes to help others manage their conflict
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Norms
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Shared beliefs about how people should think and behave
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Parading
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A team strategy that entails simultaneously emphasizing internal team building and achieving external visibility
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Parallel teams
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Teams that operate separately from the regular work structure and exist temporarily
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Probing
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A team strategy that requires team members to interact frequently with outsiders, diagnose their needs, and experiment with solutions
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Project and development teams
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Teams that work on long-term projects but disband once the work is completed
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Roles
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Different sets of expectations for how different individuals should behave
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Self-designing teams
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Teams with the responsibilities of autonomous work groups, plus control over hiring, firing, and deciding what tasks members perform
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Self-managed teams
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Autonomous work groups in which workers are trained to do all or most of the jobs in a unit, have no immediate supervisor, and make decisions previously made by frontline supervisors
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Social facilitation effect
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Working harder when in a group than when working alone
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Social loafing
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Working less hard and being less productive when in a group
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Superordinate goals
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Higher-level goals taking priority over specific individual or group goals
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Task specialist role
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An individual who has more advanced job-related skills and abilities than other group members possess
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Teams
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A small number of people with complementary skills who are committed to a common purpose, set of performance goals, and approach for which they hold themselves mutually accountable
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Teaming
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A strategy of teamwork on the fly, creating many temporary, changing teams
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Team maintenance role
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Individual who develops and maintains team harmony
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Traditional work groups
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Groups that have no managerial responsibilities
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Work teams
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Teams that make or do things like manufacture, assemble, sell, or provide service
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Virtual teams
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Teams that are physically dispersed and communicate electronically more than face-to-face
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