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34 Cards in this Set
- Front
- Back
Goal
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a desired future state that the organization attempts to realize.
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Plan
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a blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals.
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Planning
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the act of determining the organization’s goals and the means for achieving them.
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Mission
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the organization’s reason for existence.
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Mission statement
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a broadly stated definition of purpose that distinguishes the organization from others of a similar type.
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Strategic goals
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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.
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Strategic plans
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the action steps by which an organization intends to attain strategic goals.
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Tactical goals
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goals that define the outcomes that major divisions and departments must achieve for the organization to reach its overall goals.
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Leadership
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is the ability to influence people to adopt the new behaviors needed for strategy implementation.
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Joint ventures
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are separate entities created with two or more active firms as sponsors, and the organizations share the associated risks and costs.
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Collaboration
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cooperating with other firms rather than competing with them.
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Focus strategy
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concentrates on a specific regional market or buyer group.
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Cost leadership strategy
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is an aggressive attempt to seek efficient facilities, pursue cost reductions, and use tight cost controls to produce products more efficiently than competitors.
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Differentiation strategy
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is an attempt to distinguish the firm’s products or services from others in the industry.
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Situation analysis
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is an evaluation that typically includes a search for SWOT--strengths, weaknesses, opportunities, and threats—that affect organizational
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Strategic implementation
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the use of managerial and organizational tools to direct resources toward accomplishing strategic results.
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Strategic formulation
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is the planning and decision making that lead to establishment of the firm’s goals and development of a specific strategic plan.
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Value
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the combination of benefits received and costs paid.
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Synergy
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a joint effect that is greater than the sum of the parts acting alone.
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Core competence
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something the organization does especially well in comparison to its competitors.
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Competitive advantage
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what sets the organization apart from others and provides it with a distinctive edge for meeting customer needs in the marketplace.
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Strategy
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plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization’s goals.
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Strategic management
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a specific type of planning in for-profit business organizations; typically pertains to competitive actions in the marketplace
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Planning task force
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a group of managers and employees who develop a strategic plan
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Event-driven planning
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evolutionary planning that responds to the current reality of what the environment and the marketplace demand.
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Crisis management plan (CMP)
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a detailed, written plan that specifies the steps to be taken, and by whom, if a crises arises.
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Scenario building
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looking at trends and discontinuities and imagining possible alternative futures to build a framework within which unexpected future events can be managed.
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Contingency plans
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plans that define company responses to specific situations, such as emergencies, setbacks, or unexpected conditions.
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Standing plans
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ongoing plans that are used to provide guidance for tasks performed repeatedly within he organization.
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Single-use plans
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plans that are developed to achieve a set of goals that are unlikely to be repeated in the future.
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Management by objectives (MBO)
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a method of management whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance.
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Operational plans
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plans developed at the organization’s lower levels that specify action.
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Operational goals
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specific, measureable results expected from departments, work groups, and individuals within the organization.
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Tactical plans
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plans designed to help execute major strategic plans and to accomplish a specific part of the company’s strategy.
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