1.- Planning & Strategic Management Flashcards
Planning career type:
Steady state
Stay at certain position
Planning career type
Spiral
Holding different jobs that build on one another
Planning career type
Transitory
Continually shifting sideways
Variety, don’t care about promotion
Planning career type
Portfolio
Holding multiple jobs
What is planning?
Coping with uncertainty by formulating future courses of action to achieve specified results.
Pros of Planning
Check your progress
Helps coordinate activities and to think ahead
Cope with uncertainty
Cons of planning
Must set aside time
Have to made quickly without a plan
Ch6
A business plan
Document that outlines a proposed firms goals, the strategy for achieving them and the standards for the measuring success
Ch6
Strategy
Large scale action plan that sets the direction for an organization
When CEO talk strategy, ___% of the company doesn’t get it.
70%
3 types of planning
Strategic, tactical and operational
Strategic positioning
Attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
Ch6
Strategic management process (5)
1 establish the mission and vision 2 establish the grand strategy 3 formulate strategic plans 4 carry out the strategic plans 5 maintain strategic control
(3) strategic planning tools
1 competitive intelligence (gaining info)
2 SWOT analysis
3 forecasting
Porter’s 5 competitive forces
Threats of new entrants Bargaining power of suppliers Power of buyers Threats of substitute prod/serv Rivalry among competitors
