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4 strategic and operational planning Flashcards

1
Q

explain how strategic and operational plans differ

A

strategic planning are top managers and board of directors who develops a mission and long term objectives in 5 years while operational planning are middle and first line managers who sets short term objectives that can be met in a year

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1
Q

describe who does the means and end analysis

A

top managers determines the ends and middle and lower managers FINDS THE MEANS to accomplish those ends

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2
Q

why are some businesses more successful than others?

A

good at forming and implementing strategies

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3
Q

strategic process

A
  1. develop mission 2.analyze environment 3. set objectives 4. develop strategies (corporate, busuienss, and functional) 5. implement and control strategies
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4
Q

describe the difference between corporate, businessnd functional level strategies

A

coporate strategy-organization’s plan for managing mutiple lines of business
business strategy- organization’s plan for managing one line if business
functional level strategy- organization’s plan for managing one area of the business

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5
Q

define an organization’s strategy?

A

the plan for pursuing it mission and achieveing its objectives

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6
Q

what is the first step in the strategic process?

A

develop a mission

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7
Q

the field of sports management is monitored by

A

NASSM

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8
Q

why does businesses analyze industries and competitive situations? which leads to finding the right __

A

to find the right strategic plan by means of analyzing the internal environment and external environment’s capabilities

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9
Q

what is NASSM’s mission

A

actively involved in supporting and assisting professionals working in the fields of sport, leisure, and recreation

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10
Q

situation analysis

A

another word for ANALYZE THE ENVIRONMENT draws out those features in a company’s environment that most directly frame its strategic window of options and opportunities

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11
Q

what are the situation analysis (analyze the enviornment) 3 parts?

A
  1. analysis of the company’s industry and its competition
  2. analysis of the company’s particular situation
  3. analysis of the company’s competitive advantage or lack thereof
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12
Q

why is competitive analysis important in strategic planning for corporations

A

companies at the corporate level (multiple lines of business) uses analyses of the industry and their competitors when they are deciding which lines of business they should consider entering or exiting and how to allocate resources among their product lines.

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13
Q

what are the 5 competitive analysis forces a corporate level business may consider before allocating their resources to the business

A

rivalry btw competing firms
potential development of subsitute products and services
potential entry of new competitors
bargaining power of suppliers
bargining power of consumers

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14
Q

explain why organizations analyze the company’s situation

A

the company situation analysis is used at the business level to determine issues and problems that need to be addressed through the strategic process.

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15
Q

what are the steps to a company situation analysis

A
  1. asess present strategy- analyses of perfromance (wins,market share, sales, net profit, and so on)
  2. analayze SWOTs=strengths, weaknesses, oppuritnites, and threats
  3. asesses competitive strength- clear understanding of competitors
  4. make conclusions- how is business doing compared with its compeition. is the market hsare improving or slipping
  5. decide what issues to adress- what needs to be done to improve our competive position
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16
Q

define competitive advantage

A

specifies how the organization offers unique customer value by 1. distinguishes the organization from its competitors 2.provides positive economic benefits 3. can not be easily duplicated

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17
Q

what is the key to producing sustainable competitive advantage

A

management of people

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18
Q

define core competency

A

is what a firm does well - its strengths- this can translate to competive products and services that take advantage of the company’s strengths

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19
Q

define benchmarking

A

compare your firm with its competitiors like in siutational analyses and copy sucessful strategies

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20
Q

what are the driving forces of performance

A

setting objectives and planning to achieve a goal drives performance

21
Q

discuss how goals and objectives are similar but not the same

A

goals state general targets to hit
objectives- state what is to be done in specific and measurable terms by a certain target date
goals are your target and objectives guide development of operational plans and help you know if you are hitting the target

22
Q

describe how to set objectives

A

1.to
2. action verb
3.single specific result which can be measured
4.target date

23
Q

what are the 3 “want” criteria”

A

1.is realistic
2.set by team
3.has team commitment

24
Q

define management by objectives (MBO)

A

is the process by which managers and their teams jointly set objectives, periodically evaluate performance and reward according to the results

  1. set indivdual objectives and plans
    2.give feedback and evaluate performance-communication is critical
    3.reward according to the performance
25
Q

other names for management by objectives

A

work plnning, goals management, goals and controls, and management by results

26
Q

describe the four corporate lvel grand stategies ( companies within a company)

A

growth-increase their size (sales,market share, consumers)
stability-aim to keep status quo
turnaround and retrenchment-attempt to reverse a declining business to prior levels ASAP
retrechment strategy- diverstitiure or liquify assets and lay off employees
turnaround strategies- improve cashflow by increasing revenues, decreasing costs, and selling assets

27
Q

describe the 3 growth strategies in businesses

A
  1. concentration- grows its existing lines of business agressively. builds another store
    2.integrate- forward integration- consumer first (online shopping) and backward integration- raw materials first (farm)
    diversify-related and unrelated products
    4.growth strategies- merger=combine companies accquisition=a company buys part or all of another business and includes joint ventures and global strategic alliances (exchanage student)
28
Q

define business portfolio analysis

A

corporations determine which lines of business they will be in and how they will allocate resources among different lines

29
Q

define BCG growth share matrix

A

a common method used to analyze corporate business portfolio in which places each line of business in its own matrix with its brands and products

30
Q

BCG growth share matrix

A

1.cash cows- generate a lot of revenue and high revenue share but may exhibit low growth. use stability strategy
2. stars- rapidly growing market share. use growth market share.
3. question marks- there are new lines of business with low market share in a expanding markety that the corporation believes can grow into stars
4. dogs- turnaround/retrenchment- low growth market and low market share

31
Q

describe the 3 business level adaptive strategies

A

prospect-offer new products or enter new markets in seeking growth oppurtinites

defend-stay with current product lines and markets

analyze- watch the new markets and come up with an imiation strategy

32
Q

why is there a difference btw business’ adaptive strategy and coporate grand strategies?

A

business adaptive strategies emphasis on adapting to changes in the external enviornment and especially compeitior strategies while corporate grand strategies focuses on how to allocate its resources within its many companies to grow,stable or turnaround/ retrenchment

33
Q

what are the types of competitive strategies

A

product differentiation- stress the advantages of their products over their competitiors (tends to lead them to charger higher prices)
cost leaadership- stress lower prices to attract consumers
focus- target a specific regional market, prodcut line or buyer group but do not do both/

34
Q

define product life cycle

A

a series of stages that a products go through their life cycle: introduction,(\a new product( a question mark in the business portfolio)to get accepted by consumers. growth-sales expand rapidly
maturityoften cash cows, focus on stability then cost cutting efforts and decline-dogs- sales decrease, aging product

35
Q

list the four functional level operational strategies

A

marketing functions-responsible for the 4 Ps (product, promotion, place, and price)
operations function- is repsonisble forsystem process that converts inputs to outputs. focus on quality and efficency as it manafctures the products that marketing determines will prpovide customer value
human resourcces- select, train, evaluate, and compensate employees
financedepartment functions- they finance business activites by raising money through the sale of stock (equity) or bonds and loans (debts) they pay off debt and divdiends 2. record cash transaxtions, develop budgets, optimize use of cash reserves

36
Q

standing plans verses single use plans

A

standing plans- ensure repeated behavior for handling routine issues and purpose is to guide employees’s actions in day to day actvities
single use plans- intended to be used only once (non-repeitive)

37
Q

define the related defintions under standing plans: policies, procedure, rules

A

policies- provide general guidelines to be followed when making decisions

procedure-a sequence of actions to be followed to achieve an obj and establish a routine way of doing things (game day operations, concession sales, and parking)

rules- states exactly what should or not be done

38
Q

define the defintiions under the single use plans: program and budget

A

program-describes a set of activites and its designed to accomplish an objective over a specified time period. a program may have its own policies, procedures and rules.

budget- is the funds allocated to operate a unit for a fixed period

39
Q

define contingency plans

A

are alternative plans to be implemented if uncontrollable evenets occur

40
Q

define time management

A

refers to techniques that enable us to get more done in less time with better results.

41
Q

what are effective controlling strategies when implementing strategies to become successful?

A
  1. objectives achieved in a cost effective and timely manner.
  2. monitor and measure progress
    3.take correction action
    4.being flexible about the budget when necessary
42
Q

define critical success factors (CSF)

A

are pivotal activities that the business must perform well if it is to win the competitive race.

43
Q

what are the coporate level strategy topics told in this chapter

A

grand strategies
corporate growth strategies
portfolio analysis

43
Q

what are two approaches in Critical success factors?

A
  1. rank between weak to strong 1-10
  2. same ranking system but also use of importance by 1.00 weight
44
Q

define grand strategies

A

are the corporate strategies for growth, stability, turnaround and retreachment

45
Q

what are 3 major corporation strategies

A

concentration background and forward integration a d related and unrelated diversification

46
Q

strategic alliance

A

an agreement to share resources that does not necessarily involve creating anew company

46
Q

what coporate growth strategies do companies somteimes use to compete with larger companies

A

Merger- two companies form one new company
Accquisition- one business buys all or part of another business

47
Q

what is the difference btw first mover and fence sitter

A

first mover- first to prospect(introduce new) product
fence sitter- slow to develop imitation products

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