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MGMT 6102 > BK Chapter 5 Definitions > Flashcards

BK Chapter 5 Definitions Flashcards

1
Q

A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration

A

Situational Analysis

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2
Q

Formal Planning Steps

A

1: Analyze the Situation
2: Generate alternative goals and plans
3: Evaluate goals and plans
4: Select goals and plans
5: Implement the goals and plans
6: Monitor and control performance

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3
Q

A target or end that management desires to reach

A

Goal

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4
Q

The actions or means managers intend to use to achieve organizational goals

A

Plans

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5
Q

Focuses on achieving non-repeating goals

A

Single-use Plan

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6
Q

Is designed to accomplish an enduring set of goals

A

Standing Plan

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7
Q

Specifies actions when initial plans fail or events in the external environment create sudden change

A

Contingency Plan

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8
Q

A narrative that describes a particular set of future conditions

A

Scenario

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9
Q

A set of procedures for making decisions about the organization’s long-term goals and strategies

A

Strategic Planning

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10
Q

Major targets or end results relating to the organization’s long-term survival, value, and growth

A

Strategic Goals

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11
Q

A pattern of actions and resource allocations designed to achieve the organization’s goals

A

Strategy

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12
Q

A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a particular portion of the organization, such as a functional area like marketing

A

Tactical Planning

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13
Q

The process of identifying the specific procedures and processes required at lower levels of the organization

A

Operational Planning

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14
Q

A process that involves manager from all parts of the organization in the formulation and implementation of strategic goals and strategies

A

Strategic Management

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15
Q

An organization’s basic purpose and scope or operations

A

Mission

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16
Q

The long-term direction and strategic intent of a company

A

Strategic Vision

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17
Q

Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies

A

Stakeholders

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18
Q

Growth rates for the entire industry and key market segments, and projected changes in patterns and determinants of growth.

A

Industry Growth

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19
Q

Threat of new industry entrants, threat of substitutes, economic power of buyers/customers, economic power of suppliers, and internal industry rivalry

A

Industry Forces

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20
Q

Goals, strategies, strengths, and weaknesses of each major competitor

A

Competitor Analysist

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21
Q

Legislation and regulatory activities and their effects on the industry

A

Legal Trends

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22
Q

The level of political activity undertaken by organizations and associations within the industry

A

Political Activity

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23
Q

Current and potential social issues and their effects on the industry

A

Social Issues

24
Q

Social interest groups: consumer environmental, and other activist groups that try to influence the industry

A

Social Interest Groups

25
Q

Key labor needs, shortages, opportunities, and problems confronting the industry

A

Labor Issues

26
Q

Economic factors that affect supply, demand, growth, competition, and profitability within the industry.

A

Macroeconomic Condiditons

27
Q

Scientific or technical methods that affect the industry, particularly recent and potential innovations

A

Technological Factors

28
Q

Inputs to a system that can enhance performance

A

Resources

29
Q

A unique skill and/or knowledge an organization possesses that gives it an edge over competitors

A

Core Capability

30
Q

A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy

A

SWOT Analysis

31
Q

The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities

A

Corporate Strategy

32
Q

A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities

A

Unrelated Diversification

33
Q

A strategy employed by an organization that operates a single business and competes in a single industry

A

Concentration

34
Q

The acquisition or development of new businesses that produce parts or components of the organization’s product

A

A strategy used to add new businesses that produce related products or are involved in related markets and activities

35
Q

The major actions by which an organization competes in a particular industry or market

A

Business Strategy

36
Q

A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product

A

Low-cost Strategy

37
Q

A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions

A

Differentiation Strategy

38
Q

Strategies implemented by each functional area of the organization to support the organization’s business strategy

A

Functional Strategies

39
Q

A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies exist, taking corrective action

A

Strategic Control System

40
Q

The state that exists when decision makers have insufficient information

A

Uncertainty

41
Q

The state that exists when decision makers have accurate and comprehensive information

A

Certainty

42
Q

The state that exists when the probability of success is less than 100 percent and losses may occur

A

Risk

43
Q

New, creative solutions designed specifically for the problem

A

Custom-made Solutions

44
Q

Ideas that have been seen or tried before

A

Ready-made Solutions

45
Q

A decision realizing the best possible outcome

A

Maximizing

46
Q

Choosing an option that is acceptable, although not necessarily the best or perfect

A

Satisficing

47
Q

Achieving the best possible balance among several goals

A

Optimizing

48
Q

People’s belief that they can influence events, even when they have no control over what will happen

A

Illusion of Control

49
Q

A decision bias influenced by the way in which a problem or decision alternative is phrased or presented

A

Framing Effects

50
Q

A bias weighting short-term costs and benefits more heavily than longer-term costs and benefits

A

Discounting the Future

51
Q

A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus

A

Groupthink

52
Q

A condition that occurs when a decision-making group loses sight of its original goal and a new, less important goal emerges

A

Goal Displacement

53
Q

A structured debate comparing two conflicting courses of action

A

Dialectic

54
Q

A person who has the job of criticizing ideas to ensure that their downsides are fully explored

A

Devil’s Advocate

55
Q

A process in which group members generate as many ideas about a problem as they can; criticism is withheld until all ideas have been proposed

A

Brainstorming

56
Q

A human-centered approach to innovation that integrates customers needs, the potential of technology, and the requirements for business success

A

Design Thinking

MGMT 6102 (6 decks)

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