businesss test 4-6 Flashcards
list the five steps of planning process in order
- define your objectives
- determine where you stand in relation to objectives
- devlop premisies regarding future conditions
- anaylze alternatives and make a plan
explain the benfit to planning
FACT
* F- focus & flexibilty
* A- action orientation
* C- coordination &control
* T- time mangement
explain the diffrence between short, intermidate and long range plans
short plans
- cover one year or less
intermadiate plans
- cover one to two years
long term planning
- three or more years into the futuree
define strategic plan
a strategic plan is set broad, comprehensive and longer term action directions for the entire organizations
explain the diffrence between a tatical plan operational plan and functional plan
a tatical plan defines what needs to be done in specfic functions to impliment to strategic plans. they often take for a functional plan
operational plan
functional plan
describes how different operations within the organizations will help advance the overall functions
explain the diffrent types of budgets
fixed
- stated the amount of resources for a specfic purpose
flexibale
- resources can vary in proportation with level of activity
explain the diffrence between a policy and procedure
policy
- broad guidelines for making decsions and taking action in specfic situations
procedures
- plans that describe exactly what actions are there to be taken in specfic situations
what does each letter of SMART W? explain when the goals are used
S-simple (target key results)
M-measurable (cresults can be assesd)
A-achievable (challenging yet realistc)
R-realistic (keep on the task at hand)
T- timely (linked to specfic due dates)
W-worthwhile (worth your time and effort)
explain what a compitive advantage is?
operating with an attrivute or set of attributes that allows an organizaron to out perfom its rivals
- cost& quaility
- knwledge & speed
- barriers to entry
- finical resources
explain what a compitive advantage is? ist the attributes of a competitive advantage
cost& quaility
- knwledge & speed
- barriers to entry
- finical resources
define mission statment. provide an example of one
- expresses the organizaions reason for existence in society an important test of the mission is how well it serves the organizations stakeholders (consumers, investors, suppliers, employees, community)
define core values
values are broad beliefs about what is or is not appropraite
define orgainzational culture
- every human organization creates a uniue culture all on its own
- these orgainzations span cultures and time zones and each orgnaiztion has a distinct idenity
descibe core culture
core culture
- underlying values which includes
- innovation and risk taking
- ethics and integrity
- social reposibility
- costumer service
describe operating culture
specfic results that organzations try to accomplish, which includes: profibality, fincial health, cost effcienceny, customer service, product quaility, market share, human talent, innovation
oberseable culture
visible actions and events, which includes: heroes, ceremonies, rites & rituals. legend and stories metaphors and symbols. how they dress and arrange their offices
What does each letter in SWOT stand for? provide an example of each
S-strength (manufacturing effeciency, skilled workforce, good market share)
W-Weakness (outdated facilicites, inaquate research and devlopment)
O-oppurtunites (possible new markets, strong economy)
T- threats (new competitors, shortage of resources, changing market tastes)
what does B2B and B2C stand for
B2B- business to business
B2C - business to costumer
what is the BCG matrix
Boston consulting group
- ties stratergies forumlation to analysis of business opportunites according or market share
4 things
?
- poor position growing industry (grow or setachment stratergy)
stars
- domainat position (growth strategy)
dogs
- poor position low growth industry (retrenchment startegy)
cash cows
domaint positions (stability or modest growth strategy)
retrenchment strategry
when a business is on last leg
describe reactive (unplanned)
reactive
- response to change
planned change
- allining the organzations with anticpated futuree challenges
- activated by performance gaps
planned change
- aligning the organzation with ancticpated change
transformial change
major and comprehensive redirection
incremental change
adjusting existing systems and practices through movements
top-down change
- changes with the goal of improving organizational performance
- driven by top leadership
- made possible by support of middle level
bottom to up
- the initatives for change come from any and all parts of the organization not just top mangement
- crucial for organizational innovation
- made possible, employee involvement and employee participatian
performance gap
a discrepency between a desired and an actual state of affairs
define change agent
a person who takes leadership resposbility for changing the existing pattern of behaviour of another person or social system
3 reasons who ppl resist change
- fear of unknown
- loss of confidence
- loss of control
