Ch 4 Flashcards
A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration
Situational analysis
What does S.M.A.R.T stand for?
Specific Measurable Attainable Relevant Time-bound
The actions or means managers intend to use to achieve organizational goals
Plans
Sets of actions to be taken when a company’s initial plans have not worked well or if events in the external environment require a sudden change
Contingency plans
A sequence of events especially when imagined; an account or synopsis of a possible course of action or events
Scenario
What does SWOT stand for?
Strength
Weakness
Opportunity
Threat
A process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies
Benchmarking
Focus on a single business in a single industry
Concentration
Controlling multiple levels in the supply chain
Vertical integration
Expand into areas that play to your core
Concentric diversification
Expand into areas outside your core
Conglomerate diversification
Build competitive advantage by being efficient and offering a standard, no-frills product
Low-cost strategy
Build competitive advantage by being unique in its industry or market segment along one or more dimensions
Differentiation strategy
A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies, taking corrective action
Strategic control system
The capability of an organization to produce an item at an acceptable profit
Manufacturability
