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Principles of Management > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Situational Analysis

A

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

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2
Q

Goals should be SMART:

A

Specific, Measurable, Attainable, Relevant, Time-bound

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3
Q

Plans

A

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

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4
Q

Contingency Plans

A

set 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 ( terrorist attack, natural disaster)

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5
Q

Basic (Formal) Planning Steps

A

1: Situational Analysis
2: Alternative Goals and Plans
3: Goal and Plan Evaluation
4: Goal and Plan Selection
5: Implementation
6: Monitor and Control

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6
Q

What kind of planning do the strategic managers do?

A

Top-Level Planning

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7
Q

What kind of planning do the tactical managers do?

A

Medium Level Planning

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8
Q

What kind of planning do the operational managers do?

A

Frontline Planning

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9
Q

Strategic Planning

A

a set of procedures for making decisions about the organization’s long-term goals and strategies
done by senior executives

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10
Q

Strategic Goals

A

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

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11
Q

Characteristics of Strategic Planning/Goals

A

Top-Level planning, low detail, 3-7 years

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12
Q

Strategy

A

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

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13
Q

Tactical Planning

A

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

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14
Q

Characteristics of Tactical Planning

A

Middle-Level Planning, medium detail, 1-2 years

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15
Q

Operational Planning

A

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

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16
Q

Characteristics of Operational Planning

A

Frontline Planning, high detail,

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17
Q

Strategy Map

A

enables members at every level to understand roles in achieving goals

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18
Q

4 key strategy drivers (“balanced scorecard”)

A

1: the skills of its people and their ability to grow and learn
2: the effectiveness of its internal processes
3: its ability to deliver value to customers
4: its ability to grow its financial assets

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19
Q

Strategic Management

A

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

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20
Q

6 Steps of Strategic Management (Planning) Process

A

1: Establishment of mission, vision, and goals
2: Analysis of external opportunities and threats
3: Analysis of internal strengths and weaknesses
4: SWOT (strengths, weaknesses, opportunities, and threats) analysis and strategy formulation
5: Strategy implementation
6: Strategic control

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21
Q

mission

A

an organization’s basic purpose and scope of operations

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22
Q

Strategic vision

A

the long-term direction and strategic intent of a company

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23
Q

Stakeholders

A

groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies (buyers, suppliers…)

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24
Q

Industry Profile

A

major product lines and significant market segments in the industry

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25
Q

Industry Growth

A

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

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26
Q

Industry Forces

A

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

27
Q

Competitor Profile

A

major competitors and their market shares

28
Q

Competitor Analysis

A

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

29
Q

Competitor Advantages

A

the degree to which the industry competitors have differentiated their products or services or achieved cost leadership

30
Q

Political Activity

A

the level of political activity that organizations and associations within the industry undertake

31
Q

Social Issues

A

current and potential social issues and their effects on industry

32
Q

Social Interest Groups

A

consumer, environmental, and similar activist groups that attempt to influence the industry

33
Q

Labor Issues

A

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

34
Q

Macroeconomic Conditions

A

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

35
Q

Technological Factors

A

scientific or technical methods, particularly recent and potential innovations

36
Q

Financial Analysis

A

examines financial strengths and weaknesses through financial statements such as a balance sheet and an income statement and compares trends to historical and industry figures

37
Q

Marketing Audit

A

examines strengths and weaknesses of major marketing activities and identifies markets, key market segments, and the competitive position (market share) of the organization within key markets

38
Q

Operations Analysis

A

examines the strengths and weaknesses of the manufacturing, production, or service delivery activities of the organization

39
Q

Other Internal Resource Analyses

A

examine, as necessary and appropriate, the strengths and weaknesses of other organizational activities such as resource and development (product and process), management information systems, engineering, and pruchasing

40
Q

Human Resources Assessment

A

examines strengths and weaknesses of all levels of management and employees and focuses on key human resources activities, including recruitment, selection, placement, training, labor (union) relationships, compensation, promotion, appraisal, quality of work life, and HR planning

41
Q

Resources

A

inputs to a system that can enhance performance (tangible or intangible)

42
Q

Core capability

A

a unique skill and/or knowledge an organization possesses that gives it an edge over competitors (or “competence)

43
Q

Benchmarking

A

the process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies to assess and improve performances

44
Q

SWOT Analysis

A

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

45
Q

Corporate Strategy

A

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

46
Q

Concentration

A

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

47
Q

Vertical Integration

A

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

48
Q

Concentric Diversification

A

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

49
Q

Conglomerate Diversification

A

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

50
Q

Portfolio

A

diversified businesses of an organization

51
Q

BCG Matrix

A

technique for analyzing corporations strategy for managing its portfolio

52
Q

Question Marks

A

high-growth, weak-competitive position businesses

require investment

53
Q

Stars

A

high-growth, strong-competitive position businesses

require investment

54
Q

Cash Cows

A

low-growth, strong-competitive position businesses

fund other businesses

55
Q

Dogs

A

low-growth, weak-competitive position businesses

divested

56
Q

Joint Venture

A

a partner that already has the expertise in a certain market that the first organization needs (“strategic partnership or strategic alliance”)

57
Q

Business Strategy

A

the major actions by which a business competes in a particular industry or market

58
Q

low-cost strategies

A

a strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product (Walmart, Southwest Airlines)

59
Q

differentiation strategy

A

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

60
Q

functional strategy

A

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

61
Q

4 steps of strategy implementation

A

1: Define Strategic Tasks
2: Assess Organization Capabilities
3: Develop Implementation Agenda
4: Create Implementation Plan

62
Q

6 Barriers of Strategy Implementation

A

Top-down or laissez-faires senior management style
Unclear strategy and conflicting priorities
Ineffective Senior Management Team
Poor Vertical Communication
Poor coordination across functions/businesses/borders
Inadequate down-the-line leadership/skills/development

63
Q

Strategic Control System

A

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

Principles of Management (6 decks)

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