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Principles Of Management > Chapter 4 Basics of Stratgic Planning > Flashcards

Chapter 4 Basics of Stratgic Planning Flashcards

1
Q

What are the steps of the 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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2
Q

What are the steps of the general decision-makin stages?

A
  1. Identifying and diagnosing the problem
  2. Generating alternative solutions
  3. Evaluating alternatives
  4. Making the choice
  5. Implementation
  6. Evaluation
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3
Q

Goals should be?

A 
Specific
Measureable
Attainable
Relevant
Time-bound
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4
Q

What happens in step 3 of the formal planning steps?

A

Goal and plan evaluation

Evaluate the advantages, disadvantages, and potential effects of each alternative goal and plan.

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5
Q

What happens in step 4 of the formal planning steps?

A

Goal and plan selection

Select the goals and plans that is the most appropriate and feasible. Identify the priorities and trade offs among the goals and plans

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6
Q

What is strategic planning?

A

Involves making decisions about the organization’s long term goals and strategies

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7
Q

What are strategic goals?

A

Typical strategic goals include growth, increasing market share, improving profitability, booting return on investments, fostering both quantity and quality of outputs, increasing productivity, improving customer service, and contributing to society

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8
Q

What is a strategy?

A

pattern of actions and resource allocations designed to achieve the goals of the organization.

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9
Q

What is tactical planning?

A

Focuses on the major actions the unit must take to fulfill it’s part of the strategic plan.

Often a functional area lie marketing or HR

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10
Q

What is operational planning?

A

Identifies the specific procedures and process required at lower level of the organization.

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11
Q

A method for aligning the organization’s strategic and operational goals?

A

Strategy map

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12
Q

Four key drivers of a strategy map:

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. Ultimately its ability to grow its financial assets
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13
Q

What is strategic management?

A

Involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies

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14
Q

Strategic management six major process components:

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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15
Q

What is the difference between a mission and strategic vision?

A

Mission is a clear and concise expression of the basic purpose of the organization as it currently operates while the strategic vision evolves from the mission and points to the future

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16
Q

What are a companies resources?

A
  1. Tangible assets such as real estate, productions facilities, raw materials
  2. Intangible assets such as company reputation, culture, technical knowledge, and patents as well as accumulated learning and experience
17
Q

What is a companies core capabilities?

A

Typically refers to a set of skills or expertise in some activity rather than physical or financial assets

EX: Honda has a core competency in small engine design and manufacturing

18
Q

What is benchmarking?

A

Is the process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies.

Internal benchmarking the same thing however with comparing departments against each other within a company

19
Q

What does basic SWOT look like?

A

Strengths:

  • Effective sales and marketing
  • User-friendly software
  • Relatively low price

Weaknesses:

  • Experience limited to smaller companies
  • Need to prove capabilities for larger customers

Opportunities:

  • Geographical expansion
  • More markets
  • New services (data discovery)

Threats:

  • Large vendors with similar software
  • Pressure on price
  • Possibility of software becoming standard
20
Q

What is corporate strategy?

A

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

21
Q

What is concentration strategy?

A

Focuses on a single business competing in a single industry

EX: Food retailing

22
Q

What is vertical integration strategy?

A

involves expanding the domains of the organization into supply channels or to distributors

23
Q

What is concentric diversification?

A

Involves moving into new businesses at are related to the company’s core business

24
Q

What is conglomerate diversification?

A

A corporate strategy that involves expansion into unrelated businesses

25
Q

Businesses with high-growth with weak competitive position are called?

A

Question mark

26
Q

Businesses with high-growth and strong competitive position are called?

A

Stars

27
Q

Businesses with low-growth and a strong competitive position are called?

A

Cash Cows

28
Q

Businesses with low-growth and a weak competitive position are called?

A

Dogs

29
Q

What is a business strategy?

A

Defines the major actions by which an organization build and strengthens its competitive position

30
Q

What is a low-cost strategy?

A

Attempt to be efficient and offer a standard, no frills product (Walmart)

31
Q

What is functional strategy?

A

Implemented by each function area of the organization to support the business strategy.

Functional areas:

  • Production
  • Human resources
  • Marketing
  • Research and development
  • Finance
  • Distribution
32
Q

What is the strategic control system designed for?

A

To support the manager in evaluating the organization’s progress with its strategy and, when discrepancies exist, taking corrective action

Principles Of Management (3 decks)

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