Chapter 4: Planning and Strategic Management Flashcards

1
Q

Situational Analysis

A

where planning begins; relevant information is gathered, interpreted and summarized for the issue at hand.

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2
Q

Goals

A

targets or ends the manager wants to reach

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3
Q

S.M.A.R.T.

A

goals that have specific qualities; Specific, Measurable, Attainable, Relevant, Time-Bound

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4
Q

Plans

A

actions or means the manager intends to use to achieve goals

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5
Q

Strategic Planning

A

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

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6
Q

Strategic Goals

A

major targets or results that relate to the long-term survival, value, and growth of the organization.

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7
Q

Strategy

A

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

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8
Q

Tactical Planning

A

translates broad strategic goals and plans into specific goals and plans that are relevant to a definite portion of the organization, often a functional area like marketing or human resources.

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9
Q

Operational Planning

A

identifies the specific procedures and processes required at lower levels of the organization.

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10
Q

Strategy Map

A

provides a tool managers can use to communicate their strategic goals and enable members of the organization at every level to understand the parts they play in helping to achieve them.

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11
Q

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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12
Q

Six Steps of Strategic Management

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, threats) analysis, and strategy formulation
  5. strategy implementation
  6. strategic control
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13
Q

Mission

A

a clear and concise expression of the basic purpose of the organization

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14
Q

Strategic vision

A

points to the future; provides a perspective on where the organization is headed and what it can become

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15
Q

Stakeholders

A

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

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16
Q

Resources

A

inputs to production that can be accumulated over time to enhance performance of a firm.

17
Q

Core capability

A

aka competence; something a company does especially well relative to its competitors

18
Q

Benchmarking

A

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

19
Q

Corporate strategy

A

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

20
Q

Concentration strategy

A

focuses on a single business competing in a single industry.

21
Q

vertical integration

A

involves expanding the domain of the organization into supply channels or distributors

22
Q

concentric diversification

A

involves moving into new businesses that are related to the company’s original core business.

23
Q

conglomerate diversification

A

corporate strategy that involves expansion into unrelated businesses.

24
Q

business strategy

A

defines the major actions by which an organization builds and strengthens its competitive position in the marketplace

25
Q

low-cost strategies

A

businesses that attempt to be efficient and offer a standard, no-frills product

26
Q

differentiation strategy

A

company attempts to be unique in its industry or market segment along some dimension that customers value.

27
Q

functional strategies

A

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

28
Q

strategic control system

A

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