Chapter 5: Planning Flashcards
The first of four functions in the management process.
Planning
Planning involves ensuring that the plans are linked to the _____
Business Strategy
A large-scale action plan that sets the long-term goals and direction for an organization.
Strategy
Represents an “educated guess” about what must be done in the long term for the survival or the prosperity of the organization or its principal parts.
Strategy
Strategic plans are generally reconsidered _____ due to everchanging business conditions.
Every year
A process that involves managers from all parts of the organization in the formulation and implementation of strategies and strategic goals.
Strategic Management
Establishing the mission, vision, and values is which step of the planning and strategic management process?
First
Assessing the current reality is which step of the planning and strategic management process?
Second
Formulating the grand strategy and strategic, tactical, and operational plans is which step of the planning and strategic management process?
Third
Implementing the strategy is which step of the planning and strategic management process?
Fourth
Maintaining strategic control is which step of the planning and strategic management process?
Fifth
The ability to reinvent the basis of competition within existing industries.
Strategies Innovation
The ability of an organization to produce goods or services more effectively than its competitors do, thereby outperforming them.
Competitive Advantage
Making long-term decisions about overall direction of organizations.
Strategic Planning
Strategic Planning is done by managers for the next _____ years.
1-5
Done by middle managers for the next 6-24 months.
Tactical Planning
Tactical Planning is done by middle managers for the next _____ months.
6-24
Done by first-line managers for the next 1-52 weeks.
Operational Planning
Operational Planning is done by first-line managers for the next _____ weeks.
1-52
The document that details how a company’s goals are to be met.
Plan
A document that outliens a proposed firm’s goals, its strategy for achieving those goals, and the standards for measuring success is known as
Business Plan
An organization’s vision represents
Where the organization wants to go
The _____ process helps us cope with uncertainty by formulating future courses of action designed to help achieve specified results.
Planning
The company’s _____ tells us the company’s reason for being.
Mission Statement
What are the two types of goals in business?
Short-Term and Long-Term
Provides a guide for a company’s long-term goals.
Strategic Plan
It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve.
Operating Plan
Strategic Planning is done by _____ managers.
Top
A _____ plan is developed for activities that occur repeatedly over time.
Standing
A specific commitment to achieve a measurable result within a stated period of time
Goal
A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.
SMART
A _____ plan directs activity, such as a project, that is unlikely to be repeated.
Single-Use
The letter S in the acronym SMART goal stands for what aspect of a good goal?
Specific
