Chapter 8 Flashcards
identifying and selecting appropriate goals and courses of action; one of the four principle functions of management
planning
a cluster of decisions about what goals to pursue, what actions to take, and how to use resources to acheive goals
strategy
a broad declaration of an organizations purpose that identifies the organizations products and customers and distinguishes the organization from its competitors
mission statement
top managements decisions pertaining to the organziations mission, overall strategy, and structure
corporate level plan
a plan that indicates in which industries and national markets an organization intends to compete
coporate level strategy
divisional managers decisions pertaining to divisions long term goals overall strategy and structure
business level plan
a plan that indicates how a division intends to compete gainst its rivals in an industry
business level strategy
funtional managers decisions pertaining to the goals that they propose to pursue to help the division attian its business level goals
functional level plan
a plan that indicates how functional managers intend ot increase the value of the organizations goods and services
functional level strategy
the intended duration of a plan
time horizon
the generation of multiple forecasts of futureconditions followed by an analysis of how to respnd effecivey to each of those conditions
scenario planning
the ability of the ceo and top managers to convey a compelling vision of what they want the organization to acheive to their subordinates
scenario leadershiop
the develpment of a set of coporate, business, and functional strategies that allow an organization to accomplish its mission and acheive its goals
scenario formulation
a planning exercise in which managers identify organizationa strengths and weaknessess and environmental opportunies and threats
SWOT analysis
permanent ongoing intense competition brought about in an industry by advancing technology or changing customer tastes
hyper competition
