Lecture 5 Flashcards
PLANNING
Conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future
Planning
planning steps
- situational analysis
- Generate Alternatives and plans
- evaluate goals and plans
- select goals and plans
- implement the goals and plans
- monitor and control performance
when goals are precise employees know what they need to do to accomplish them
specific
as much as possible the goal should quantify the desired results so that there is no doubt whether it has been achieved
measurable
employees need to recognize that they can attain their goals so they wont become discouraged however they also should feel challenged to work hard and be creative
attainable
A narrative that describes a particular set of future conditions
scenario
Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies
stakeholders
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy
SWOT analysis
Identifies set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities
corporate strategy
Inputs to a system that can enhance performance
Tangible, intangible assets
resources
Process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies
benchmarking
what is the goal of benchmarking
to thoroughly understand the “best practices” of other firms and to undertake actions to achieve both better performance and lower costs
a strategy an organization uses to build competitive advantage by being efficient and offering a standard no frills product
low cost strategy
the tendency for individuals to rely too heavily on a single piece of information
anchoring
