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MGT 3304 > Module 5 > Flashcards

Module 5 Flashcards

1
Q

What are the basic steps in any planning process.

A

-Situational analysis
-Alternative goals and plans
-Goal and plan evaluation
-Goal and plan selection

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2
Q

Situational analysis

A

A process planners use to gather, interpret, and summarize all information relevant to the planning issue under consideration

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3
Q

Alternative goals and plans

A

-Goals are the target or ends the manager wants to reach.
-Plans are the actions or means the manager intends to use to achieve goals.

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4
Q

Goal and plan evaluation

A

-evaluate advantages, disadvantages, and potential effects of each goal and plan.
-Prioritize their goals.

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5
Q

Goal and plan selection

A

-Scenarios are used for selection: a narrative that describes a particular set of suture conditions.

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6
Q

Describe how to integrate strategic planning with tactical and operational planning.

A

-The plans must be aligned and ideally they will be consistent, mutually supportive, and focused on achieving common purpose and direction.
-One way to do this is a strategy map

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7
Q

strategy map

A

It is a tool for communicating strategic goals and helping employees understand the part they play.

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8
Q

Identify elements of the external environment resources of the firm to analyze before formulating a strategy.

A

-Industry and market analysis
-Competitor analysis
-Political and regulatory analysis
-Social analysis
-Human resource analysis
-Macroeconomic analysis
-Technological analysis

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9
Q

Identify elements of the internal resources of the firm to analyze before formulating a strategy.

A

-Financial analysis
-Marketing audit
-Operations analysis
-Other internal resource analysis
-Human resource assessment

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10
Q

Core capability

A

A unique skill and/or knowledge an organization possess that gives it an edge over competitors

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11
Q

How do core capabilities provide the foundation for business strategy.

A

-Core capabilities are the essential strengths and competencies that underpin a company’s business strategy.
-They help businesses identify their competitive advantage,
-allocate resources efficiently,
-position themselves in the market,
-adapt to changing circumstances.

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12
Q

Corporate strategy

A

identifies the set of businesses, markets, and industries in which the company competes and how to allocate resources among those businesses.

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13
Q

Summarize the types of choices available for corporate strategy.

A

-Concentration
-Vertical integration
-Concentric diversification
-conglomerate diversification

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14
Q

Concentration

A

A strategy an organization uses to operate a single business and complete in a single industry

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15
Q

Vertical integration

A

the acquisition or development of new businesses that produce parts or components of the organization’s product

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16
Q

Concentric diversification

A

A strategy used to add new businesses that produce related products or are involved in related markets and activities

17
Q

conglomerate diversification

A

a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.

18
Q

Discuss how companies can achieve competitive advantage through business strategy.

A

-Low-cost strategy
-Differentiation strategy

19
Q

Low-cost strategy

A

A strategy an organization uses to build competitive advantage by being efficient and offering a standard no-frills project

20
Q

Differentiation strategy

A

A strategy for an organization to build competitive advantage by being unique in its industry or market segment along one or more dimensions.

21
Q

Describe the keys to effective strategy implementation.

A

-Define strategic tasks
-Assess organization capabilities
-Develop an implementation agenda
-Implement

22
Q

Define strategic tasks

A

Define tasks to help employees understand how they contribute

23
Q

Assess organization capabilities

A

A group might so a job and summarize results for the top management

24
Q

Develop an implementation agenda

A

management decides how it will change its own activities and procedures

25
Q

Implement

A

execute the plan

26
Q

What about planning is accurate?

A

Tactical plans may have a time horizon of a year or two, whereas operational plans may cover a period of less than a year.

27
Q

Strategic goals are

A

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

28
Q

Mindful Maids Incorporated, a housecleaning services firm, has completed a SWOT analysis as part of its ongoing strategic planning process. Management has uncovered the following information through extensive research: New regulations have been passed limiting the number of hours per week the company’s employees can work without receiving benefits.
1. Mindful Maids is a company that uses environmentally friendly products; its competitors do not.
2. More and more homeowners are concerned about the environment; it is expected that this trend will continue for decades.
3. Compared to its competitors, its management team is by far the best in the industry.
4. It has fallen behind in staff training over the last few years.
5. The company has adequate financial resources to invest in its operations.
6. The percentage of people hiring cleaning services has fallen off due to a difficult recession.

A threat for Mindful Maids is:

A

New regulations have limited the hours empolyees can work without benefits

29
Q

Mindful Maids Incorporated, a housecleaning services firm, has completed a SWOT analysis as part of its ongoing strategic planning process. Management has uncovered the following information through extensive research: New regulations have been passed limiting the number of hours per week the company’s employees can work without receiving benefits.
1. Mindful Maids is a company that uses environmentally friendly products; its competitors do not.
2. More and more homeowners are concerned about the environment; it is expected that this trend will continue for decades.
3. Compared to its competitors, its management team is by far the best in the industry.
4. It has fallen behind in staff training over the last few years.
5. The company has adequate financial resources to invest in its operations.
6. The percentage of people hiring cleaning services has fallen off due to a difficult recession.

A opportunity for Mindful Maids is

A

more and more homeowners are concerned about the environment

30
Q

Mindful Maids Incorporated, a housecleaning services firm, has completed a SWOT analysis as part of its ongoing strategic planning process. Management has uncovered the following information through extensive research: New regulations have been passed limiting the number of hours per week the company’s employees can work without receiving benefits.
1. Mindful Maids is a company that uses environmentally friendly products; its competitors do not.
2. More and more homeowners are concerned about the environment; it is expected that this trend will continue for decades.
3. Compared to its competitors, its management team is by far the best in the industry.
4. It has fallen behind in staff training over the last few years.
5. The company has adequate financial resources to invest in its operations.
6. The percentage of people hiring cleaning services has fallen off due to a difficult recession.

A weakness for Mindful Maids:

A

Mindful maids has fallen behind in staff training over the last serval years.

31
Q

Mindful Maids Incorporated, a housecleaning services firm, has completed a SWOT analysis as part of its ongoing strategic planning process. Management has uncovered the following information through extensive research: New regulations have been passed limiting the number of hours per week the company’s employees can work without receiving benefits.
1. Mindful Maids is a company that uses environmentally friendly products; its competitors do not.
2. More and more homeowners are concerned about the environment; it is expected that this trend will continue for decades.
3. Compared to its competitors, its management team is by far the best in the industry.
4. It has fallen behind in staff training over the last few years.
5. The company has adequate financial resources to invest in its operations.
6. The percentage of people hiring cleaning services has fallen off due to a difficult recession.

A Stength for Mindful Maids is:

A

The management team of Mindful Maids is the best in the industry.

32
Q

In planning, the goal is to com up with a clear and ____ map to allow for unique circumstances and changing conditions.

A

flexible

33
Q

The managers at Foolproof Fabricators believe that several of the product ideas being considered have the potential of becoming iconic brands that will distinguish Foolproof from its competitors, which is one of their high-priority goals. In which of the following stages of the formal planning processes is Foolproof involved?

A

Goal and plan evaluation

34
Q

“I was surprised to find our corporate strategic plan to be so broad and general,” said Carlos to his manager, who replied, “That’s because, compared to tactical planning, strategic planning

A

Tends to involve much less detail

35
Q

Love Your Home is a housewares manufacturing company. The company’s basic purpose is “to be the place you want to call home.” The management states that the company’s long-term strategic intent is “to build an empire in the housewares industry, setting the trend for people to have fashionable and affordable household goods, easily available, wherever they may be.”

Love Your Home’s long-term intent: To build an empire in the housewares industry, setting the trend for people to have fashionable and affordable household goods, easily available, wherever they may be.

A

Strategic vision

36
Q

Love Your Home is a housewares manufacturing company. The company’s basic purpose is “to be the place you want to call home.” The management states that the company’s long-term strategic intent is “to build an empire in the housewares industry, setting the trend for people to have fashionable and affordable household goods, easily available, wherever they may be.”

Love Your Home’s basic purpose: To be the place you want to call home.

A

Mission Statement

37
Q

Juanita, a manager of a glassware company, is in the process of deciding what items to add to next year’s line of merchandise. For research purposes, she analyzed the past and present conditions of the market and also forecasted future trends. Which of the following steps of the formal planning process has Juanita performed?

A

Situational analysis

38
Q

Which of the following steps in the formal planning process helps managers know if their plan is working?

A

Monitor and control

MGT 3304 (11 decks)

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