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Management > Topic 4: Planning > Flashcards

Topic 4: Planning Flashcards

1
Q

why plan

A

coordinate actions
stimulate actions
set standards
be able to measure
be able to adjust

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2
Q

planning according to the smart framework:

A

look up what these words stand for and what they mean in practise
specific
measurable
acceptable
realistic
time based

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3
Q

specific

A

a quantitative element

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4
Q

measurable:

A

a tool to measure your objective

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5
Q

acceptable:

A

to the person who gets the objective

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6
Q

realistic:

A

taking into account external factors

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7
Q

time based:

A

mention a start and end date

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8
Q

EXAMPLE SMART

A

specific: we should sell 45% more of this months sales
measurable: we will count the amount of sales and do data analysis
acceptable: as a sales team of acer
realistic: external factors may be competition, time of year (usually people buy computers at the start of a school/work year) and maybe technological advancements
time based: start 10 september, end 30 october

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9
Q

strategical plans (top mgt)

A

apply to the entire organisation
establish the overall objectives
timeframe=minimum 5 years

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10
Q

medium term plans (middle mgt)

A

translation of long term plans into 1-2 year plans
supported- communicated by middle managers

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11
Q

short term day to day plans (operational mgt)

A

translation of long term into daily business practise

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12
Q

3 levels of management: planning

A

3 planning levels which means 3 deadlines

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13
Q

vision definition

A

dream - picture of the future in an ideal situation (how will the companies products or services change the world)
long term
global direction

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14
Q

vision characteristics

A

what we strive for
focused on environment
how do we interact with the world
future dream
from the distant future
can be adjusted

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15
Q

mission (statement) definition

A

identity - your dna
core values
competitive advantage (other than/ better than)

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16
Q

mission characteristics

A

what we stand for
focused on organization
what are we
identity values
stems from the past
basically timeless

17
Q

a mission statement may contain

A

customers
markets
concern for survival, growth and profit
philosophy
concern for public image
products or services
technology
self concept
concern for employees

18
Q

the strategically planning organization

A

swot has been made + current situation analysed
making and choosing strategic plans
main form for strategy (offensive or defensive)
starting point for strategy
direction for strategy
strategy method
strategy choice

19
Q

main form of strategy

A

offensive: advertising and sponsoring to promote
defensive: adapt to peoples need to do less physical effort and produce

20
Q

strategic choice

A

set out in a strategic plan

21
Q

choices depend on the organisations market share

A

market leaders
challengers
followers
specialists

22
Q

market leaders

A

largest market share
pioneering role

23
Q

challengers

A

just below the top, fighting for market share
often offensive strategy

24
Q

followers

A

retain market share
does not want competition with market leader

25
Q

specialists

A

serves small segments
responds carefully to customer requirements

26
Q

the different competitive strategies porter

A

cost leadership
differentiation strategy
focus strategy
stuck in the middle

27
Q

cost leadership strategy

A

efficiency in every aspect offering this advantage to your customers

28
Q

differentiation strategy (broad)

A

quality, customer service, being innovative technoloigcal capability and unusal positive brand image

29
Q

focus strategy:

A

either cost leadership differentiation in a narrow market segment

30
Q

stuck between the three

A

stuck in the middle

31
Q

direction for strategy

A

product market combinations

32
Q

market penetration objective

A

increase market share
realise economies of scale
steal customers from competitors
sell more to existing customers - upselling

33
Q

product development objective

A

sell more products to existing customers

34
Q

market development

A

increase range

35
Q

diversification

A

increase diversity of brand
diversification is most risk

36
Q

strategy method

A

independent
merger
acquisition
outsourcing
licensing
franchising
joint ventures

37
Q

strategy choice

A

looking at swot
is the strategy appropriate
is the strategy feasible
is it acceptable

Management (7 decks)

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