Week 3: Planning & Strategy Flashcards
What is a mission statement?
A unique declaration of the basic purpose and scope of the organisation
What is a mission statement?
A unique declaration of the basic purpose and scope of the organisation.
What are the 4 functions of management
Planning, Organising, Leading, Controlling
What are the levels of planning?
- Corporate (strategic) 5+ years
- Departmental (tactical) 1-5 years
- Team/ individual (operational) 1 year or less
Planning Process
Mission –> settings goals –> analyzing current standing –> forecasting future conditions –> choosing among alternatives –> implementation
Goals (objectives) setting
S- Specific
M- Measurable
A- Actionable
R- Reasonable
T- Timetabled
What is a single use plan?
developed to achieve goals that won’t be repeated (Programs, Projects, Budgets)
What is a standing plan?
ongoing plans, that are repeated
What are the sub-units of a single-use plan?
Program, projects, and budget
what are the sub-units of a standing plan?
Policies, procedures, rules
What is strategic thinking?
Taking a long term view and seeing the big picture planning at all levels of the organisation.
what is a competitive advantage?
operating in a successful way that is difficult for competitors to imitate
What is a sustainable competitive advantage?
consistently dealing with market and environmental forces better than competitors
What are the 4 stages of a product life cycle
Introduction stage
Growth stage
Maturity stage
Decline stage
