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OBC1
CHAPTER 10 (SM) IMPLEMENTATION
Question | Answer |
---|---|
SHORT TERM objectives | Measurable outcomes achievable in one year or less |
Short term objectives provide | 1.specificity 2. Time frame for completion 3. accountability |
Qualities of effective short term objectives | 1.measurable (activity & outcomes) 2. priorities (simple ranking of priorities)3. Linked to long term objectives |
Functional tactics | The key routine activities that must be taken in each functional area to provide the business' product& services |
Functional tactics are different from business or corporate strategies in 3 fundamental ways | 1. Time horizon 2. Specificity 3. participants |
Outsourcing functional activities | Acquiring an activity service or product necessary to provide a company products or services from outside the ppl or operations controlled by that acquiring company |
Empowerment (empowerment operating personnel) | The act of allowing an individual or team the right and flexibility to make decisions and initiate action |
Policies (empowerment operating personnel) | Directives designed to guide the thinking decisions and actions of managers and their subordinates in implementing a firms strategy |
Creating policies that empower | Establish indirect control over independent action, promote uniform handling of similar activities, reduce uncertainty, counteract resistance |
Advantages of writing formal policies | They require management to think through the policies, reduce misunderstanding , consistency , |
Stock options (bonus compensation plans) | Provide the executive w/ the right to purchase stock at a fixed price in the future |
Restricted stock (bonus compensation plans) | Is designed to provide benefits of direct executive stock ownership |
Golden handcuffs (bonus compensation plans) | Occur where the stock compensation is differed until vesting time provisions are met or a bonus is differed |
Golden parachutes (bonus compensation plans) | A form of bonus comp that is designed to retain talented executives |
Cash bonuses (bonus compensation plans) | Based on accounting measures |