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Pruett Mgmt. Ch. 5

Management Ch. 5

Strategic Management Process (list) Analyze, Develop alternatives, Evaluate them, Choose, Implement/carry out, Monitor and control
Analyze Process planners use to gather, interpret, and summarize all information relevant to the planning issue under consideration.
Develop Alternatives Makes alternative goals and plans to reach goals.
Evaluate Looking at advantages, disadvantages and potential effects of each alternate goal and plan.
Choose Select the most feasible alternative
Implement/carry out Proper implementation is key to achieving goals.
Monitor and Control Without this, you don't know if your plan has worked.
When developing alternate goals: (list) Be specific, measurable, attainable, relevant and time bound.
Kotter's Criteria (list) Imaginable, Desirable, Feasible, Focused, Communicate
Mission Statement Describes the business and how it currently operates. Is a clear and concise expression of the organizations basic purpose.
Strategic Vision Is a long term direction and strategic intent of a company.
Analyzing an Environment (list) Threats/Opportunities, Macro-environement, Competitive Environment
Corporate Strategy Identifies the set of business, markets, or industries in which an organization competes and the distribution of resources among those entities.
Diversification Can be related and unrelated.
Vertical Integration Expanding your company into supply channels or distributers.
Business Level Strategy Major actions by which an organization builds and strengthens its competitive position.
Low Cost Strategy Trying to be efficient and offer a standard, no frills product.
Differentiating Strategy A company that tries to be unique its industry or market segment along dimensions that customers value. (High product quality, excellent marketing, superior service)
Functional Strategy Are implemented by each functional area of the organization to support the organization's business strategy.
Functional Areas (list) Productins, HR, Marketing, Researching/Development, Finance, Distribution
Illusion of Control A belief that one can influence events even when one has no control over what will happen.
Framing Effects Phrasing or presenting problems or decision alternatives in a way that lets subjective influences override objective facts.
Discounting the Future In evaluating alternatives, weighing short-term costs and benefits more heavily than long-term costs and benefits.
Time Pressure The most conscientiously made business decisions can become irrelevant if managers take too long to make them.
Social Factors Interpersonal factors decrease decision making effectiveness (having a group make a decision instead of the manager)
Domination One person showing they are a strong leader and making decisions. Although they may not be right.
Satisficing People don't like meetings and criticize people who want to continue them and explore new alternatives.
GroupThink A phenomenon that occurs in decision making when group members avoid disagreements as they strive for a consensus.
Goal Displacement Condition that occurs when a decision-making group losses sight of its original goal and a new, less important goal emerges.
Created by: sfrase
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