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Pruett Mgmt. Ch. 5
Management Ch. 5
| Term | Definition |
|---|---|
| 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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