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Management

Chapter 5

QuestionAnswer
Planning Setting goals and deciding how to achieve them coping with uncertainty by formulating future courses of action to achieve specified results
Plan a document that outlines how goals are going to be met
Business plan a document that outlines a proposed firms goals, the strategy for achieving them, and the standards for measuring successs
Business model outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses
Strategy or Strategic plan large scale action plan that sets long-term goals and direction for an organization. Represents and educated guess. Reconsidered every year
Strategic Management A process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
Planning and Strategic Management 1. Establish the mission and vision and values 2. Assess the current reality 3. Formulate the grand strategy & tactical, & operational plans 4. Implement the Strategy 5. Maintain Strategic control
Strategy innovation The ability to reinvent the basis of competition within existing industries - bold new business models that put incumbents on the defensive
Competitive advantage The ability of an organization to produce goods or services more effectively than its competitors do, therby outperforming them
Sustainable competitive advantage occurs when an organization is able to get and stay ahead in four areas. 1. in being responsive to customers 2. in innovating 3. in quality 4. in effectiveness
VRIO a framework for analyzing a resource or capability to determine its competitive strategic potential by answering four questions about its. value, rarity, imitability, and organization
6 steps of the fundamentals of planning 1. Mission Statement 2. Vision Statement 3. Values statement 4. Strategic planning 5. tactical planning 6. operational planning
Mission Statement Expresses the purpose of the organization
Vision statement it is a clear sense of the future and the actions needed to get there
Values Statement what the company stands for: its core priorities, the values its employees embody, and what its products contribute to the world
Goals a specific commitment to achieve a measurable result within a stated period of time
Operating Plan a plan that breaks long-term output into short-term targets or goals
action plan defines the course of action needed to achieve a stated goal
Standing Plan For activities that occur repeatedly over a period of time 1. policy 2. procedure 3. rule
single-use plan for activities not likely to be repeated in the future 1. program 2. project
SMART Goals Specific Measurable Attainable Results-Oriented Target Dates
Created by: wtterry41
 

 



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