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Management
Chapter 5
| Question | Answer |
|---|---|
| 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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