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Management 4

TermDefinition
Mission A statement of an organization's purpose.
Opportunities Positive trends in the external environment.
Threats Negative trends in the external environment.
Resources An organization's assets that it uses to develop, manufacture, and deliver products to its customer.
Capabilities An organization's skills and abilities in doing the work activities needed in business.
Core Compentencies The major value-creating capabilities of an organization.
Strengths Any activities the organization does well or any unique resources that it has.
Weaknesses Activities the organization doesn't do well or resource it needs but doesn't possess.
SWOT Analysis The combined external and internal analyses,
Corporate Strategy An organizational strategy that specifies what businesses a company is in or wants to be in and what it wants to do with those businesses.
Growth Strategy A corporate strategy in which an organization expands the number of markets served or products offered either through it's current business(es) or through new business(es).
Stability Strategy A corporate strategy in which an organization continues. to do what it's currently doing
Renewal Strategy A corporate strategy that addresses declining organizational performance.
Competitive Strategy An organizational strategy for how an organization will compete with business(es).
Strategic Business Unit An organization's single businesses that are independently and formulate their own competitive strategies
Competitive Advantage What sets an organization apart; it's distinctive edge.
Cost Leadership Strategy When an organization competes on the basis of having the lowest costs in the industry.
Differentiation Strategy When an organization competes on the basis of having unique products that re widely valued by customers
Focus Strategy When an organization competes in a narrow segment or niche with either a cost focus or a differentiation focus.
Functional Strategies The strategies used in an organization's various functional departments to support the competitive strategy.
Benchmarking The search for the best practices among competitors or non-competitors that lead to the superior performance
Goals Desired outcome or target
Plans Documents that outline how goals are going to be met.
Stated Goals Official statements of what an organization says, and wants its stakeholders to believe, its goals are.
Real Goals Those goals an organization actually pursues as shown by what the organization's members are doing.
Traditional Goal Setting Goals set by top managers flow down through the organization and become sub-goals for each organizational area.
Means-end Chain An integrated network of goals in which higher-level goals are linked to lower-level goals, which serve as the means for the accomplishment.
Management By Objectives A process of setting mutually agreed-upon goals and using those goals to evaluate employee performance.
Strategic Plans Plans that apply to the entire organization and encompass the organization's overall goals.
Tactical Plan Plans that specify the details of how the overall goals are to be achieved.
Long-term Plan Plans with a time frame beyond three years.
Short-term Plan Plans with a time frame of one year or less.
Specific Plans Plans that are clearly defined and leave no room for interpretation.
Directional Plans Plans that are flexible and set general guidelines.
Single-Use Plans A one-time plan specifically designed to meet the needs at a unique situation.
Standing Plan Plans that are ongoing and provide guidance for activities preformed repeatedly
Commitment Concept The idea that plans should extend for enough to meet those commitments made when the plans were developed.
Formal Planning Department A group of planning specialists who whose sole responsibility is to help write the various organizational plans.
Enviromental Scanning An analysis of the external environment that involves screening large amounts of information to detect emerging trends
Competitive Intelligence A type of environmental scanning that gives managers accurate information about competitors.
Created by: Nolan555
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