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MGMT 301: Chapter 5

MGMT 301: Chapter 5 Questions

Define Plan: Is a document that outlines how goals are going to be met.
Define Planning: Defined as setting goals and deciding how to achieve them.
Define Business Plan: Document that outlines proposed firm's goals, the strategy for achieving them, and the standards for measuring success.
Define Business Model: Outlines the need of the firm will fill, questions the business, its components, and functions as well as the expected revenues and and expenses.
Define Strategy: Strategic plan, sets the long-term goals and direction of an organization.
Define Strategic Management: Is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals.
Why should organizations adopt planning and strategic management? 1) Provide direction and momentum 2) Encourage new ideas 3) Develop a sustainable competitive advantage
Strategic management can provide a sustainable.... Competitive Advantage
Define Competitive Advantage: Ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them.
An organization must first determine its... Mission (purpose, goal or wish)
Both the mission and the vision should express... The Organization's Values
How does the planning process begin? 1) Mission Statement 2) Vision Statement 3) Values Statement
Define Mission: Purpose for being there
Define Vision: Long term goal describing "what" an organization wants to become. It is a clear sense of the future and the actions needed to get there
Define Vision Statement: Expresses what the organization should become, where it wants to go strategically
Define Mission Statement: Expresses the purpose of the organization
Define Values Statement: Also called core values statement, expresses what the company stands for, core priorities, values its employees embody, and what is products contribute to the world.
Define Strategic Planning: Top managers handle this process, it is the process where an organization determines its long term goals and what those goals should be for the next one to five years with the resources they expect to have available.
Define Tactical Planning: Middle Managers handle this process, middle managers must determine what contributions their departments or similar work units can make with their given resources during the next 6-24 months.
Define Operational Planning: First-line managers handle this process, they must determine how to accomplish specific tasks with available resources within the next 1-52 weeks.
Define Goal (Objective): Specific commitment to achieve a measurable result within a stated period of time. This can be long-term or short-term.
Define Long-Term Goals: Referred to as Strategic Goals, they span from one to five years and focus on achieving the strategies identified in a company's strategic plan.
Define Short-Term Goals: Referred to as Tactical or Operational Goals, these goals span 12 months and are connected to strategic goals in a hierarchy known as a means-end chain.
Define Means-End Chain: Shows how goals are connected or linked across an organization
Define Operational Planning: A plan that breaks long-term output into short-term targets or goals.
Define Action Plan: Defines the course of action needed to achieve a stated goal
What are the two types of plans? 1) Standing Plans 2) Single-Use Plans
Define Standing Plans: Cover activities that are repeated or occur frequently over time
Define Single-Use Plans: Directs activity such as a project that is unlikely to be repeated
What are the different types of standing plans? 1) Policy 2) Procedure 3) Rule
What are the different types of single-use plans? 1) Program 2) Project
Define Policy: Outlines general response to a designated problem or situation
Define Procedure: Outlines response to a particular problem or circumstances
Define Rule: Designates specific required action
Define Program: Encompasses a range of projects or activities
Define Project: Has less scope and complexity than a program
The characteristics of good goals are represented by... 1) Specific 2) Measurable 3) Attainable 4) Results-Oriented 5) Target Dates Also known as SMART
Goals should be stated... In SPECIFIC rather than in VAGUE terms
Goals should be able to be.... Measurable or Quantifiable
Goals should be challenging and... Realistic and Attainable
Goals should be results-oriented and they should... Support the Organization's vision
Goals should specify.. Target dates or deadlines to when they should be attained
Who first suggested Management by Objectives? Peter Drucker in 1954
Define Management by Objectives (MBO): Four step process in which managers and ee's jointly set objectives for the ee, managers develop action plans, managers and ee's review the ee's performance, and managers make a performance appraisal and rewards ee according to results
What are the different types of objectives used in MBO? 1) Performance 2) Behavioral 3) Learning
What are the three things that need to happen to ensure a goal is successful? 1) Top Management and Middle Management must be committed 2) Goals must be applied organization wide 3) Goals must "Cascade" be linked consistently down through the organization
Define Cascading Goals: Is the process of ensuring that the strategic goals set at the top level align or cascade downward with the more specific short-term goals at lower levels within an organization
Define Planning/Control Cycle: Has two planning steps (1 and 2) and two control steps (3 and 4) 1) Make the Plan 2) Carry Out the Plan 3) Control Direction by comparing results 4) Control Direction by correcting deviations or improving future plans
Created by: DavidMV2014



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