Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Princ. of Manage. 4
Management Planning
| Questions | Answers |
|---|---|
| Strategic Management | What managers do to develop an organizations strategies |
| Strategies | Plans for how the organization will do what it's in business to do, how it will compete successfully , and how it will attract customers in order to achieve it's goals |
| Strategic management process | A six-step process that encompasses strategy planning, implementation, and evaluation |
| Mission | A statment of the Ogranizations purpose |
| Opportunities | Positive trends in the external enviroment |
| Threats | Negative trends in the external enviroment |
| Resources | An organizations assets that that if it uses to develop, manufature, and deliver products to its customers |
| Capabilities | An organizations skills and abilities in doing the work activities needed in business |
| Core competencies | The major value-creating capabilities of an organization |
| Strengthes | Any activities the organization does well or any uniquie resources it has |
| Weaknesses | Activities the organization doesn't do well or resources it needs but doesn't possess |
| SWOT Analysis | The combined external and internal analysis |
| Corporate strategy | An organization strategy that specifys what business a company is in or wants to be in and what it wants to do with those businessess |
| Growth Strategy | A corporate strategy in which an organization expands the number of markets served or products offered either through its current business or through new business |
| Stability strategy | A corporate strategy in which an organization continues to do what its currently doing |
| Renewal strategy | A corporate strategy that addresses declining organizational performance |
| Competitive strategy | An organizational for how an organization will compete in its business |
| Strategic business units | And organizations single businesses that are independent and formulate their own competetive strategies |
| Competetive advantages | What sets and 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 Org. competes on the basis of having unique products that are widely valued by customers |
| Focus strategy | When an Org. competes in a narrow segment or niche with either a cost focus or a differentiation focus |
| Functional strategies | The strategies used in and org. various functional departments to support the competetive strategy |
| Benchmarking | The search for the best practices among competitors or noncompetitors that lead to their superior performance |
| Goals | Desired outcomes or targets |
| Plans | Documents that outline how goals are going to be met |
| Stated goals | Official statments of what an organization says, and wants its stakeholders to believe, its goals are |
| Real goals | Those goals and org. actuallty pursues as shown by what the organization's members are doing |
| Traditional goal setting | Goals set by top managers flow down through the org. and become subgoals for each organizational area |
| Means-end chain | An intergrated network of goals in which higer level goals are linked to lower level goals which serve as the means for their 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 org. and encompasses the orgs. overall goals |
| Tactical plans | plans that specify the details of how the overall goals are to be accheived |
| Long term plans | Plans with a time frame beyond three years |
| Short term plans | 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 guidlines |
| Single use Plan | a one time plan specifically designed to meet the needs of a unique situation |
| Standing plans | Plans that are ongoing and provide for activites performed repeatedly |
| Commitment concept | The idea that plans should extend far enough to meet those commitments made when the plans were developed |
| Formal planning department | A group planning specialists whose sole responsibility is to help write the various org. plans |
| Enviromental scanning | An analysis of the external enviroment that involves screening large amounts of informationto detect emerging trends |
| Competetive intelligence | A type of enviromental scanning that gives mnanagers accurate information about competitors |
Created by:
Farmersdaughter626
Popular Marketing sets