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| most fundamental of the four management functions |
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| desired future state that the organization wants to realize |
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the act of determining goals and defining the means for achieving them
(Helps think in the future) |
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| blueprint for attaining goals |
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the organization’s purpose or reason for existence
a broadly stated definition of the organization’s basic business scope and operations that distinguishes it from similar types of organizations |
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| the action steps for whole organization to achieve strategic goals |
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| help execute major strategic plans (major section of company) and to accomplish a specific part of whole company's goal |
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| specific, measurable results that are expected from departments, work groups, and individuals |
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| specify the action steps toward achieving operational goals and support tactical activities |
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| responses to be taken in the case of emergencies, setbacks, or unexpected conditions |
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| build a framework within which unexpected future events can be managed (use trends and discontinuities) |
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| alternative vivid pictures of what the future might be like |
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| two major stages of prevention and preparation |
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| top executives or planning experts work with managers in major divisions or departments to develop their own goals and plans |
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| ambitious goals that energize and inspire excellence |
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| to take the long-term view and see the big picture |
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| deciding and acting to achieve organizational goals |
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Definition
plan of action that describes resource allocation and activities for:
1. dealing with the environment
2. achieving a competitive advantage
3. attaining goals |
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| what sets the organization apart from others; provides it with a distinctive edge in the marketplace |
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| Strategies that focus on: |
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Definition
1.core competencies
2.create synergy
3.deliver value |
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| that the organization does particularly well in comparison to others |
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| exists when the organization’s part interacting is greater than the sum of the parts acting alone |
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| the planning and decision making that lead to the establishment of the organization’s goals and specific strategic plan |
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| strengths, weaknesses, opportunities, and threats that affect organizational performance |
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| the stage of strategic management that involves the use of managerial and organizational tools to direct resources toward achieving strategic outcomes |
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| Managers analyze five forces |
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Definition
1.new entrants
2.bargaining power of buyers
3.bargaining power of suppliers
4.substitute products
5.rivalry among competitors |
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1. differentiation
2. cost leadership
3. focus |
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1. visible leadership
2. clear roles and accountability
3. candid communication
4. appropriate human resource practices |
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| choice made from available alternatives |
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| decision occurs often enough to make decision rules that can be applied in the future |
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| in response to a unique, poorly defined and largely unstructured, decision that has important consequences for the organization |
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| Decisions differ according to |
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1. amount of certainty
2. risk
3. uncertainty
4. ambiguity in the situation |
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Definition
| all the information is fully available |
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| a decision has clear-cut goals and good information available BUT the future outcomes are subject to chance |
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| know which goals they want to achieve, BUT information about alternatives and future events is incomplete |
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| (unclear)a condition in which the goals to be achieved or the problem to be solved, is unclear, alternatives are difficult to define, and information about outcomes is unavailable |
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| assumption managers should make logical decisions that are economically sensible and in the organization’s best economic interests |
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describes how managers actually make decisions
(Characterized by uncertainty and ambiguity) |
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| time and cognitive ability to process only a limited amount of information |
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| choosing the first alternative that satisfies minimal decision criteria, regardless of whether better solutions |
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| (administrative decision)quick comprehension of a decision situation based on past experience but without conscious thought |
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| takes into consideration that many decisions require debate, discussion, and coalition building |
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| an informal alliance among managers who support specific goal or solution |
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| a situation in which organizational accomplishments have failed to meet established goals |
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| a situation in which managers see potential organizational accomplishments that exceed current goals |
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| The decisions- making process (RDDSIE) |
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Definition
1. recognition of the need for a decision
2. diagnosing causes
3. developing alternatives
4. selecting an alternative
5. implementing the alternative
6. evaluating decision effectiveness |
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| analyze underlying causal factors associated with the decision situation |
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| implementation step involves |
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Definition
| using managerial, administrative, and persuasive abilities to translate the chosen alternative into action |
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Term
| Four major decision styles |
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Definition
| directive, analytical, conceptual, and behavioral |
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Term
| Being aware of________that cloud judgment helps managers avoid decision traps and make better decisions |
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Definition
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Term
| Biases to watch out for include |
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Definition
1. being influenced by initial impressions
2. trying to correct or justify past flawed decisions
3. seeing only what you want to see
3. perpetuating the status quo
4. being influenced by emotions
5. being overconfident |
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Term
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Definition
| a technique that uses a face-to-face group spontaneously suggest a broad range of alternatives for making a decision |
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Definition
| brings people together in an interactive group over a computer network rather than meeting face-to-face |
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| a person who is assigned the role of challenging the assumptions and assertions made by the group to prevent premature consensus |
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| A group decision-making technique that breaks people into subgroups and assigns them to express competing points of view regarding the decision |
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| the tendency of people in groups to suppress contrary opinions in a desire for harmony |
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| continuing to invest time and money in a decision solution despite evidence that it is failing |
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