Term
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Definition
| The process that businesses use to decide the company's goals for the future and ways to achieve those goals. |
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Term
| The systematic studying of an issue and the preparation of a written document to deal with the problem |
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Definition
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Term
| What are the 3 ranges for business plans and their time periods? |
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Definition
1. Short-range plans ~ One year period of time
2. Long-range plans ~ cover a 3-5 year period of time, but cover as far as 20 years into future
3. Intermediate plans ~ cover time span between short-range and long-range, generally from 1-3 or 1-5 years. |
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Term
| Define Operational Planning |
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Definition
| Short-range planning, focuses on forming ideas for dealing with specific functions in the company, such as the production of new products. |
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Term
| Define Strategic Planning |
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Definition
| long-range planning done by the highest level of management including the COO, President,and Vice President |
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Term
| An outline of the basic steps management is going to take to achieve a goal. |
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Definition
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Term
| Provides overall direction for the company, most important aspects |
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Definition
| Grand or Corporate Strategies |
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Term
| Plans developed when a company tries to expand sales, products, or number of employees |
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Definition
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Term
| 3 ways a company can expand? |
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Definition
1. Concentration Strategy ~ extends sale of current products/services.
2. Vertical Integration ~ moves a company into a market it previously served.
3. Diversification ~ moves a company into a similar kind of business with new or different products/services |
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Term
| Plan to keep the company operating at the same level that it is for several years. |
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Definition
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Term
| "Defensive Strategy"~ plan to reverse negative trends |
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Definition
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Term
| What are the 3 types of Retrenchment Strategies |
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Definition
1. Turnaround
2. Divestiture
3. Liquidation |
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Term
| Plan that employs several different strategies at once |
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Definition
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Term
| What are Business Strategies? |
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Definition
| Plans that pertain to single departments or units within a company |
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Term
| This strategy is designed to produce and deliver a product or service for a lower cost than the competition |
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Definition
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Term
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Definition
| Strategy that strives to make the product or service unique |
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Term
| Directs marketing and sales towards a small segment of the market |
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Definition
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Term
| What are the most common functional plans? Give me 3 of 5. |
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Definition
| Sales and marketing Production Financial Research and Development Personnel |
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