Term
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Definition
| setting goals and deciding how to achieve them; coping with uncertainty by formulating future courses of action to achieve specified results |
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Term
| Planning & strategic management (5 steps) |
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Definition
1) establish the organization’s mission and vision
2) formulate the grand strategy
3) formulate the strategic plans, then the tactical and operational plans
4) implement the strategic plans
5) control the strategy |
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Term
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Definition
1) check on your progress
2) coordinate activities
3) think ahead
4) cope with uncertainty |
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Term
| Raymond Miles & Charles Snow's Basic Strategy Types (4) |
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Definition
1) defenders
2) prospectors
3) analyzers
4) reactors |
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Term
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Definition
| experts at producing and selling narrowly defined products or services. “let’s stick with what we do best, avoid other involvements” |
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Term
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Definition
| focus on developing new products or services and in seeking out new markets, rather than waiting for things to happen. “let’s create our own opportunities, not wait for them to happen” |
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Term
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Definition
| let other organizations take the risks of product development and marketing and then imitate (or perhaps slightly improve on) what seems to work best. “let others take the risk of innovating, and we’ll imitate what works best” |
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Term
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Definition
| make adjustments only when finally forced to by environmental pressures. “let’s wait until there’s a crisis, then we’ll react” |
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Term
| Miles and Snow's Adaptive Cycle |
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Definition
portrays businesses as continuously cycling through decisions about three kinds of business problems:
1) entrepreneurial (selecting and making adjustments of products and markets)
2) engineering (producing and delivering the products)
3) administrative (establishing roles, relationships, and organizational processes) |
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Term
| Fundamentals of planning (4) |
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Definition
1) mission
2) mission statement
3) vision
4) vision statement |
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Term
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Definition
| an organization’s purpose or reason for being |
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Term
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Definition
| expresses the purpose of the organization |
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Term
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Definition
| a 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 |
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Term
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Definition
| expresses what the organization should become, where it wants to go strategically |
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Term
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Definition
1) strategic planning for top management
2) tactical planning for middle management
3) operational planning for first-line management |
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Term
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Definition
| top management determines what the organization’s long-term goals should be for the next 1-5 years with the resources they expect to have available; requires visionary and directional thinking |
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Term
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Definition
| middle management determines what contributions their departments or similar work units can make with their given resources during the next 6-24 months |
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Term
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Definition
| first-line management determines how to accomplish specific tasks with available resources within the next 1-52 weeks |
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Term
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Definition
| a specific commitment to achieve a measurable result within a stated period of time |
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Term
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Definition
| set by and for top management and focus on objectives for the organization as a whole |
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Term
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Definition
| set by and for middle managers and focus on the actions needed to achieve strategic goals |
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Term
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Definition
| set by and for first-line managers and are concerned with short-term matters associated with realizing tactical goals |
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Term
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Definition
| in the chain of management, the accomplishment of low-level goals is the means leading to the accomplishment of high-level goals or ends |
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Term
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Definition
| defines the course of action needed to achieve the stated goal (ex. Marketing and sales plan) |
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Term
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Definition
| designed for a 1 year period, defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flow, and market share |
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Term
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Definition
| plans developed for activities that occur repeatedly over a period of time |
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Term
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Definition
| a standing plan that outlines the general response to a designated problem or situation |
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Term
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Definition
| a standing plan that outlines the response to particular problems or circumstances; also known as a standard operation procedure |
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Term
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Definition
| a standing plan that designates specific required action |
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Term
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Definition
| plans developed for activities that are not likely to be repeated in the future |
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Term
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Definition
| a single-use plan encompassing a range of projects or activities |
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Term
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Definition
| a single-use plan of less scope and complexity than a program |
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Term
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Definition
Specific
Measurable
Attainable
Results-oriented
Target dates |
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Term
| Management by objectives (MBO) |
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Definition
four-step process in which:
1) Managers and employees jointly set objectives for the employee
2) Managers develop action plans
3) Managers and employees periodically review the employee’s performance (every 6-12 months)
4) And the manager makes a performance appraisal and rewards the employee according to results |
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Term
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Definition
1) top management must be committed
2) it must be applied organizationwide
3) objectives must "cascade" |
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Term
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Definition
| objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organization (organizational to divisional to departmental to individual objectives) |
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Term
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Definition
| become a great motivator to deliver specified results within a specified period of time to a client and provides a mechanism for giving ourselves feedback |
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Term
| The planning/controlling cycle |
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Definition
| 2 planning steps and 2 control steps |
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Term
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Definition
1) make the plan
2) carry out the plan |
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Term
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Definition
1) control the direction by comparing results with the plan
2) control the direction by taking corrective action in two ways:
a) by correcting deviations in the plan being carried out
b) or by improving future plans |
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Term
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Definition
| THE GREATEST FRIEND EVER AND THE ONE I LOVE SOOOOOOO MUCH |
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