Term
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Definition
| coping with uncertainty by formulating future courses of action to achieved specified results |
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Term
| Planning & Strategic Management |
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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.Helps you check on your progress
2.Helps you coordinate activities
3.Helps you think ahead
4.Helps you cope with uncertainty |
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Term
| Four basic strategy types |
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Definition
| Defenders, Prospectors,Analyzers, Reactors |
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Term
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Definition
| experts at producing and selling narrowly defined products |
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Term
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Definition
| focus on developing new products and in seeking out new markets, rather than waiting for things 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 what seems to work best |
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Term
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Definition
| make adjustments only when finally forced to by environmental pressures |
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Term
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Definition
| businesses are continuously cycling through decisions about three kinds of business problems : (1) entrepreneurial, (2) engineering, and (3) administrative |
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Term
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Definition
| Mission statement--> Vision statement--> Strategic Planning--> Tactical Planning--> Operational planning |
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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
| long-term goal describing "what" an organization wants to become; clear sense of the future and the actions needed to get there |
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Term
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Definition
| determine what the organization's long-term goals should be for the next 1-5 years with the resources they expect to have available |
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Term
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Definition
| determine what contributors their departments or similar work units can make during the next 6-24 months |
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Term
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Definition
| determine how to accomplish specific tasks with available resources within the next 1-52 weeks |
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Term
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Definition
| specific commitment to achieve a measurable result within a stated period of time(objective) , strategic,tactical,operational |
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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
Specific
Measurable
Attainable
Results-oriented
Target dates |
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Term
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Definition
| defines the course of action needed to achieve the stated goal |
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Term
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Definition
| designed for a 1-year period, defines how you conduct your business based on the action plan, and identifies clear targets such as revenue, 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, consists of policies, procedures, and rules |
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Term
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Definition
| outlines the general response to a designated problem or situation |
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Term
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Definition
| outlines the response to a particular problem or circumstances |
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Term
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Definition
| 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
| encompasses a range of projects or activities |
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Term
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Definition
| plan of less scope and complexity than a program |
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Term
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Definition
1.Jointly set objectives
2.Develop action plan
3.Periodically review performance
4.Give performance appraisal and rewards, if any |
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Term
| The Planning/Control Cycle |
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Definition
1.Make the plan
2.Carry out the plan
3.Control the direction by comparing results with the plan
4.Control the direction by taking corrective action in two ways
-Correcting deviations
-Improving future plans |
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Term
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Definition
| large-scale action plan that sets the direction for an organization |
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Term
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Definition
| process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals |
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Term
| Why strategic management and planning are important |
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Definition
| provide direction and momentum, encourage new ideas, develop a sustainable competitive advantage |
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Term
| Sustainable competitive advantage occurs when an organization can stay ahead in what four areas? |
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Definition
| Being responsive to customers, innovation,quality,effectiveness |
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Term
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Definition
| attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company. "performing different activities from rivals or performing similar activities in different ways" |
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Term
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Definition
| involves expansion-as in sales revenues market share, number of employees, or number of customers |
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Term
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Definition
| involves little or no significant change |
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Term
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Definition
| involved reduction in the organizations efforts, retrenchment |
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Term
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Definition
| process of choosing among different strategies and altering them to best fit the organizations needs |
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Term
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Definition
| putting strategic plans into effect |
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Term
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Definition
| consists of monitoring the execution of strategy and making adjustments, if necessary; engage people, keep it simple, stay focused, keep moving |
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Term
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Definition
| means gaining information about one's competitors' activities so that you can anticipate their moves and react appropriatley |
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Term
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Definition
| careful monitoring of an organization's internal and external environments to detect early signs of opportunities and threats that may influence the firm's plans |
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Term
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Definition
| skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission |
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Term
| organizational weaknesses |
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Definition
| drawbacks that hinder an organization in executing strategies in pursuit of its mission |
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Term
| organizational opportunities |
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Definition
| environmental factors that the organization may exploit for competitive advantage |
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Term
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Definition
| environmental factors that hinder an organization's achieving a competitive |
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Term
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Definition
| attention to detail and a frugality that shuns waste of every kind |
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Term
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Definition
| parts were supplied by outside companies rather than trusted traditional suppliers |
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Term
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Definition
| stressed commitment to customers, still ranks high in quality |
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Term
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Definition
| hypothetical extension of a past series of events into the future |
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Term
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Definition
| creation of alternative hypothetical but equally likely future conditions, also called scenario planning and scenario analysis |
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Term
| Porters 5 Competitive Forces |
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Definition
1.Threat of new entrants
2.Bargaining power of suppliers
3.Bargaining power of buyers
4.Threat of substitute products or services
5.Rivalry among competitors |
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Term
| porters 4 competitive strategies |
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Definition
1.Cost leadership
2.Differentiation
3.Cost-focus
4.Focused-differentiation |
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Term
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Definition
| keep the costs,and hence prices, of a product or service below those of competitors and to target a wide market |
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Term
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Definition
| offer products that are of unique and superior value compared to those of competitors but to target a wide market |
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Term
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Definition
| keep the costs of a product below those of competitors and to target a narrow market |
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Term
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Definition
| offer products that are of unique and superior value compared to those of competitors and to target a narrow market |
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Term
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Definition
| company makes and sells only on product within its market,benefit-focus, risk vulnerability |
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Term
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Definition
| operating several businesses under one ownership that are not related to one another, related unrelated |
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Term
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Definition
| because more than one product |
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Term
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Definition
| administration spread over several businesses |
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Term
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Definition
| the sum is greater than the parts |
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Term
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Definition
| a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their share of the market |
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Term
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Definition
| consists of using questioning, analysis, and follow-through in order to mesh strategy with reality, align people with goals, and achieve results promised , central part of any company's strategy |
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Term
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Definition
| consider who will benefit you in the future |
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Term
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Definition
| consider how success will be accomplished |
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Term
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Definition
| consider what path will be followed |
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Term
| Building a foundations of execution |
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Definition
1.know your people and your business
2.Insist on realism
3.set clear goals and priorities
4.follow through
5.reward the doers
6.expand the capabilities
7.know yourself |
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