Term
| Purpose of a mission statement |
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Definition
- is to be of enduring value, to provide focus to the organization, and to establish boundaries for development of strategic objectives and goals. Important to strategic planning process by telling what makes the company different from other and articulate simple terms of why a company exist. |
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Term
| Purpose of company vision |
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Definition
| vision is to describe where company intends to be in the next ten years or so. Should be inspiring to employees and meaningful to current and potential customers. Vision serves as foundation for the development of strategic objectives |
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Term
| Purpose of strategic assessment |
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Definition
- is to serve as a baseline for the development of the strategic plan. Identifies company strengths that can be capitalized in developing action plans, as well as weaknesses. |
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Term
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Definition
| the process of evaluating the external environment to determine positive and negative trends that could impact company’s performance. |
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Term
| General business environment factors include the |
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Definition
- economic, the demographic, the political, the technological and the sociocultural environments. |
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Term
| Specific industry environment factors include |
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Definition
| customers, suppliers, existing competition, new market entrants and subcontractors. |
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Term
| Customer analysis involves |
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Definition
| identifying the company’s major customers and potential future customers, the characteristics of the firm’s services that are likely to be most important to existing and prospective customers and the customer needs that are not being satisfied. |
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Term
- Internal assessment using: |
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Definition
Value chain analysis approach
Internal audit approach-
Internal functional analysis approach |
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Term
| Value chain analysis approach |
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Definition
1. systematic approach to examining all of the company’s functional activities and assessing how well the create customer value. |
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Term
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Definition
| assessing the company’s major functional areas to determine if they have adequate resources to perform their work activities and how well they perform their assigned tasks. |
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Term
| Internal functional analysis approach |
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Definition
| involve identifying and evaluating the firm’s resources, capabilities and core competencies. Resources- physical assets, financial assets, human resources, reputation and organizational assets. |
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Term
| the process of retaining existing customers, identifying prospective new ones and attracting new customers to consider the company as their service provider. |
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Definition
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Term
| contracting a specific potential customer identified by the marketing process and winning the contract. |
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Definition
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Term
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Definition
1. Employees and their technical skills
2. Equipment
3. Financial Position
4. Reputation
5. Satisfied Customers |
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Term
| Two Primary goals of marketing are about |
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Definition
| constant renewal of existing relationships and forging new ones. |
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Term
| Specific sector of the overall construction market that are of interest to the construction firm. Decision of relevant market made during the strategic planning process |
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Definition
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Term
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Definition
S- Segmenting the market to determine specific sectors of interest
T- Targeting the specific set of customers of interest
P- Positioning the company for competitive advantage. |
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Term
| Basic steps in assessing the demand for services offered by the company. Select relevant market, then identify major purchasers of service within market, identify factors impacting. |
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Definition
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Term
| Service Pricing Factors to consider |
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Definition
1. Anticipated maximum price customer is willing to pay
2. Price competitors typically change
3. Our expected cost to perform the service |
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Term
- Company logo factors to consider: |
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Definition
1. Colors different from competitors
2. Design simplicity with good visibility
3. Should look good in black and white also
4. Clean, spare design
5. Use on cards, forms, stationary, hard hats and vehicles |
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Term
What are used to create initial impressions among prospective customers. Should tell customers who you are and what you do. Communicate company’s philosophy, core competencies, and record of successes.
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Definition
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Term
- used to identify and develop new customers: Company reputation, logos, business cards, stationary/business forms, brochures, advertising, networking, public relations, web sites, subcontractor and supplier relationships and statements of qualifications |
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Definition
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Term
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Definition
Planning
Recruitment
Selection |
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Term
| needs job description and job specs to screen candidates and select the most qualified individuals. |
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Definition
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Term
| Less costly, performance records, selection authorities will have a better knowledge of internal applicant’s skill and abilities and it enhances employee morale |
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Definition
| Internal Recruiting advantages |
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Term
- Brings in new people with fresh perspectives, wider selection of qualified employees |
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Definition
| External Recruiting advantages |
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Term
| Screening applicants based on job experience and applications as well as referrals to select potential hires. |
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Definition
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Term
| Selecting who you want to hire based on interviews, recommendation letters, references and resumes |
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Definition
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Term
| Describes company’s employment policies and procedures. General statement of the employer’s policy. Employers can be bound by statements made in manual. |
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Definition
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Term
| - is an extra pay for working overtime, incentive pay or profit sharing |
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Definition
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Term
| are health insurances, life insurances, workers comp, unemployment insurances and retirement programs. |
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Definition
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Term
| by involving them in as many decision making processes as possible, providing ownership and accountability for their actions, and incentives for their success. |
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Definition
| Managers influence employee retention |
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Term
| are unions for each craft, such as carpenters laborers, engineers, that negotiate separate contracts |
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Definition
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