Term
|
Definition
- Business
- Non profit
- Mutual-Benefit
- Common weal |
|
|
Term
|
Definition
- Family owned
- Starting own
- Buy Existing
- Buy Franchise |
|
|
Term
|
Definition
-Purpose (vision, mission)
-Stratigic objectives (Goals)
-Tactical Plans (How to of strategy)
-Operational Plans (Day-to-Day) |
|
|
Term
| Effective mission statement |
|
Definition
| Breifly describes the organizations purpose for stakeholders in a way that is enduring inspirational, clear and consistent with company values |
|
|
Term
|
Definition
-Equity
-Debt
-Awards from competitions (Iowa offers) |
|
|
Term
| "Burn the Business Plan" By David Gumpert |
|
Definition
- Great Presentation
- Compelling Story
- Effective Website
- Hard Hitting financial projections |
|
|
Term
| How to make a plan that works (5 steps) |
|
Definition
1. Set Goals
2. Develop Commitment
3. Develop effective action plans
4. Track progress toward goal achievment
5. Maintain Flexibility
(At end: Revise existing Plan OR Begin Planning Process anew) |
|
|
Term
| Types of Plans by Top Level Managers |
|
Definition
Top is Vision
-Mission
-Purpose Statement (Purpose for existing)
-Strategic Objective (Specific Goals that challenge company to finish in time) |
|
|
Term
| Types of plans by Middle Managers |
|
Definition
- Tactical Plans
- Management by objective |
|
|
Term
|
Definition
How company will reach missions using resources
(6 months - 2 years) |
|
|
Term
Management by objective
(4 Step Plan) |
|
Definition
1. Discuss Possible Goals
2. Collectively select Goals
3. Develop Tactical Plans
4. Meet Regularly and Review progress |
|
|
Term
| First Line Manager Planning |
|
Definition
-Operational Plans (Day-to-Day, 30 days-6 months)
-Single use plans (unique 1 time plans)
-Standing Plans (Plans used repeatedly to fix reoccurring problems) |
|
|
Term
| 6 Steps in Rational Decision Making |
|
Definition
1. Define The Problem
2. Identify Decision Criteria
3. Weight the Criteria
4. Generate Alternative Course of action
5. Evaluate Each Alternative
6. Compute the optimal decision |
|
|
Term
|
Definition
| Decision making method where group members have QUIET time and write down problems that should be shared with group |
|
|
Term
|
Definition
| Decision making method in which members of a PANEL OF EXPERTS respond to questions and each other until make agreement |
|
|
Term
|
Definition
Strength (Internal)
Weakness (Internal)
Opportunity (External)
Threats (External)
(Environmental scanning, Strategic Groups, Shadow Strategy Task Force) |
|
|
Term
| 3 Steps of Strategic Making Process (SWOT) |
|
Definition
1. Asses need for Strategic Change
2. Conduct situational Analysis
3. Choose Strategic Alternatives |
|
|
Term
Sustainable competitive Advantage
(Definition) |
|
Definition
A competitive advantage that other companies have tried unsucessfully to duplicate and have, for the moment, stopped trying
(Competitors say: "We give up, You Win. We cant do what you do and were going to stop trying) |
|
|
Term
| 4 Conditions to Sustainable Competitive Advantage |
|
Definition
1. Valuable Resources (improves efficiency)
2. Rare Resources (Not many ppl have)
3. Imperfectly imitable resources (costly for other firms to get)
4. Non substituteable resources |
|
|
Term
|
Definition
| A corporate level strategy that minimizes risk by diversifying investment along various businesses or product lines |
|
|
Term
|
Definition
- Portfolio Strategy
- Developed by Boston Consulting Group
- categorizes business by GROWTH RATE and RELATIVE MARKET SHARE
- Helps managers how to invest corporate funds |
|
|
Term
|
Definition
1. Star (Large share, fast growing mrkt)
2. ? (Small share, fast growing mrkt
3. Cash Cow (Large share, small growing mrkt)
4. Dog (Small share, small growing mrkt) |
|
|
Term
|
Definition
Claims that acquiring info on unrelated businesses in irreverent
Hard for managers to pick
(Biggest mistake: Categorizing a star as a dog) |
|
|
Term
| Grand Strategy Definition |
|
Definition
| A Broad Corprate-Level Strategic plan used to acheive strategic goals and guide the strategic alternatives that managers of individual businesses may use |
|
|
Term
| 3 types of Grand Strategies |
|
Definition
1. Growth Strategy (increase profit, revenue, and # of places they do business)
2. Stability Strategy( Improving way company sells SAME product to SAME customers)
3. Retrenchment Strategy (Turning around poor company by SHRINKING SCOPE) |
|
|
Term
|
Definition
1. Cost Leadership (Broad Target, Low Cost)
2. Differentiation (Different than competitor, High Price, Broad Target)
3. Cost Focus (Narrow Target, Low Cost)
4. Focused Differentiation (Different than competitor, High Price, Narrow Target) |
|
|
Term
Firm Level Strategies
(Direct Competition)
(Entrepreneurship) |
|
Definition
Direct Competition
"Red Ocean"
Attack- Competitive move to reduce rivals market share or profit
Response- Countermove after attack, to defend or improve companies market share or product
Entrepreneurship- Movement to "Blue Ocean" |
|
|
Term
|
Definition
"Blue Ocean"
Compares to competitors |
|
|
Term
|
Definition
| Ensure that activities are providing desired goals |
|
|
Term
|
Definition
1. Set Standards
2. Measure Performance
3. Compare with Standards
4. Identify Deviations
5. Analyze Deviations
6. Take Corrective Action |
|
|
Term
|
Definition
1. Feed forward Control
2. Co-current Control
3. Feedback Control |
|
|
Term
|
Definition
*Most Powerful type
(Hiring, Training, Verifying)
-Monitoring INPUTS
-Anticipating and Preventing Problems |
|
|
Term
|
Definition
(Problem Happening, Fixing action)
-Monitoring Process
-Adjusting ongoing Activities |
|
|
Term
|
Definition
(Already Happened, fix from past)
-Monitoring Products (OUTPUTS)
-Learning from past mistakes |
|
|
Term
| You Should not try to control everything. Use missions and strategy as |
|
Definition
| Guides, but consider cost and feasibility |
|
|
Term
|
Definition
1. Bureaucratic (Rules, Punish or reward if followed/not followed)
2. Objective (MEASURES workers)
3. Normative (Values and Beliefs)
4. Concertive (Shaped by groups)
5. Self (Monitoring self, progress, reward) |
|
|
Term
|
Definition
1. Sales Budget (Revenue)
2. Operating Budget (Expense)
3. Income statement (Revenue, Expense, Net Income)
4. Balance Sheet (Assets, Liability, Net worth) |
|
|
Term
|
Definition
Variance Report (Variance = Actual-Standard)
Mark F or U (Favorable or Unfavorable) |
|
|
Term
|
Definition
-Prior Data- USE IT!
Te= To + 4Tm + Tp / 6
*weighted average
e= Estimate
o= optimistic
m= Most likely
p= Pesomistic |
|
|
Term
|
Definition
Measurment of organizational performance in these 4 areas:
1. Finances
2. Customers
3. Internal Operations
4. Innovation and Learning
(Compares Goals to Standards, then measure, what initiative need to take place?) |
|
|
Term
|
Definition
| Start to finish date with bar graph showing progress of company |
|
|
