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MGMT 3001
Chapter 5
34
Management
Undergraduate 4
10/21/2009

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Term
Goal
Definition
a desired future state that the organization attempts to realize
Term
Plan
Definition
a blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals
Term
Planning
Definition
the act of determining the organization’s goals and the means for achieving them
Term
Mission
Definition
the organization’s reason for existence
Term
Mission statement
Definition
a broadly stated definition of the organization’s basic business scope and operations that distinguishes it from similar types of organizations
Term
Strategic goals
Definition
broad statements of where the organization wants to be in the future; they pertain to the organization as a whole rather than to specific divisions or departments
Term
Strategic plans
Definition
the action steps by which an organization intends to attain strategic goals
Term
Tactical goals
Definition
goals that define the outcomes that major divisions and departments must achieve for the organization to reach its overall goals
Term
Tactical plans
Definition
plans designed to help execute major strategic plans and to accomplish a specific part of the company’s strategy
Term
Operational goals
Definition
specific, measurable results expected from departments, work groups, and individuals within the organization
Term
Operational plans
Definition
plans developed at the organization’s lower levels that specify action steps toward achieving operational goals and that support tactical planning activities
Term
Management by objectives (MBO)
Definition
a method of management whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance
Term
Single-use plans
Definition
plans that are developed to achieve a set of goals that are unlikely to be repeated in the future
Term
Standing plans
Definition
ongoing plans that are used to provide guidance for tasks performed repeatedly within the organization
Term
Contingency plans
Definition
plans that define company responses to specific situations, such as emergencies, setbacks, or unexpected conditions
Term
Scenario building
Definition
looking at trends and discontinuities and imagining possible alternative futures to build a framework within which unexpected future events can be managed
Term
Crisis management plan (CMP)
Definition
a detailed, written plan that specifies the steps to be taken, and by whom, if a crisis arises
Term
Event-driven planning
Definition
evolutionary planning that responds to the current reality of what the environment and the marketplace demand
Term
Planning task force
Definition
a group of managers and employees who develop a strategic plan
Term
Strategic management
Definition
a specific type of planning in for-profit business organizations; typically pertains to competitive actions in the marketplace
Term
Strategy
Definition
plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization’s goals
Term
Competitive advantage
Definition
what sets the organization apart from others and provides it with a distinctive edge for meeting customer needs in the marketplace
Term
Core competence
Definition
something the organization does especially well in comparison to its competitors
Term
Synergy
Definition
a joint effect that is greater than the sum of the parts acting alone
Term
Value
Definition
the combination of benefits received and costs paid
Term
Strategic formulation
Definition
the planning and decision making that lead to establishment of the firm’s goals and development of a specific strategic plan
Term
Strategy implementation
Definition
the use of managerial and organizational tools to direct resources toward accomplishing strategic results
Term
Situation analysis
Definition
an evaluation that typically includes a search for SWOT – strengths, weaknesses, opportunities, and threats – that affect organizational performance
Term
Differentiation strategy
Definition
an attempt to distinguish the firm’s products or services from others in the industry
Term
Cost leadership strategy
Definition
an aggressive attempt to seek efficient facilities, pursue cost reductions, and use tight cost controls to produce products more efficiently than competitors
Term
Focus strategy
Definition
concentration on a specific regional market or buyer group
Term
Collaboration
Definition
cooperating with other firms rather than competing with them
Term
Joint ventures
Definition
separate entities created with two or more active firms as sponsors, and the organizations share the associated risks and costs
Term
Leadership
Definition
the ability to influence people to adopt the new behaviors needed for strategy implementation
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