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What is the planning process?
Chapter 10 vocab
19
Business
10th Grade
02/13/2012

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Term
Formal planning
Definition
is the systematic studying of an issue and the preperation of a written document to deal with the problem.
Term
Operational planning
Definition
is a short-range planning.
Term
Strategic planning
Definition
a long-range planning done by the highlight management levels in the company, including the president, vice president, and chief operating officer.
Term
Grand or corporate strategies
Definition
Provide overall direction for the company.
Term
Growth strategies
Definition
When a company tries to expand sales, products, or number of employees.
Term
Stability strategy
Definition
Is a plan to keep the company operating at the same level that it has for several years.
Term
Defensive or retrenchment strategy
Definition
is a plan to reverse negative trends in a companys, such as losses in sales.
Term
Combination strategy
Definition
Is a plan that employs several different strategies at once.
Term
Business strategies
Definition
Are plans that pertain to single departments or units within a company.
Term
Overall cost leadership
Definition
strategy is designed to prduce and deliver a product or service for a lower cost than the competition.
Term
Differentation
Definition
A strategy that strives to make the product or service unique.
Term
Functional strategies
Definition
Are short ranged operational plans the support bubusiness strategies by emphasizing practical implementation.
Term
Strategic management
Definition
Is the application of the basic planning process at the highest levels of a company.
Term
Formulating strategy
Definition
Is developing the grand- and business-level strategies to be used by the company.
Term
Mission statement
Definition
Outlines why the company exists.
Term
Goals
Definition
Are concise statments that provide direction for employees and set standards for achiving the company's strategic plan.
Term
SWOT analysis
Definition
The most utilized process for determining a company's overall health.
Term
Implementing strategy
Definition
Is the action stage of strategic management.
Term
Evaluating strategy
Definition
Is the process of continuously monitoring the company's progress toward its long range goals and missions.
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