Term
| 5 Steps of the planning function |
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Definition
1. Define objectives – challenging but doable, raises the bar
2. Determine current status (DELTA)
3. Develop ideas for future conditions and make alternatives
4. Make a plan
5. Evaluate the plan and take action – ALWAYS question action |
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Action oriented
Priority oriented
advantage oriented
change oriented |
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| Action oriented reasons for planning |
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Definition
| keeps a results driven sense of direction |
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| priority oriented reasons for planning |
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Definition
| makes sure the most important things get taken care of first |
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| advantage oriented reasons for planning |
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Definition
| Makes sure all of the resources are used to their greatest advantage |
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| change oriented reasons for planning |
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Definition
| anticipates problems and opportunites |
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Definition
| longs terms plans set broad and comprehensive |
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| the extent of which one considers the events in past and future |
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| how different parts of an enterprise will contripbute to the plan |
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| deals with the money required to support various operations |
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| production, financial, marketing, facilities, and human resource |
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| deals with the methods and and technology |
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Definition
| deal with recruitment, selection, and placement of people |
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Definition
| deal with the facilities development |
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Term
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Definition
Policy - plans and reasons for the rules
Procedures - rules |
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Definition
| project cash flows and expenses |
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Definition
| anticipates sales and revenue |
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Definition
| allocate resources and people |
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Definition
| deals with common problems by approaching budget period as a brand new one |
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Definition
| expert opinions to predict the future |
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Definition
| uses math models and statistical analysis of historical data |
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Definition
| external comparisons to gain insight |
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Term
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Definition
specific
Measurable
Attainable
Challenging
Timely |
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Term
| Most important tool in management |
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Definition
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Term
| Sentence Format for goals |
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Definition
| (action verb)(measurable goal)(by deadline) |
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Term
| How setting goals can be good |
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Definition
narrow attention and direct efforts
lead to more effort
influence persistence |
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Term
| How setting goals can be bad |
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Definition
narrow attention
unethical behavior
decrease risk taking |
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Term
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Definition
Intrinsic - doin things because you want to do them
Extrinsic - money, praise, others |
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Definition
| a comprehensive plan guiding resource allocation to achieve long term goals |
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Definition
| focusing energy on one consistent goal |
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Definition
| sets long term direction for the total enterprise |
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Definition
| indentifies how a specific component of the entire enterprise will run |
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Definition
| guides activities within one specific level of operation |
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Definition
| increase the size or scope of current operations |
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| seeks expansion within one business area |
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Definition
| expansion occurs by entering new business areas |
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Definition
| acquiring new suppliers or distributors |
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Definition
| changes in operation to correct weaknesses |
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Definition
| reduces scale or mix of operations |
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Definition
| cutting down the size of operation and workforce |
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Definition
| selling off parts of the organization |
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Term
| Forward vertical integration |
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Definition
| A large supplier purchases its distributors |
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Term
| Backward vertical integration |
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Definition
| A Small business (distributor) purchasing its suppliers |
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Term
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Definition
| using the internet to gain advantage |
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Term
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Definition
| using the internet to engage customers to make suggestions and express opinions |
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Term
| steps in strategic management process |
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Definition
review current situation
analyze organization and external environment
develop new strategies
inmplement strategies
evaluate results |
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Definition
| analyses strengths, weaknesses, opportunities and threats |
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Definition
Competitors
New Entrants
Suppliers
Customers
Substitutes |
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Term
| attractive vs. unattractive industry |
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Definition
| attractive - all of porters 5 forces are low |
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| seeks competitive advantage through uniqueness |
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| seeks competitive advantage through low price |
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| focused differentiation strategy |
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Definition
| differentiation used to target a special kind of needs, expensive |
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Definition
| eavesdropping on employees to gain more info |
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Definition
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| factors driving decentralization |
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Definition
| heuristic (creativity) vs. algorithmic work |
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