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| Goals that are specific, measurable, attainable, realistic, and timely |
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| the determination to achieve a goal |
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maintaining flexibility by making small, simultaneous investments in many alternative plans
The purpose of this is to leave commitments open by maintaining slack resources (cushion of resources), and investing in promising options |
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| plans created and implemented by middle managers that specify how the company will use resources, budgets, and people over the next six months to two years to accomplish specific goals within its mission. |
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| is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions |
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| a four step process in which managers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment |
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| a statement of a company's purpose or reason for exist, often referred to as the organizational mission or vision. Part of strategic planning |
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| Steps in Rational Decision Making |
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| Define the problem, Identify decision criteria, Weigh the criteria, Generate alternative courses of action, Evaluate each alternative, Compute the optimal decision |
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| choosing the 'good enough' alternative |
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a barrier to good decision making caused by pressure within a group for members to agree with each other so that the group can approve a proposed solution
Group is insulted from others who might have different perspectives.
Group leader begins by expressing a strong preference for a particular decision.
No established procedure for systematically defining problems.
Similar backgrounds and experiences. |
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day to day plans for producing or delivering products and services over a period of 30 days to 6 months
single-use plans- plans that cover unique, one-time-only events
standing plans- plans used repeatedly to handle frequently recurring events. Three kinds: policies, procedures, rules and regulations
budgets-quantitative planning to decide how to allocate money to accomplish company goals |
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C-Type or Cognitive- focuses on problem and issue related differences of opinion
A-Type or Affective - focuses on individual or personal issues (emotional) |
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| Begins with quiet time when each of the group members write down as many problem definitions and alternative solutions as possible. After quiet time the group leader ask each member to share one idea at a time until all are read aloud and posted on the board for members to see. Then the group discusses the advantages and disadvantages of each idea. Second quiet time follows when each of the members ranks the ideas. Read rankings aloud, and the one with the highest average rank is selected. |
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| Sustainable Competitive Advantage |
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| When other companies cannot duplicate the value a firm is providing to its customers. Not the same as long lasting com. advantage, instead com. advantage is sustained if competitors have tried unsuccessfully to duplicate the advantage. |
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(SWOT) An assessment for strengths, weakness, opportunity, and threats. Strengths and weaknesses of the internal environment, and opportunities and threats of the external.
Helps a company determine how to increase internal strengths and decrease internal weaknesses, while maximizing external opportunities and minimizing external threats. |
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| Assessing the need for strategic change |
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Group of companies within an industry that top managers choose to compare, evaluate, and benchmark strategic threats and opportunities.
Core Firms- central companies in strategic groups
Secondary Firms- firms in a strategic group that follow strategies related to but somewhat different from those of the ore firms |
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| Managers have two basic alternative strategies, risk-avoiding (aiming to protect the company existing competitive advantage) and risk-seeking (extend or create a sustainable competitive advantage). Managers look at strategic reference points to measure whether their firms has developed the core competencies that it needs to achieve sustainable competitive advantage. Managers are not predestined to choose risk-averse or risk-seeking strategies for their companies depending solely on their current situation. Managers can influence the strategies by actively changing and adjusting the strategic reference points they use to judge strategic performance |
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| Which portfolio strategy is best? |
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| Defenders, Prospectors, Analyzers, Reactors |
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| firms that adopt a strategy aimed at defending strategic positions by seeking moderate steady growth and by offering limited range of high quality products and services to a well defined set of customers |
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| firms that adopt an adaptive strategy that seeks fast growth by searching for new market opportunities, encouraging risk taking, and being the first to bring innovative new products to the market |
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| firms that seek to minimize risk and maximize profits by following or imitating the proven success of prospectors |
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| not following a consistent strategy but instead reacting to changes in external environments after they occur |
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| Organizational Innovation |
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| the successful implementation of creative ideas in organizations |
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| patterns of innovation over time that can create sustainable competitive advantage |
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| when companies do not anticipate, recognize, neutralize, or adapt to the internal or external pressures that threaten their survival |
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| Forms for Global Business |
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Exporting- selling domestically produced products to customers in foreign countries
Cooperative Contracts- agreement in which a foreign business owner pays a company a fee for the right to conduct that business in his or her own country
Licensing- a domestic company receives royalty payments for allowing another company to produce the licensor's product, sell its service, or use its brand name in a specified foreign market
Franchise- collection of networked firms in which the manufacturer or marketer of a product or service licenses the entire business to another person or organization |
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two types: political uncertainty and policy uncertainty.
Avoidance Strategy, Active Strategy (control, cooperation) |
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Power Distance- extent to which people in a country tolerate unequal distribution of power.
Individualism- degree to which societies believe that individuals should be self-sufficent
Masculinity and Femininity- differences between highly assertive and highly nurturing cultures
Uncertainty Avoidance- degree to which people in a country are uncomfortable with unstructured, ambiguous, unpredictable situations
Short term/ Long term orientation - whether cultures are oriented to the present and seek immediate gratification or to the future and defer gratification |
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combining task
forming natural work units
establishing client relationships
vertically loading the job
opening feedback channel |
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| Mechanistic/ Organic Environment |
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| Job Characteristics Model |
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A job redesign that seeks to increase employee motivation. Emphasizes internal motivation.
5 core job characteristics
skill variety
task identity
task significance
autonomy
feeback |
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