bus 101

strategic management

help an org maintain effective aligntment with its environment

strategy

broad org plan for implementing decisions made for achieving org goals

Corporate strategy

firms overall attitude toward growth and the way it manages it business or product line

Business/Competitive strategy

at the business unit or product line level to improve a firms competitive position

functional strategy

managers in specifc areas decide how best to achieve corporate goals through productivity

Organizational Analysis

process of analyzing a firm’s strengths and

weaknesses

Strategic Plan

plan about resource allocation and company priorities

Tactical Plan

short-term plan concerned with implementing

specific aspects of a company’s strategic plans

Operational Plan

short-term targets for daily, weekly, or

monthly performance

usually has numbers like 3% etc

planning (management function)

determining what an organization needs to do and how best to get it done

Organizing

determining how best to arrange an organization’s resources and activities into a coherent structure

leading

guiding and motivating

employees to meet an organization’s objectives

Controlling

process of monitoring an organization’s

performance to ensure that it is meeting its goals

When an entrepreneur has the goals of growth and expansion, with the vision of turning the business into a large business, what term is used when referring to the business

start up

Decrease the time it takes to move product from the production line to the shipping area

functional

Which of the management functions can serve as a basis for rewarding employees

controling

how much people can actually buy with the financial resources allocated by their economic system.

principle states that exchange rates are set so that prices of similar products in different countries are about the same

purchasing power parity

Monetary policies focus on

controlling the money supply, working primarily through the Federal Reserve System (the Fed), the nation's central bank

A company's distinctive competency usually falls into how many areas for small businesses?

three

identifying new niches in established markets, (2) identifying new markets, and (3) moving quickly to take advantage of new opportunities.

Wham-O rebranded the Pluto-Platter as the Frisbee after seeing students throw pie tins on college campuses. What is the MOST LIKELY reason for their success?

market demand

refer to a person's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation. help managers recognize new market opportunities and threats. Top managers depend mostly on it

conceptual skills

management skill would enable a manager to effectively identify a problem or opportunity, evaluate alternative courses of action, and select the most appropriate one

decision making

Planning has three main components. What is the correct order

begins with determining the firm's GOALS, then developing a STRATEGY to achieve them, then designing TACTICAL AND OPERATIONAL PLANS for implementing the strategy. Goals always come first!

they keep a business on track and alert managers to potential trouble. If your control systems do not signal impending problems, you may be in serious trouble before you spot more obvious difficulties

effective control system