Management Issues and Strategy

Flashcards cover key concepts of management issues and strategy formulation/implementation. Each card includes a term and its definition.

Formulation

Focuses on effectiveness in strategy development.

Implementation

Focuses on efficiency in executing strategies.

Annual Objectives

Basis for resource allocation, management evaluation, and gauging progress on long-term objectives.

Resistance to Change

Anxiety or fear concerning economic loss, inconvenience, uncertainty, or disruption of the status quo.

Conflict

Not always negative; may energize groups and help identify problems.

Resources

Include financial, physical, human, and technological resources needed for strategy.

Reengineering

Involves process management, process innovation, and process redesign.

Strategy-Supportive Culture

Culture that preserves and emphasizes aspects that support new strategies.

Production Processes

Typically constitute more than 70% of a firm's total assets; includes decisions on plant size and quality control.

Diverse Workforce

Improves corporate culture, employee morale, and can lead to reduced complaints and litigation.