MGMT 320 Gray - Test 2

What is planning?

defined as setting goals and deciding how to achieve them / coping with uncertainty by formulating future course of action to achieve specific results.

What is strategy?

setting long-term goals and direction for an organization

What is strategic management?

a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals

What is a mission statement?

an organization's reason for being - "What is our reason for being?"

What is a vision?

a long-term goal describing "what" an organization wants to become

What are the three different types of planning?

1. strategic

2. tactical

3. operational

What is strategic planning?

1. Done by top managers

2. 1-5 years long term

What is tactical planning?

1. Done by middle managers

2. 6-24 months

What is operational planning?

1. done by first-line managers

2. 1-52 weeks

What are the two types of goals?

1. Long-term

2. Short-term

How long do long term goals last?

1-5 years

How long do short term goals last?

Up to 12 months

What are SMART goals?

Specific, Measurable, Attainable, Results-Oriented, have Target Dates

What is management by objective?

A 4 step process for motivating employess

What are the four steps of management by objective?

1. jointly set objectives

2. managers develop action plans

3. periodically review the employee's performance

4. give performance appraisal and rewards

What is the purpose of MBO

to motivate rather than control

What is strategic positioning?

Performing different activities than rivals or similar activities in different ways

3 principles of strategic positioning

1. Strategy is the creation of a unique and valuable position

2. Requires trade-offs in competing

3. Involves creating a "fit" among activities

What are the 5 steps in the strategic management process?

1. establish the mission, vision, and values statement

2. assess the current reality

3. formulate corporate, business, and functional strategies

4. strategic implementation

5. maintain strategic control

What are the tools that can help you assess a company's current reality?

1. SWOT analysis

2. VRIO analysis

3. Benchmarking

4. Forecasting

What does VRIO stand for?

Values, rarity, imitability, organization

What does SWOT stand for?

strengths, weaknesses, opportunities, threats

How is VRIO different from a SWOT analysis?

Competitive strategic potential vs current situation

What are the 3 overall types of corporate strategy?

1. growth

2. stability

3. defensive

Describe how the BCG matrix and diversification are used to establish corporate-level strategy.

They generally diversify to either grow revenue or reduce risk. The company now has new products or services to sell

What are Porter's 5 competitive forces?

1. Threat of new entrants

2. Bargaining power of suppliers

3. Bargaining power of buyers

4. Threat of substitute products or services

5. Rivalry among competitors

Describe Welch's questions for developing a business-level strategy.

1. What does the playing field look like now?

2. What has the competition been up to?

3. What have you been up to?

4. What's around the corner?

5. What's your wining move?

In execution, what are the 3 core processes of business?

1. People

2. Strategy

3. Operations

What is strategic human resources management?

aligns with corporate strategy

How are people recruited?

internal and external

Outline common forms of compensation

1. wages and salaries

2. incentives

3. benefits

Describe the process used for onboarding

Helping newcomers learn the ropes

Describe the process used for learning and development

Helping people perform better

Steps to learning and development

1. Assessment

2. Objectives

3. Selection

4. Implementation

5. Evaluation

Discuss effective performance management feedback techniques

performance appraisals (objective and subjective)

Steps of Performance Management and feedback

1. define performance

2. monitor and evaluate performance

3. review performance

4. provide consequences

List guidelines for handling promotions

1. fairness - it is important that promotion be fair

2. discrimination - promotion decisions cannot and should not discriminate on the basis of sexual orientation, ethnicity, gender, age, physical ability, and or any other protected class

3. Other's resentments - if someone is promoted, someone else may be resentful about being passed over

Reasons that an employee might be transferred

1. to solve organizational problems by using their skills at another location

2. to broaden their experience in being assigned to a different position

3. to retain their interest and motivation by being presented with a new challenge

4. to solve some employee problems, such as personal differences with their bosses

List guidelines for handling demotions and discipline

1. based on unbiased, well-documented evidence

2. must communicate the organization's desire to retain the employee

3. be honest about performance-related issues that led to the demotion

Types of dismissals

1. layoffs

2. downsizings

3. firings

list guidelines for handling dismissals

1. exit interviews

2. nondisparagement agreements

3. employment at will

6 strategies to avoid when handling difficult conversations

1. masking

2. withdrawing

3. avoiding

4. controlling

5. labeling

6. attacking

What are 3 things that need to be identified in a resume

1. past experience

2. portable skills

3. personality skills