bus test 2

change

any alteration of people, structure, or technology in an org

VUCA military model

most orgs are living w version of this model

• volatility

• uncertainty

• complexity

• ambiguity

Forces for change (external)

can occur from any event economic, social, or political outside the org

Forces for change (internal)

occurs from within the org

lewin’s 3-step change model

unfreezing → movement → refreezing

sigmoid curve

the

disruptive innovation

a radical change in a product service, or process that alter the rules of an industry or sector

planning

management function that involves setting objective/goals, establishing strategies for achieving those objectives/goals, and developing plans to integrate and coordinate work activities

formal planning

specific, time oriented obj/goals , that are written and shared, as well as action plans to achieve the objectives and goals

ways to describe plans

breadth, time frame, specificity, frequency of use

strategic plans

evolve from the orgs mission, which establishes the org in its external environment, and apply to the entire org in establishing the overall objectives

operational plans

specify the details on how the org objectives are to be achieve

longterm vs shortterm

Long is +5 years, short is less that 1 year

Specific Plans

clearly defined and leave no room for interruption. Requires clarity and predictability

Directional Planning

Provide focus but are flexible by setting out general guidelines

Single use plans

Specifically designed for a unique situation

Standing plans

ongoing for repeated activities include rules, policies, and procedures

Contingency(it depends) Factors

levels in org, degree of environmental uncertainty, and length of future commitments

objectives

Desired outcomes for an individual, group or entire org

stated vs real objectives

stated: what the stakeholders wanted the org to be

real: what the org actually does is more accurate reflection of actual objectives

traditional goal setting

one way process of top-down goal setting in which top managers set goals that flow down as subgoals to lower levels of the org

MBO 4 facets

goal specific

participative decision making

explicit time frame

performance feedback

environmental scanning

competitor intelligence where large amounts of information is screened in the external environment to detect emerging trends

Strategic Management

the formation and implementation by top management that allows the org to achieve it objective/goals

Strategy

plans for how the org will do what it is in business to do; complete successfully; attract and satisfy its customers ( Opportunity/Capacity )

opportunity

by itself has no real value unless an org has the CAPACITY to take advantage of that OPPORTUNITY

Mission

statement of purpose or what the org is in business to do.

distinctive competency

something done BETTER than competitors

VRIO FRAMEWORK

analyzes the org competencies through 4 questions (value, rare, imitability, organization)(answering yes = resource is strength)

SWOT

strength-weakness -opportunity- threat

,the foundation of the entire SM process

BCG Matrix

How corporate strategy is managed across a portfolio of businesses. A tool that guides resource allocation decisions on the basis of market share and growth rate.

Competitive Advantage

What sets an org apart; its DISTINCTIVE edge. (quality, low cost, tech, or other internal factors)

PORTERS 5 forces

Suppliers, New Entrants, buyers, substitute, Industry Competitors

context of entrepreneurship

the process of starting new businesses characterized by: pursuing opportunity, innovative practice, growth(large scale) and profits are main goals.

mission statement

A written document that summarises business opportunity; Defines and articulate how the identified opportunity is to be seized and exploited.