MGMT 3013 Exam 2

studied byStudied by 0 people
0.0(0)
get a hint
hint

Planning

1 / 116

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

117 Terms

1

Planning

Coping with uncertainty and making future actions to achieve results; setting goals and deciding how to achieve them.

New cards
2

Business Plan

Starting a plan; document that outlines a proposed firms' goal, the strategy for achieving them and standards for measurement.

New cards
3

Business Model

Outlines the need the firm will fill, operates the business, it's components and functions, and expected revenues and expenses.

New cards
4

Strategy

Over all guiding; Large- scale plan that sets the direction for an organization; educated guess about what must be done long term

New cards
5

Strategic Management

Incorporating managers from all levels of the organization in the formulation and cooperation of the organizations strategy; Engaging with first line managers and top managers helps the organization because they can see what is realistic or feasible

New cards
6

Why planning and strategic management are important-

Provide direction and momentum, encourage new ideas, develop a sustainable competitive advantage.

New cards
7

Mission statement

"what is our reason for being" "description of product/ service and why it's offered" Purpose of organization.

New cards
8

Vision statement

"What do we want to become?" What the organization should become, where it wants to go strategically.

New cards
9

Strategic Planning

Top managers for next 5-10 yrs.- Goals- Action Plans- Top managers determine what the organization's long-term goals should be for the next 5-10 yrs, with the resources they expect to have available.

New cards
10

Tactical planning

"Done by middle managers for the next 6-24 mo.- Goals- Action Plans- How to get cusomers to make better purchasing decisions

New cards
11

Operational planning

"Done by first line managers for 1-52 wks." How to accomplish specific tasks with available resources.

New cards
12

Top management

Chief executive officer, president, vice president, general managers, division heads. 1-5 yrs; Long term, future oriented, pay attention to environment outside the organization.

New cards
13

Middle management

Functional managers, product-line managers, department managers. 6-24 mo. Implement policies of top management and coordinate activities of first- line managers below, make decision without base of clearly defined information procedures.

New cards
14

First- line management

Unit managers, team leaders, first- line supervisors. 1-52 wks. Direct daily tasks, decisions often predictable, follow well- defined set of routine procedures.

New cards
15

Operational goals

Set by and for first- line managers and are concerned with short- term matters associated with realizing tactical goals.

New cards
16

Action plan

Defines the course of action needed to achieve the stated goal.

New cards
17

SWOT Analysis

Acronym that stands for strengths, weaknesses, opportunities, and threats; Happens when company is trying to formulate strategy; Figures out: "Where are we now?" & "Where can we go?"; Strengths and weaknesses are internal Opportunity and threat are external

New cards
18

Operational plan

1 yr period, how you conduct your business based on action plan, clear targets such as revenue, cash flow, and market share.

New cards
19

Standing plans

Plans for activities that occur repeatedly over time, policies, procedures and rules.

New cards
20

Policy

Response to designated problem or situation

New cards
21

Procedure

Response to a particular problem or circumstance.

New cards
22

Rule

Designates specific required action

New cards
23

Single- use plans

Developed for activities that are not likely to be repeated in the future.

New cards
24

Program

Single use plan encompassing a Range of projects

New cards
25

Project

Single use plan of less scope and complexity than a program.

New cards
26

Specific goals

"Should be" "No more than 1 out of 25 planes should be later than 15mins"

New cards
27

Measureable

"Can have someone monitoring the gates."

New cards
28

Attainable

"Attainable but difficult and must be able to be successful."

New cards
29

Results- Oriented

"Make an impact"

New cards
30

Target dates

"Day you have to reach the goal by."

New cards
31

Management by Objectives

  1. Managers/ employees jointly set objectives for the employee 2) Managers develop action plan 3) managers/ employees review employee's performance 4) Manager makes performance appraisal and rewards the employee

New cards
32

Cascading objectives

Objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organization.

New cards
33

Planning/ Control cycle

  1. Make the plan 2) Carry out the plan 3) Control the direction by comparing results with the plan 4) Control the direction by taking corrective action in correcting deviations, improving future plans.

New cards
34

Strategic positioning

Performing different activities from rivals or performing the same activities differently; Allows it to carve out its own position in the market; 3 principles- When a strategic position is executed, creates a unique and valuable position in the market, Requires trade-offs (having to pursue one activity or the other), Achieving strategic position requires finding a good fit between organizational activities

New cards
35

Strategic Positioning and Principles

Unique and Valuable position; requires trade off; requires creating a "fit" among activities.

New cards
36

Current reality assessment

Looking at where the organization is and where it can change/ grow. Organizational assessment

New cards
37

Grand strategy

How the organization's missions is to be accomplished.

New cards
38

Strategy formulation

Choosing among different strategies and alternating them to fit the organization's needs

New cards
39

Strategy implementation

Putting strategic plans into effect

New cards
40

Strategic control

Monitoring the execution of strategy and making adjustments if needed.

New cards
41

Competitive Intelligence

Means gaining information about competitors activities so you can anticipate their moves. Public prints, advertising, investor information, informal sources.

New cards
42

Environmental Scanning

Monitoring an organization's internal and external environments to detect early signs of opportunities and threats.

New cards
43

S-

Strengths; Inside maters; Work processes, organization, culture, staff, products quality, production capacity, image, financial resources and requirements, service levels and other internal matters.

New cards
44

W-

Weaknesses; Inside matters; Could be same as strengths: work process, organization, culture, ect..

New cards
45

O-

Opportunity; Outside matters; Markets segment analysis, industry and competition analysis, impact of technology on organization, product analysis, governmental impacts.

New cards
46

T-

Threats; Outside matters; Could be same as opportunities.

New cards
47

Organizational strengths

Skills that give organization special competencies and advantages in strategies in pursuit of its mission.

New cards
48

Organizational Weakness

Drawbacks that hinder an organization in executing strategies in pursuit of its mission

New cards
49

Organizational Opporutnities

Environmental factors that the organization may exploit for competitive advantage

New cards
50

Organizational Threats

Environmental factors that hinder an organization's achieving a competitve

New cards
51

Trend analysis

Hypothetical extension of a past series of events into the future.

New cards
52

Contingency planning

Alternative hypothetical but equally likely future conditions; Scenario Planning and Scenario Analysis

New cards
53

Benchmarking

Process by which a company compares its performance with that of high- performing organizations.

New cards
54

Porter's Five Competitive Forces

  1. Threat of new entrances 2) Bargaining power of suppliers 3) Bargaining power of buyers 4) Threat of substitute products or services 5) rivalry among competitors

New cards
55

Growth Strategy

Expansion- sales revenues, market share, number of employees, or number of cousomers

New cards
56

Stability

Little or no significant change

New cards
57

Defensive

Reduction in the organization's efforts, retrenchment

New cards
58

Cost Leadership

Wide; Keep the costs or prices, of a product or service below the competitors and target a wide market. EX- Walmart

New cards
59

Differentiation

Wide; Offer products that are unique and superior value compared to competitors. EX- Coca Cola

New cards
60

Cost- Focus

Narrow; Keep cost of product below competitors. EX- Dollar Tree

New cards
61

Focused- Differentiation

Narrow; Offer products that are unique and superior value compared to competitors. EX- Rolex

New cards
62

Single- Product strategy

Company makes and sells only one product within it's market; benefit- focused; risk- vulnerability

New cards
63

(Diversification Strategy) Diversification

Operating several businesses in order to spread the risk; related, unrelated

New cards
64

Advantages of Related Diversification; Reduced risk

More than on product

New cards
65

Advantages of Related Diversification; Management efficiencies

Administration spread over several businesses

New cards
66

Advantages of Related Diversification; Synergy

Economic value of separate, related businesses under one ownership and management is greater together than the businesses are worth separately

New cards
67

BCG matrix

Evaluating strategic business units on the basis of 1) Their business growth rates 2) Share of the market

New cards
68

Three Core processes of Business

People, Strategy and Operations

New cards
69

Two kinds of decision making

Decision and Decision Making

New cards
70

Decision

Choice made from among available alternatives

New cards
71

Decision Making

Process of identifying and choosing alternative courses of action.

New cards
72

4 Ways to make decisions

Analytical, Conceptual , Directive, Behavioral

New cards
73

Rational Decision Making Stage 1

Identify the problem or opporunity

New cards
74

RDM Stage 2

Think up alternative solutions.

New cards
75

RDM Stage 3

Evaluate alternatives and select a solution.

New cards
76

RDM Stage 4

Implement and evaluate the solution chosen; best interest in organization; short term personal goals; contract

New cards
77

Rational Model of Decision Making

Leave emotion out, pre- descriptive; determine how a decision Should be made

New cards
78

Non-rational models of decision making

Descriptive; How people actually make decisions; assumes decision making is always uncertain and risky

New cards
79

Bounded Rationality

Constrained from making the optimum decision; Limited by numerous constraints to make a decision; complexity, time and money, cognitive capacity

New cards
80

Intuition

Timely; but no research, difficult to gain buy in. Making a choice without the use of conscious thought or logical inference. Expertise and feelings.

New cards
81

Ethics Officer

Trained about ethics in workplace, resolving ethical dilemmas.

New cards
82

Decision tree

Graph of decision and their possible consequences; used to create a plan to reach a goal.

New cards
83

Analytics

Sophisticated forms of business data analysis, portfolio analysis, time- series forecast- Business Analytics.

New cards
84

Big Data

Web- browsing data trails, social network communications, sensor data, and surveillance data.

New cards
85

Big Data analytics

Examining large amounts of data of a variety of types to uncover hidden pasterns, unknown corrections, and other useful information.

New cards
86

Decision- making style

Combination of how an individual perceives and responds to information, value orientation, tolerance for ambiguity.

New cards
87

Directive

Efficient, logical, practical and systematic in their approach to solving problems; action oriented, decisive and like to focus on facts.

New cards
88

Analytical

Considers more information and alternatives

New cards
89

Conceptual

Broad perspective to problem solving; likes to consider many options and future possibilities.

New cards
90

Behavioral

Supportive, receptive to suggestions, show warmth; prefer verbal to written information.

New cards
91

Ineffective Responses to a Decision Situation

Relaxed avoidance, relaxed change, defensive avoidance, panic

New cards
92

Importance

"How high priority is this situation?"

New cards
93

Credibility

"How believable is the information about the situation?"

New cards
94

Urgency

"How quickly must I act on the information about the situation?"

New cards
95

Availability

Recent

New cards
96

Representativeness

Small sample size to make decision; saying never going to hire from osu again

New cards
97

Sunk cost

Money you can't get back

New cards
98

Anchoring and adjustment

If all employees got 6% bonus in previous year, then 7% raise next year; looking back on what they did previously.

New cards
99

Escalation of commitment

Might threaten ego

New cards
100

Groupthink

Occurs when group members strive to agree for the sake of unanimity and thus avoid accurately assessing the decision situation.

New cards

Explore top notes

note Note
studied byStudied by 35 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 13 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 124 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 5 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 4 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 19 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 8 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 2146 people
Updated ... ago
4.5 Stars(2)

Explore top flashcards

flashcards Flashcard26 terms
studied byStudied by 704 people
Updated ... ago
4.3 Stars(10)
flashcards Flashcard119 terms
studied byStudied by 6 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard35 terms
studied byStudied by 2 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard93 terms
studied byStudied by 13 people
Updated ... ago
5.0 Stars(2)
flashcards Flashcard61 terms
studied byStudied by 80 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard25 terms
studied byStudied by 2 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard158 terms
studied byStudied by 4 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard47 terms
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)