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Chapter 5 MGT Review

goal
a desired future state that the organization wants to realize
plan
a blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals
planning
the act of determining goals and defining the means of achieving them, and is the most fundamental of the four management functions
mission statement
a broadly stated definition of the organization’s basic business scope and operations that distinguishes it from similar types of organizations
strategic goals
broad statements of where the organization wants to be in the future and pertain to the organization as a whole rather than to specific divisions or departments
strategic plans
the action steps by which an organization intends to attain strategic goals
tactical goals
the outcomes that major divisions and departments must achieve for the organization to reach its overall goals
tactical plans
designed to help execute major strategic plans and to accomplish a specific part of the company’s strategy.
operational plans
specify the action steps toward achieving operational goals and support tactical activities
criteria for effective goals
SMARTR
management by objectives (MBO)
a method whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance
management by man (MBM)
a recent approach that focuses people on the methods and processes used to attain results, rather than on the results themselves
contingency planning
identifies important factors in the environment and defines a range of alternative responses to be taken in the case of emergencies, setbacks, or unexpected conditions
scenario building
managers look at trends and discontinuities and imagine possible alternative futures to build a framework within which unexpected future events can be managed
decentralized planning
top executives or planning experts work with managers in major divisions or departments to develop their own goals and plans
stretch goals
reasonable yet highly ambitious and compelling goals that energize people and inspire excellence
strategic management
the set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals
strategy
the plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining goals
core competence
something that the organization does particularly well in comparison to others
elements of competitive advantage
target customers, achieve synergy, create value, exploit core competence
SWOT analysis
strengths, weaknesses, opportunities, threats
strategy execution
the stage of strategic management that involves the use of managerial and organizational tools to direct resources toward achieving strategic outcomes
BCG matrix
business growth rate v. market share
What are the four major types of strategy?
Differentiation, cost leadership, focused differentiation, focused cost leadership
steps in the organizational planning process
1. develop the plan
2. translate the plan
3. plan operations
4. execute the plan
5. monitor and learn

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