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MGC1 Principles of Management WGU

Strategy Map
tool managers use to communicate their strategic goals and enable members at every level of the organization to understand the role they play
Strategic Map shows
the relationship between firms and practices and its long term success
Conglomerate diversification
add a new business unrelated products/markets
vertical integration
development of new business that produces parts/components of the organization’s products
Concentric diversification
moving into a new business that are related to the company’s original product – produce related product/market
Corporate Strategy
set of business/markets in which an organization competes and distribution of resources among those entities
vision
long term direction and strategic intent of a company
Concentration
single business focus on a single industry
Mission
clear concise expression of basic purpose and scope of operations
SWOT
Strength Weakness Opportunities Threats
Comparison that helps executives formulate strategy
Benchmarking
process of assessing how well one company basic functions and skills compare with other companies
Goals of benchmarking
understand best practices
under take actions to achieve better performance and lower cost
Strategic Management
process that involves managers form all parts of the organization in the formulation and implementation of strategic goals and strategies
Business Strategy questions
Where will we be active? How will we get there? How will we win in the market? How fast will move and in what sequence will we make changes? How will we obtain financial returns?
Alliances
can increase speed and innovation and lower costs
Strategic Alliance
formal relationship created among independent organizations with the purpose of joint pursuit of mutual goals
Strategy Implementation
Define strategic risk, access capabilities, develop agenda, create an implementation plan
Strategic plans
making decisions about organizations long term goals and strategies
Strategic goals
major targets or end results relating to the organization long term survival, value and growth
Organic Structure
strategy, size, customers, technology
organizational form that emphasizes flexibility
Mechanistic Organization
seeks to maximize internal efficiency
logistics
movement of the right goods, in the right amount, to the right place, at the right time
Time Based Competition TBC
Strategies aimed at reducing the total time needed to deliver a good or service
Just In Time ( JIT)
very small points manufactured and delivered to the next stage of production
SMART Goals
S – Specific M – Measurable A – Attainable R – Relevant T time bound
Specific
precise
Measurable
quantify desired results
Attainable
recognize they can attain goal
Relevant
contribute to overall mission
Time
effective goals specify target date
goal
a target or end result that management desires to reach
contingency plans
set of actions to be taken when initial plans did not work – or if events in the external environment require a sudden change
Plans
actions or means managers intend to use to achieve organizational goals
Technology
systematic application of scientific knowledge to a new product, process or service
small batch
produces goods and services in low volume
Operational planning
the process of identifying specific procedures and processes required at lower levels of the organization
Tactical Planning
set of procedures for translating strategic goals and plans into specific goals that are relevant to a distinct portion of the organization – functional area or marketing
Economies of scale
size creates scale economies that is lower cost per unit of production; specific advantages greater purchasing power and easier access to capital
Strategic Planning
Establishment of mission/vision/goal
Analysis internal strengths and weakness and external opportunities and threats
SWOT analysis and strategy formulation
Strategy implementation
Strategic control
Core Competence
capability, knowledge, expertise, skill of the organization
Resources are rare -inimitable – organization -valuable
Basic Planning Process
Situational analysis
Alternative goals and plans
Goal and Plan evaluation
Goal and Plan selection
Implementation
Monitor and Control
Differentiation Strategy
used to build competitive advantages by being unique in the industry/market along one or more dimension
Functional Strategy
Implemented by each functional area to support the organization business strategy
Business Strategy
major action by a business competes in a particular industry or market
Low Cost Strategy
uses to build competitive advantage by being efficient and offering a standard no frills product – low production cost
Dynamic Network
companies organize to pull off mass customization at low costs
(relatively independent operating units)
Psychological Criteria
a way of defining quality that focuses on judgmental evaluations of what constitutes product or service excellence
Abilene Paradox
Opposition of change
Management
the process of working with people and resources to accomplish organizational goals
Planning
the management function of making decisions about the goals and activities
Strategic Triangle – Ohmae
Corporation Customers Competitors
Survivors Syndrome
loss of productivity and morale in employees who remain after a downsizing
Situational Analysis
process planners use to gather interpret, summarize all information relevant to the planning issue under consideration
Strategy
a pattern of actions and resources allocations designed to achieve the organization goals
Total Quality Management TQM
way of managing that everyone is committed to the continuous improvement of their part of the operation
Customer Relationship Management CRM
focusing on creating 2 way exchanges w customers to get intimate knowledge of their needs, wants and buying patterns
Mass Customization
production of varied, individually customized products at the low cost of standardized mass -produced products
Computer Integrated Manufacturing CIM
use of computer aided design and computer aided manufacturing to sequence and optimize a number of production processes
Flexible Factories
manufacturing plants that have short production runs,
organized around products
use decentralized scheduling
Lean Manufacturing
an operation that strives to achieve the highest possible productively and total quality, cost effectively by eliminating unnecessary steps in production
Continuous Process
process that is highly automated and has a continuous production flow – done by machines entirely – do not stop and start
Large Batch
produce goods and services in high volume
Learning Organization
organization skilled at creating acquiring, and transferring knowledge and at modifying its behavior to reflect new knowledge and insights
High Involvement Organization
top management ensure that there is consensus about the direction in which the business is heading
Economices of scope
Economies in which materials and processes employed in one product can be used to make other related products
Diseconomies of scale
cost of being too big
Strategic control system
system to design to support managers in evaluating progress in strategy and when discrepancies exist taking correction action
ISO 9001
International Organization for Standardization – quality standards
Six Sigma Quality
defect free 99.99966%<3.4 defects per million Statistical tools to analyze the causes of product defects
Downsizing
planned elimination of positions or jobs
Right Sizing
Size at which the company performs most effectively
Simultaneous Engineering
design approach functions jointly and continually in maximum effort aimed at producing high quality products that meet customer needs
Value Chain
Sequence of activities that flow from raw materials to delivery of good/service w additional value at each step
Business Incubators
protected environments for new, small business
Entrepreneurial personality
Commitment and determination
leadership
opportunity obsession
tolerance of risk
creativity, self reliance, ability to adapt
motivation to excel
Franchising
an entrepreneurial alliance between franchisor and a franchisee

franchisor – already successful and wants to grow
franchisee – partner w new store of same type at new location

transaction fee model
charging fees for goods/services
e-commerce market
transaction fee
advertising support
intermediary
affiliate
subscription models
advertising support model
charging fees to advertise on a site
affiliate model
charging fees to direct site visitors to other companies site
intermediary model
charging fees to bring buyers and sellers together
subscription model
charging fees for site visits
intrapreneurs
new venture creators working inside big companies
entrepreneur
establish a new organization w/o benefit of corporate sponsorship
a manager who act quicker and manage risk
entrepreneurship
the pursuit of lucrative opportunities by enterprising individuals
entrepreneurial venture
a new business having growth and high profitability as primary objectives
small business
fewer than 100 employees
independently owned and operated
not dominant in field
not characterized by innovative practices
Building support ( new idea)
clearing the investment
making cheerleaders
horse trading
get the blessing
Bootlegging
informal work on projects other than those officially assigned of employees’ own choosing and initiative
entrepreneurial orientation
identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets w/ new or existing goods/services
Opportunity analysis
a description of the good/services
an assessment of opportunity
an assessment of the entrepreneur (you)
specification of activities and resources needed to translate your idea into a viable business
source of capital
initial public offering ( IPO)
sale to the public for the first time of federally registered and under written shares of stock in the company
social capital
competitive advantage in the form of relationships with other people and the image other people have of you
skunkworks
a project team designated to produce a new innovative product
Business plan
formal planning step that focuses on the entire venture and describes all of the elements involved in starting it
legitimacy
people’s judgment of a company’s acceptance, appropriateness and desirability
market control
control based on use of pricing mechanisms and economic information to regulate activities within the organization
clan control
Control based on the norms, values, shared goals and trust among team members
Unfreezing
Realizing that current practices are inappropriate and that new behavior is necessary
Performance gap
the difference between the actual performance and the desired performance
moving
instituting the change
force field analysis
An approach to implementing the unfreezing/moving/refreezing model by identifying the forces that prevent people from changing and those that will drive people toward change
refreezing
Strengthening the new behaviors that support the change
total organization change
Introducing and sustaining multiple policies, practices, and procedures across multiple units and levels
adapters
Companies that take the current industry structure and its evolution as givens, and choose where to compete
shapers
Companies that try to change the structure of their industries, creating a future competitive landscape of their own design.
Continuous learning
provides a fundamental competitive advantage by helping you and your organization achieve difficult goals
managing diversity
Managing a culturally diverse workforce by recognizing the characteristics common to specific groups of employees while dealing with such employees as individuals and supporting, nurturing, and utilizing their differences to the organization’s advantage
glass ceiling
an invisible barrier that makes it difficult for women and minorities to move beyond a certain level in the corporate hierarchy
monolithic organization
An organization that has a low degree of structural integration—employing few women, minorities, or other groups that differ from the majority—and thus has a highly homogeneous employee population
pluralistic organization
An organization that has a relatively diverse employee population and makes an effort to involve employees from different gender, racial, or cultural backgrounds.
tyranny of the or
The belief that things must be either A or B and cannot be both; that only one goal and not another can be attained
genius of the and; organizational ambidexterity
Ability to achieve multiple objectives simultaneously.
Organizational Development OD
The system wide application of behavioral science knowledge to develop, improve, and reinforce the strategies, structures, and processes that lead to organizational effectiveness.

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