management chapter 4 Planning and Strategic Managment (js style)

Planning
The conscious, systematic process of making decisions about goals and activities that will be pursed in the future.
Goals
targets or ends that management desires to reach.
Effective
Having the right goal will make you what?
efficent
Doing the right activities will make you what?
Blake and Mouton
These guys stated that planning is the second leading cause of managerial problems.
They receive a higher payoff
What can be said about formal planners in relation to time.
Situational Analysis
What is the first step of the planning process?
Alternative plans and goals
This is derived in the second step of the planning process based on the situational analysis.
They are specific, measurable, attainable, relevant, and timely
What does it mean when goals are SMART?
Single use plans
These types of plans are designed to achieve a set of goals that are not likely to be used in the future. (ex. wedding plans)
standing plans
these types of plans focus on ongoing activities designed to achieve an enduring set of goals. (ex. hiring of employees)
policies, procedures, rules
the specificity of standing plans is summed up in what three things.
policy
“we will not be undersold” is an example of a what?
procedure
Rutgers taking steps and providing options against sexual harassment is an example of a what?
Rule
Airlines requiring a letter of documentation when flying with a service pet is an example of a what?
Levels of planning
strategic planning and tactical and operational planning are examples of what?
Strategic planning
This is a set of procedures for making decisions about the organization’s long term
goals and strategies.
Strategic goals
major targets or end results relating to the organizations long term survival, value, and growth.
Strategy
action of steps by which an organization intends to attain strategic goals.
tactical plans
a set of procedures for translating broad specific goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as functional area like marketing.
tactical goals
defines the outcomes that major divisions must achieve in order for organizations to reach its overall goals.
Operational Plans
the process of identifying specific procedures and processes required at lower levels of the organization.
operational goals
these are specific, measurable results expected from departments, work groups, and individuals with the organization.
Goal alignment
this is the idea that strategic, tactical, and operational goals and plans must be consistent, mutually supportive, and focus on achieving the common purpose and direction.
strategic management
This involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies
Identify, create, and sustain competitive advantage
what is the goal of strategic management?
Strategic management process
Step1: establishment of vision, mission, and goals-Step2: Analysis of external opportunities and threats-Step3: Analysis of internal strengths and weaknesses-Step4: SWOT analysis and strategy formulation
These are the four steps of what process?
Mission
This can be called the raison d’etre, or the organizations reason for being
Strategic vision
This is the long term direction and strtegic intent of a company.
core competence
This is a unique skill and or knowledge an organization possesses that gives it an edge over competitors.
S-O strategy
This type of swot strategy pursues opportunities that fit company’s strengths. (ex. 3m proving tape for airport windows in order to make them shatter proof)
W-O strategy
This type of swot strategy overcomes weaknesses to pursue opportunity.
S-T strategy
This type of swot strategy uses strengths to overcome a threat. (ex. Yankees using their buying power in attempt to better their pitching lineup.)
W-T strategy
This type of swot strategy is a defensive plan to prevent a weakness from making the company vulnerable to an external threat. (ex. BP going on joint venture with Enron to stop oil spill.)
corporate strategy
A set of businesses, markets, or industries in which an organization competes and the distribution of resources of resources among those entities.
Concentration Strategy
This type of strategy focuses on a single business competing in a single industry. (stick to what you do best)
horizontal integration
this type of integration focuses on the purchase of one or more businesses that are similar.
Concentric diversification strategy
This corporate strategy adds new businesses that produce related products or are involved in related markets and activities.
conglomerate diversification strategy
this corporate strategy adds new businesses that produce unrelated products or they are involved in unrelated markets and activities.
cost
what often gets reduced for companies when they integrate vertically?
Concentration
TD bank increasing the number of its branches is an example of what type of corporate strategy?
concentric
The waste Management firm getting into and owning landfills is an example of what type of corporate strategy?
conglomerate
The Indian firm TATA involves itself in more than 100 different business, this is an example of what type of corporate strategy?
Portfolio analysis
this is the organizations mix of strategic business units and product lines that fit together in such a way to provide the corporation with synergy and competitive advantage.
synergy
this is the idea that the value created by business units working together exceeds the value those same units create working independently.
BCG Matrix
This corporate strategy tool evaluates strategic business units with respect to market growth and relative competitive position.
Experience curve effect
This is the idea that management costs declines by some characteristic amount each time the accumulated output is doubled.
porters
The idea of differentiation, low cost, and focus are who’s three generic strategies?
differentiation
This is the porter strategy used to build competitive advantage by being unique in its industry or market segment along one or more dimensions
low cost
This porter strategy happens when the organization builds competitive advantage by being efficient and offering a standard no frills product.
focus
this porter strategy emphasizes concentration on a specific on a specific regional market or buyer group that has similar preferences or place similar value on product features.