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