Chapter 5 MGT Review Essay

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

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