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34 Cards in this Set
- Front
- Back
___: written, documented plan developed through an identfiable process
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Plan
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___: orginate from the functional areas of the organization such as production, marketing, finance and personnel
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Functional Plans
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___: understand what is going on in the world
example: technology advances |
Situational Analysis
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____: Target or end that management desires to reach
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Goals
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Goals should be ____
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SMART
Specific Measurable Attainable Relevant Time-Bound |
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___: action or mean managers intend to achieve organizational goals
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Plan
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_____: Achieve a set of goals that are not likely to be repeated in the future
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Single-Use Plans
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____: Focus on ongoing activities designed to achieve an enduring set of gals
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Standing Plans
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____: Specify actions to take when a company's initial plans have not worked well or events in the external environment require a sudden change
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Contingency Plans
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_____: Generally cover up to one year
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Short-Range Plans
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_____: Typically span at least three to five years; some extend as far as 20 years into the future
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Long-range plans
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____:Formulation, proper implementation, and continuous evaluation of strategic plans; determines the long-run directions and performance of an organization. To develop strategic plans and keep them current
( BIG PICTURE)- OVERRALL |
Strategic Planning
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____: Short-range planning; done primarily by middle to lower-level managers, it concentrates on the
formulation of functional plans ( More Tactical) day-to-day |
Operation Planning
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____: statements outlining what the organization is trying to achieve; give an organization and its members directions
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Objectives
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___: a philosophy based on converting organizational objectives into personal objectives. IT assumes that establishing personal objectives elicits employee commitment, which leads to improved performance
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Management by objectives (MBO)
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______: Broad, general guides to action that constrain or direct the attainment of objectives
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Policies
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____: Series of related steps or task expressed in chronological order for a specific purpose
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procedure
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___: require specific and definite actions to be taken or not to be taken in a given situation
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Rules
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____: A pattern of actions and resource allocations designed to achieve the organizations goals.
-outlines the basic steps to management plans to take to reach an objective or set of objectives ; outlines how management intends to achieve its goals |
Strategy
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3 Phases of Strategic Management Process
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1. Formulate
2. Implement 3. Evaluate |
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Step 1 of Planning and Strategic Management
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1. Establish a Mission, Vision and Goals
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____: Defines the basic purpose of an organization: why the organization exists
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Mission
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____: Long-term direct intent
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Strategic vision
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Step 2 of Planning and Strategic Communication
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2. Analyze External Opportunities
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Circle of External Operation
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CORE-FIRM
Middle- COMPETITIVE ENVIRONMENT Outside- Macro environment (doesn't effect company directly) |
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___: Part of Macroenvironment
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PEST
-political, economic, sociocultural, technological |
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_____X _____ = Core Competence
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Resource X Capabilities
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Four alternatives for Corporate Strategy
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1. Concentration
2. Vertical Integration 3.Concentric Diversification 4. Conglomerate Diversification |
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____: focusing on a single business competition in a single industry
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Concentration
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______: Expanding the organization's domain into supply channels or to distributors generally to eliminate uncertainties and reduce costs associated with suppliers or distributors
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Vertical Integration
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_____: Moving into new businesses related to the company's core benefits
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Concentric Diversification
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_______:expansion into unrelated businesses. Typically to minimize risks
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Conglomerate Diversification
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_____: a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions
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Differentiation
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_____:pursue one tiny segment
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Niche Strategy
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