Management Ch. 4

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  1. A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
    situational analysis
  2. A target or end that management desires to reach.
  3. The actions or means managers intend to use to achieve organizational goals.
  4. A narrative that describes a particular set of future conditions.
  5. A set of procedure for making decisions about the organization's long - term goals and strategies.
    strategic planning
  6. Major targets or end results relating to the organization's long - term survival, value, and growth.
    strategic goals
  7. A pattern of actions and resource allocations designed to achieve the organization's goals.
  8. A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a particulr portion of the organization, such as a functional area like marketing.
    tactical planning
  9. The process of identifying the specific procedures and processes required at lower levels of the organization.
    operational planning
  10. A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
    strategic management
  11. An organization's basic purpose and scope of operations.
  12. The longterm direction and strategic intent of a company.
    strategic vision
  13. Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies.
  14. Inputs to a system that can enhance performance.
  15. A unique skill and/or knowledge an organizatio possesses that gives it an edge over competitors.
    core competence
  16. A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.
    swot analysis
  17. The set of businesses, markets, or industries in which an organization competes and the distributionof resources among those entities.
    corporate strategy
  18. A strategy employed for an organization that operates a single business and competesin a single industry.
  19. The acquisition or development of new businesses that produce parts or components of the organizaion's product.
    vertical integration
  20. A strategy used to add new businesses that poduce related products or are involvedin related markets and activities.
    concentric diversification
  21. A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.
    conglomerate diversification
  22. The major actions by which an organization competes in a particular industry or market.
    business strategy
  23. A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.
    low-cost strategy
  24. A strategy an organization uses to build competitive advanatage by being unique in its industry or market segment along one or moredimensions.
    differntiation strategy
  25. Strategies implemented by each functional area of the organization to support the organization's business strategy.
    functional strategies
  26. A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action.
    strategic control system
  27. The state that exists when decision makers have accurate and comprehensive information.
  28. The state that exists when decision makers have insufficient information.
  29. The state that exists when the probability of success is less than 100 percentand lsses may occur.
  30. Ideas that have been seen or tried before.
    ready-made solutions
  31. New creative solutions designed specifically for the problem.
    custom-made solutions
  32. Choosing an option that is acceptable, although not necessarily the best or perfect.
  33. Achieving the best possible balance among several goals.
  34. People's belief that they can influence events, even when they have no control over what will happen.
    illusion of control
  35. A decision bias influenced by the way in which a problem or decision alternative is phrased or presented.
    framing effects
  36. A decison realizing the best possible outcome.
  37. A bias weighting short-term costs and benefits more heavily than longer-term costs and benefits.
    discounting the future
  38. A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus.
  39. A condition that occurs when a decision-making group loses sight of its original goal and a new, less important goal emerges.
    goal displacement
  40. A person who has the job of criticizing ideas to ensure that their downsides are fully explored.
    devil's advocate
  41. A structured debate comparing two conflicting coursesof action.
  42. A process in which group members generate as many ideas about a problem as they can; criticism is withheld until all deas have been proposed.
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Management Ch. 4
Management Ch. 4
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