Card Set Information

2013-09-09 11:59:35

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  1. Specific Formal Planning Steps
    • 1. Situational Analysis
    • 2. Alternative Goals & Plans
    • 3. Goal & Plan Evaluation
    • 4. Goal & Plan Selection
    • 5. Implementation
    • 6. Monitor & Control
  2. Situational Analysis
    A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
  3. Alternative Goals & Plans
    This step should generate alternative goals that may be pursued in the future and the alternative plans that may be used to achieve those goals.
  4. Goal
    A target or end that management desires to reach.
  5. What qualities do goals need to be effective?
    • Specific
    • Measurable 
    • Attainable but challenging 
    • Relevant
    • Time-bound
  6. Specific
    When goals are precise, describing particular behaviors and outcomes, employees can more easily determine whether they are working toward the goals.
  7. Measurable
    As much as possible, the goal should quantify the desired results, so that there is no doubt whether it has been achieved.
  8. Attainable but challenging
    Employees need to recognize that they can attain the goals they are responsible for, or else they are likely to become discouraged. However, they also should feel challenged to work hard and be creative
  9. Relevant
    Each goal should contribute to the organization’s overall mission , while being consistent with its values, including ethical standards. Goals are most likely to be relevant to the organization’s overall objectives if they are consistent within and among work groups.
  10. Time-Bound
    Effective goals specify a target date for completion. Besides knowing what to do, employees should know when they need to deliver results.
  11. Plans
    The actions or means managers intend to use to achieve organizational goals.
  12. Contingency plans
    keep service levels high during a crisis can seal a company’s reputation for caring about customers. But this commitment requires highly dedicated and creative employees, and access to the necessary resources can be expensive. Managers must decide how crucial service is to their strategy—and how willing customers will be to forgive them for service lapses under pressure.
  13. goal & plan selection
    Once the managers have assessed the different goals and plans, they will select the one that is most appropriate and feasible.
  14. Implementation
    Must understand the plan, have the resources to implement it, and be motivated to do so.
  15. Monitor & Control
    is essential so that you know if your plans are succeeding.actual performance units VS goals unitsallows to take corrective action if plans are implemented improperly or situation changes
  16. What are the three major types of managers?
    Top-level (strategic Managers)Middle Level (tactical managers)Frontline (operational managers)
  17. Strategic Planning
    A set of procedures for making decisions about the organization’s long-term goals and strategies.
  18. strategic goals
    Major targets or end results relating to the organization’s long-term survival, value, and growth.
  19. Strategy
    A pattern of actions and resource allocations designed to achieve the organization’s goals.
  20. What are the five business strategy questions?
    Where will we be active? How will we get there? How will we win in the marketplace? How fast will we move and in what sequence will we make changes? How will we obtain financial returns?
  21. Tactical Planning
    A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing.
  22. Operational Planning
    The process of identifying the specific procedures and processes required at lower levels of the organization.
  23. Strategic Management
    A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
  24. What are the six major components of strategic managment
    • 1. Establishment of mission, vision, and goals.
    • 2. Analysis of external opportunities and threats
    • 3. Analysis of internal strengths and weaknesses.
    • 4. SWOT (strengths, weaknesses, opportunities, and threats) analysis and strategy formulation.
    • 5. Strategy implementation.
    • 6. Strategic control.
  25. What is a mission?
    An organization's basic purpose and scope of operations.
  26. strategic vision
    The long-term direction and strategic intent of a company.
  27. Strategic Goals
    It evolves from the mission and vision of the organization.
  28. Stakeholders
    Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies.
  29. Six characteristics of strategic managment
    • Top Management
    • Resources
    • Multifuncutonal consequences
    • Long Term
    • Future Orientated
    • External Environment
  30. Environmental Analysis
    • Industry & Market Analysis
    • Competitor Analysis 
    • Political & Regulatory Analysis
    • Social Analysis 
    • HR Analysis
    • Macroeconomic Analysis
    • Technological Analysis