MGMT 399

  1. conscious, systematic process of decisions about goals and activities that an individual, work unit, or organization will pursue in the future
  2. What are the basic planning process
    • 1. situational analysis
    • 2. Alternative goals and plan using SMART goals
    • 3. Goal and plan evaluation
    • 4. Goal and plan selection
    • 5. implementation
    • 6. monitor and control
  3. In the planning process describe what happens STEP 1
    • Situational Analysis:
    • gather, interpret, and summarize all information relevant to the planning issue in question
    • helps identify planning assumptions, issues, and problems
  4. In the planning process describe what happens STEP 2
    Alternative Goals and Plans- generate future goals that maybe used in the future; once a range of alternative is generated, alternatives can be evaluated
  5. In the planning process describe what happens STEP 3
    Goal and Plan evaluation: 1)evaluate advantages, disadvantages, and potential effects of each goal and plan 2) prioritize goals 3) consider implications of alternative plans for meeting high-priority goals
  6. In the planning process describe what happens STEP 4
    Goal and Plan Selection- select appropriate and feasible goal and create scenarios.- describes a set of future conditions
  7. In the planning process describe what happens STEP 5
    Implement- successful implementation links budget and reward systems; furthermore, managers and employees must: understand the plan, have resources, and motivated to implement the plan
  8. In the planning process describe what happens STEP 6
    Monitor and control- managers look at if the plan is successful; and modification is created if needed
  9. 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
    tactical planning
  10. process of identifying the specific procedures and processes required at lower of the organization
    operational planning
  11. a set of procedures for making decisions about the organization's long- term survival
    strategic planning
  12. major targets or end results relating to the organization's long-term survival, value, or growth
    strategic goals
  13. a pattern of actions and resource allocations designed to achieve the organization's goals
  14. a process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies
    strategic management
  15. What are steps to the strategic management process
    • 1. mission,vision, goals
    • 2. analysis of opportunities and threats
    • 3. analysis of strengths and weaknesses
    • 4. SWOT analysis
    • 5. strategy implementation
    • 6. strategic control
  16. a type of plan that focus on ongoing activities designed to achieve an enduring set of goals
    standing points
  17. type of plan where actions to be taken when a company's initial plans have not worked or require sudden change
    contingency plan
  18. identifies a set of business, markets, or industries in which an organization competes and the distribution of resources among those entities
    corporate strategy
  19. describes the major actions by which a business competes in a particular market
    business market
  20. a system designed to support managers in evaluating the organization's progress regarding its strategy and , when discrepancies exists, taking corrective actions
    strategic control system
Card Set
MGMT 399
MGMT 399 chapter B4