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Define planning.
Conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future. A purposeful effort that is directed and controlled by managers and often draws on the knowledge and experience of employees throughout the organization
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What is considered the most fundamental management function?
Planning. Controversial because you're going to change and people may not like it.
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Define the 6 planning process steps.
- 1. Situational analysis
- 2. Alternative goals and plans
- 3. Goal and plan evaluation
- 4. Goal and plan selection
- 5. Implementation
- 6. Monitor and control
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Define 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.
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Define goal.
A target or end that management desires to reach. Specific, measurable, attainable, relevant, time-bound.
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Define alternative goals and plans.
Should stress creativity and encourage managers and employees to think in broad terms about their jobs
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Define plans.
The actions or means managers intend to use to achieve organizational goals
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Define contingency plans.
Sets of actions to be taken when a company's initial plans have not worked well or if events in the external environment require a sudden change
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Define mission.
An organization's basic purpose and scope of operations.
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What is a mission statement?
Describes values and aspirations. Focuses on customers, values, product quality, and attitude towards employess
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Define strategic planning.
A set of procedures for making decisions about the organization's long-term goals and strategies
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Define strategic goals.
Major targets or end results that relate to the long-term survival, value, and growth of the organization.
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Define strategy.
A pattern of actions and resource allocations designed to achieve the organization's goals
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Define 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.
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Define operational planning.
The process of identifying the specific procedures and processes required at lower levels of the organization.
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Define strategic management.
A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
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Define SWOT.
- S- strengths
- W- weaknesses
- O- opportunities
- T- threads
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Define stakeholders.
Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies.
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Define resources.
Inputs to a system that can enhance performance. Tangible & Intangible assets.
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Define benchmarking.
Process of assessing how well one company's basic functions and skills compare with those of another company or set of companies.
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What is the goal of benchmarking?
To thoroughly understand the "best practices" of other firms and to undertake actions to achieve both better performance and lower costs.
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Define corporate strategy.
The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. Concentration. Vertical integration. Concentric diversification.
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Define concentration.
A strategy employed for an organization that operates a single business and competes in a single industry.
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Define vertical integration.
The acquisition or development of new businesses that produce parts or components of the organization's prodct
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Define concentric diversification.
A strategy used to ass new businesses that produce related products or are involved in related markets and activities.
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Define low cost strategy.
A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.
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Define differential strategy
A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along on or more dimensions
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Define illusion control.
People's belief that they can influence events, even when they have no control over what will happen.
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Define framing effects.
A decision bias influenced by the way in which a problem or decision alternative is phrased or presented.
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Define groupthink.
A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus.
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Define goal displacement.
A condition that occurs when a decision-making group loses sight of its original goal and a new, less important goal emerges. Also called drift.
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Define devil's advocat.
A person who has the job of criticizing ideas to ensure that their downsides are fully exploded.
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Define dialects.
A structured debate comparing two conflicting courses of action.
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