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50 Cards in this Set
- Front
- Back
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planning
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previously defines as setting goals and deciding how to achieve them; coping with uncertainty by formulating future courses of action to achieve specific results
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defenders
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expert at producing and selling narrowly defined products and services ("lets stick with what we do best, avoid other involvement")
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prospectors
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focus on change, developing and seeking new markets or services rather than waiting for things to happen ("lets create our own opportunities, not wait for them to happen")
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analyzers
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- let the organizations take the risks of product development and marketing and then imitate what works best ("let others take the risk of innovating, and we will imitate what works")
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reactors
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make adjustments only when finally forced to by environmental issues ("lets wait for a crisis, then react")
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mission statement
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expresses the purpose of the organization (what is our reason for being)
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vision statement
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expresses what the organization should become, where it wants to go strategically (what we want to become)
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strategic planning
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top managers decide what the organization's long term goals should be for the next 1-5 years with resources they expect to have available
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tactical planning
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middle managers decide what contributions their departments or similar work units can make with their given resources during the next 6-24 months
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operational planning
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first-line managers determine how to accomplish specific tasks with available resources within next 1-52 weeks
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SMART Goals
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Specific
Measurable Attainable Results-Oriented Target Dates |
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MBO
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Managment by Objective
managers and employees jointly set goals and plans |
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project planning
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preparation of single-use plans or projects, • Project planning reduces the risk of uncertainty and speed up process of getting things done
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The Project Lifecycle
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1. definition 2. planning 3. execution 4. closing
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critical path method
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1. List activities
2. Estimate activity completion time 3. Draw network diagram based on dependencies 4. Identify critical path 5. Ensure critical path steps remain on schedule |
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strategy
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- large scale action plan that sets the direction for an organization; an educated guess about what the organization has to do to survive
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Strategic Planning Steps
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1. establish mission and vision statement 2. establish grand strategy 3. formulate strategic plans 4. carry out strategic plans 5. maintain strategic control
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SWOT analysis
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Strengths
Weaknesses Opportunities Threats |
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trend analysis
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hypothetical extension of a past series of events into the future
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contingency planning
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creation of alternative hypothetical by equally likely future conditions
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Porter's 5 Competitive Forces
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threat of new entrants, bargaining power of suppliers, bargaining power of consumers, threat of substitutes, rivalry among competitors
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cost leadership strategy
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keep costs and prices below those of competitors, and targeting a wide market (Dell, Home Depot, Bic)
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differentiation strategy
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offer products or services that are unique and superior value, and sell to a wide market (Ritz-Carlton Hotels)
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cost focus strategy
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keep costs and prices below those of competitors and target a narrow market (regional gas stations)
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focused differentation strategy
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offer products or services that are unique and superior, sell to a narrow market (Ferrari/Lamborghini)
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Product Life Cycle
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Introduction Stage
Growth Stage Maturity Stage Decline Stage |
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single product strategy
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company makes and sells only one product (can focus on one product BUT vulnerable to competitors)
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diversification strategy
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operating several businesses in order to spread the risk (can be related or unrelated)
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competitive intelligence
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when companies gain information about their competitors so that they can anticipate their moves and react appropriately
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Strategy Implementation Processes
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People, Strategy, Operations
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organizational culture
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system of shared beliefs and values that develops within an organization and guides the behavior of its members (the organization's personality)
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invisible level
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the core culture consists of values, beliefs, and assumptions
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visible level
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culture is expressed in symbols, stories, heroes, and rites and rituals
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organization
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a system of consciously coordinated activities or forces of two or more people
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3 purposes of an organization
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for-profit, nonprofit, mutual benefit
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vertical hierarchy
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shows chain of command, and the official communication network
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horizontal specialization
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shows different jobs or work specialization of an organization
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major elements of an organization
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common purpose, coordinated effort, division of labor, hierarchy of authority, span of control, authority responsibility and delegation, centrialization vs. decentrialization
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centralized authority
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important decisions made by higher-level managers
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decentralized authority
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important decisions made by middle-level and supervisory-level managers
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simple structure
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has authority centralized in a single person, a flat hierarchy, few rules, and low work specialization (often used in very early stages of a firm)
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functional structure
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common in profit and nonprofit organizations, people with similar occupational specialties are put together in formal groups
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divisional structure
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people with diverse occupational specialties are put together in formal groups
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hybrid stucture
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uses a mix of functional and divisional structures in different parts of same organization
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congolomerate structure
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groups divisions around similar businesses or industries
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matrix structure
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combines functional and divisional chains of command in grid, there are 2 command structures (vertical & horizontal)
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team-based structure
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teams are used to improve horizontal relations and solve problems
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Network/virtual structure
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central core that is linked to outside independent firms by computer connections which are used to operate as if all were a single organization
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contingency design
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process of fitting the organization to its environment
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organization life cycle
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birth (creation, non-bureaucratic) youth (growth, pre-bureaucratic) midlife (bureaucratic, stable) maturity (very bureaucratic, mechanistic)
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