Chapter 5 Vocab

31 terms by Drrude11 

Create a new folder

Advertisement Upgrade to remove ads

Vocab terms from Chapter 5

goal

desired future state that the organization attempts to realize

plan

blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals

planning

act of determining the organization's goals and the means for achieving them

mission statement

broadly stated definition of the organization's basic business scope and operations that distinguishes it from similar types of organizations

strategic plans

action steps by which an organization intends to attain strategic goals

tactical goals

goals that define the outcomes that major divisions and departments must achieve for the organization to reach its overall goals

tactical plans

plans designed to help execute major strategic plans and to accomplish a specific part of the company's strategy

operational goals

specific, measurable results expected from departments, work groups, and individuals within the organization

operational plans

plans developed at the organization's lower levels that specify action steps toward achieving operational goals and that support tactical planning activities

management by objectives

method of management whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance

single use plans

plans that are developed to achieve a set of goals that are unlikely to be repeated in the future

standing plans

ongoing plans that are used to provide guidance for tasks performed repeatedly within the organization

contingency plans

plans that define company responses to specific situations, such as emergencies, setbacks, or unexpected conditions

scenario building

looking at trends and discontinuities and imagining possible alternative futures to build a framework within which unexpected future events can be managed

event driven planning

evolutionary planning that responds to the current reality of what the environment and the marketplace demand

planning task force

group of managers and employees who develop a strategic plan

strategic management

specific type of planning in for-profit business organizations; typically pertains to competitive actions in the marketplace

strategy

plan of actions that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization's goals

competitive advantage

what sets the organization apart from others and provides it with a distinctive edge for meeting customer needs in the marketplace

core competence

something the organization does especially well in comparison to its competitors

synergy

joint effect that is greater than the sum of the parts acting alone

value

combination of benefits received and costs paid

strategy formulation

planning and decision making that lead to establishment of the firm's goals and development of a specific strategic plan

strategy implementation

use of managerial and organizational tools to direct resources toward accomplishing strategic results

situation analysis

evaluation that typically includes a search for SWOT-strengths, weaknesses, opportunities, and threats-that affect organizational performance

differentiation strategy

attempt to distinguish the firm's products or services from others in the industry

cost leadership strategy

aggressive attempt to seek efficient facilities, pursue cost reductions, and use tight cost controls to produce products more efficiently than competitors

focus strategy

concentration on a specific regional market or buyer group

collaboration

cooperating with other firms rather than competing with them

joint ventures

separate entities created with two or more active firms as sponsors, and the organizations share the associated risks and costs

leadership

ability to influence people to adopt the new behaviors needed for strategy implementation

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set