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Vocab terms from Chapter 5


desired future state that the organization attempts to realize


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


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


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


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


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


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


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

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