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31 terms

Chapter 5 Vocab

Vocab terms from Chapter 5
STUDY
PLAY
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