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Chapter 10 Review
Planning and Strategic Management
Terms in this set (33)
are plans that pertain to single departments or units within a company.
a plan that employs several different strategies at once.
Provide overall direction for the company.
a plan to reverse negative trends in a company, such as losses in sales.
A strategy that strives to make the product or service unique
when a company sells some part of its business
the process of continuously monitoring the company's progress toward its long range goals and mission.
the strategy that directs marketing and sales towards a small segment of the market.
is the systematic studying of an issue and the preparation of a written document to deal with the problem.
developing the grand- and business-level strategies used by the company.
are short-range operational plans that support business strategies by emphasizing practical implementation.
are concise statements that provide direction for employees and set standards for achieving the company's strategic plan andmust be reevaluated as the environment and opportunities change
Grand or corporate strategies
provide overall direction for the company and deal with the most important aspects of the company's operations.
Plans developed when a company tries to expand sales, products, or number of employees are called
the action stage of strategic management.
covers the time span between short-range and long-range
when the entire company is sold or dissolved
plans that cover a three-five year period of time yet could last up to 20 years
outlines why the company exists.
short-range planning and it focuses on forming ideas for dealing with specific functions in the company, such as the production of new products.
overall cost leadership
strategy designed to produce and deliver a product or service for a lower cost than the competition.
are broad general guides to action that establish boundaries within which employees must operate.
detailed series of related steps or tasks
detail specific corporate actions employees must follow
plans cover a one-year period of time.
A plan to keep the company operating at the same level that it has for several years, andwill most likely slowly change work environments.
are part of an organization's
process, top management sets goals for the performance of the company, functions include: Formulation, implementation, and evaluation
the application of the basic planning process at the highest levels of the company.
is long-range planning done by the highest management levels in the company, including the president vice president, and chief operating officer ,(CEO).
is an outline of the basic steps management is going take to achieve a goal.
a technique that evaluates a company's internal strengths and weaknesses and its external opportunities and threats and is the most utilized process for determining a company's overall health
plan used to regain success
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