MGMT CH 4

________: the ability of top management to convey a compelling vision of what they want to achieve to subordinates.

________: ensures that all managers within organization all pull is same direction towards future desired state.

Using ________ or cost- leadership (or both) is the to adapt to market changes.

________: collect and use all available information in the planning process.

Strategy: ________ and actions that managers take to help an organization attain its goals.

________ /function level: functional managers responsible for planning and strategy- making necessary to increase efficiency and effectiveness within their function (e.g.

________: allows managers to ________ in decision- making about appropriate goals and strategies.

________: increased competition results in lower profits.

________: plans can be altered and changed if the situation changes.

________ Five Forces model: used to analyze potential profitability of entering and competing within a particular industry.

________: reveals "big picture "of organization, its dream for future.

________: specific methods a division will use to compete effectively against rivals in industry.

________: identifies organizational strengths (S), weaknesses (W), opportunities (O) and threats (T)

Rolling plan: updated and amended every year to reflect changes in the ________.

________: formulated to deal with possible future crises.

________: more available substitutes tend to drive prices and profits lower.

________: results from the planning process and details goals of the organization and specifies how managers intend to attain them.

________: generation of multiple forecasts of future conditions followed by an analysis of how to respond effectively to each of those conditions.

________: plan of action concerning which industries and countries an organization should invest its resources in.

________: analysis of an organizations current situation followed by the development of strategies to accomplish the mission and achieve goals.

________: graphic bar chart used to schedule tasks, responsibilities and timelines.

________ to improve ability of each department to create value consistent with corporate- and business- level strategies.

________: top managers responsible for planning and strategy- making for organization as a whole.

________: if there are only a few large buyers, they can bargain down prices.

________: divisional managers responsible for planning and strategy within their particular division or unit.

Divisions ________ and structure necessary to achieve divisional goals.

________: managers gain a competitive advantage by distinguishing an organizations products from competitors in dimensions such as:

________: specifies in which industries and national markets an organization intends to compete and why.

________: plan to gain a competitive advantage in particular market or industry.

process that managers use to identify and select suitable goals and courses of action for an organization

results from the planning process and details goals of the organization and specifies how managers intend to attain them

cluster of decisions and actions that managers take to help an organization attain its goals

corporate, business, and functional levels

assign responsibility and allocate resources

what measures of success will be used

broad declaration of the big picture of the organization and/or a statement of its dreams for future

broad declaration of purpose that identifies the organization's products and customers and distinguishes the organization from competitors

what goals organization is trying to achieve and strategies to achieve them

allows managers to participate in decision-making about appropriate goals and strategies

ensures that all managers within organization all pull is same direction towards future desired state

specifies who is responsible for putting the strategies into action to achieve the goals

at any time only one central, guiding plan is put into operation to achieve an organizational goal

an ongoing process in which managers build and refine previous plans

collect and use all available information in the planning process

plans can be altered and changed if the situation changes

top managers responsible for planning and strategy-making for organization as a whole

divisional managers responsible for planning and strategy within their particular division or unit

functional managers responsible for planning and strategy-making necessary to increase efficiency and effectiveness within their function (e.g

corporate level plans , long term

tactical plans, business plans

short term, functional procedures

top managements decisions       concerning organizations mission and goals, overall       trategy and structure

specifies in which industries and national markets an organization intends to compete and     why

specific methods a division will use to compete effectively against rivals in industry

states goals that managers of each function will pursue to help division attain business-level goals to support achievement of corporate goals

plan of action that managers of individual functions follow to improve the ability of each function to perform task-specific activities to

five years or more

between one and five years

one year or less

updated and amended every year to reflect changes in the external environment

used where programmed decision making is appropriate

developed to handle non-programmed decision making in unusual situations

5 Step Process

analysis of an organizations current situation followed by the development of strategies to accomplish the mission and achieve goals

identifies organizational strengths (S), weaknesses (W), opportunities (O) and threats (T)

increased competition results in lower profits

easy entry leads to lower prices and profits

if there are only a few large buyers, they can bargain down prices

more available substitutes tend to drive prices and profits lower

plan of action concerning which industries and countries an organization should invest its resources in

plan to gain a competitive advantage in particular market or industry

managers gain a competitive advantage by driving down organizational costs

managers gain a competitive advantage by distinguishing an organizations products from competitors in dimensions such as

in some organizations, managers drive down costs while differentiating their products

serving only one segment of the market and being the lowest-cost organization in that segment

serving only one segment of the market and trying to be the most differentiated organization serving that segment

and business-level strategies

a way to track and measure progress toward goals from a number of perspectives