Principles of Management OA (WGU)

Principles of Management OA (WGU) Leave the first rating Students also studied Terms in this set (309) Social SciencesBusinessBusiness management Save Test Prep - WGU - Principles of Man...105 terms C_BondePreview WGU C483 - Principles of Managem...430 terms rwdixon1993Preview Principles of Management WGU 128 terms MadisonisdaddysBoss Preview Princip 142 term Ma An action that managers do to attain one or more of an organization's goals, a detailed plan for achieving success in situations Strategy intentional, systematic, process of deciding what goals and activities a person, group, work unit, organization will purse in the future (the act of deciding how to do something) Planning Define strategic planningprocedures organizations use in making decisions about long-term goals and strategies.Companies do the same thing when it comes to strategic planning, they do an analysis to determine what is needed to get where they are trying to go. First, where are we trying to go, what's needed to get there and what is the best way to get there or the most efficient way to get there.Name all of the steps in the strategic planning process (6) situational analysis, alternative goals and plans, goal plan and evaluation, goal plan and selection, implementation, monitor and control this is a process that planners use to gather, interpret, and summarize all information relevant to the planning issue in question (what the problem is and what are we trying to solve).situational analysis (1)

the planning process should generate alternative goals that could be pursued and the alternative plans that could be used to achieve those goals (what are the possible outcomes, if solution A works, what problems could it create?) alternative goals and plans (2) managers will evaluate the advantages, disadvantages, and potential effects of each goal and plan (if there is another alternative, how do we go about doing that) goal plan and evaluation (3) trying to select the best plan - making a choice (identify trade-offs and decide what to do) goal plan and selection (4) once goals and plans are selected, they must be implemented to achieve the goals (frontline employees) implementation (5) managers must continually monitor the actual performance of their work against the goals and plans as well as develop control systems to measure that performance (to ensure the company is making progress) monitor and control (6) What are the three levels of planning hierarchy? strategic, tactical, and operational What does the managerial level or leadership in an organization do?employs or puts together the strategy to move the company forward What does the tactical/middle management do? outlines the details of how they are going to accomplish the goal.Operational side are?Employees that actually implement the plan Strategic Management Process:A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.Steps in strategic management process (5)1. Establish the mission, vision, goals

• analysis of internal strength and weakness - external opportunities and threats
• SWOT analysis and strategy formulation
• strategy implementation
• strategic control

basic purpose of the organization , what it does, for whom it does it, and its basic good or service (what the company is currently doing and how to achieve the vision) mission

provides a perspective on where the organization is headed and what it can become (what is in front of us, what the company wants to be known for, end goal, ultimate achievement, long-term goal) vision targets or ends an organization wants to reachgoals Fulfilling goals ties into mission and vision as a company!Explain the components of a SWOT analysis and how it is used in the strategic planning process What is the first thing you do before starting SWOT analysis Analyze where the company looks at themselves internally and looks at the world externally to determine how to move forward.evaluation of the competitive environment and macroenvironment and everything external to the organization, anything that might affect what the company is trying to do (industry and stakeholders are examined as well as economic conditions and technological factors) external environment provides a view of the organization's existing functions, skills, resources, and performance level (everything within the organization such as financial status, staff capabilities).internal environment Strengths and weaknesses =internal resources opportunities and threatsexternal resources

SWOT: once managers have analyzed the external and

internal environments, they have the necessary information to assess the organization's strengths, weaknesses, opportunities, and threats (this can be done with an SWOT analysis).what does the SWOT help managers do ?helps managers summarize important information from the external and internal analyses. They can identify primary and secondary issues and create a strategy to pursue opportunities by capitalizing on strengths, neutralizing weaknesses, and countering potential threats.

Explain what a Core Competency/Capability means for an organization Chapter 4- "Resources and Core Capabilities" the combo of skills, knowledge, and resources that an organization possesses which gives it an edge over the competition, something a company does especially well relative to its competitors core competency inputs into a system that can enhance performance resource What 4 things make a company stand out from the rest pertaining to resources

• resources provide an advantage if they are instrumental in creating customer

value

• if resources are rare and not equally available to all competitors
• if resources are difficult to imitate
• resources are valuable

Describe what Porter's Five Forces Model is and how it is used in the strategic planning process Chapter 2- "The Competitive Environment" helps companies to formulate their strategies Porter 5 model is an excellent method to help managers analyze the competitive environment and adapt to or influence the nature of their competition.

• Rival firms- current firms and industry

Ex. WGU - every higher-ed institution is competition

• New entrants - new competitors may be limited by barriers of entry

Ex. WGU is an accredited institution, so any institution that is not has to overcome the barrier of achieving accreditation.

• Customers - can decide where to spend their money
• Substitutes/complements - customers can use alternative and complimentary

products Ex. Resources that can be found online that you can pay for online

• Suppliers- can affect firms in many ways (switching costs, online deliveries)

determine what suppliers you need and what are going to be most beneficial to achieve ultimate goal Ex. Supplier that provides specific webcams for proctored exams Describe the types of corporate strategies that organizations can use Chapter 4- "Corporate Strategy" under section on SWOT Analysis when an organization simply focuses on one business in one industry concentration this is when an organization takes what they are good at and create similar businesses (WGU not only has college of business, but they also have IT, health professions, and the teachers college) airlines catering, hotels, and fast food in relation to hospitality industry.concentric diversification