Principles of Management Objective Assessment

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• Identifying and Diagnosing the problem
• Generating alternative solutions
• evaluating alternatives
• making the choice
• implementing
• evaluation

What are the general decision-making stages?

• situational analysis
• alternative goals and plans
• goal and plan evaluation
• goal and plan selection
• implementation
• monitor and control

What are the specific formal planning steps?Situational Analysisa process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration specific, measurable, attainable, relevant, and time- bound SMART goals

scenarionarrative that describes a particular set of future conditions (different contingency plans to each) strategic planningA set of procedures for making decisions about the organization's long-term goals and strategies strategic goalsMajor targets or end results relating to the organization's long-term survival, value, and growth strategyA pattern of actions and resource allocations designed to achieve the organization's goals tactical planningtranslating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing operational planningThe process of identifying the specific procedures and processes required at lower levels of the organization strategy mapprovides a tool managers can use to communicate their strategic goals and enable members of the organization at every level to understand the parts they will play in helping to achieve them Strategic ManagementA process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies strategic planningbecomes an ongoing activity in which all managers are encouraged to think strategically and focus on long-term, externally oriented issues as well as short- term tactical and operational issues.MissionAn organization's basic purpose and scope of operations Strategic VisionThe long-term direction and strategic intent of a company vision statementsOften these statements are not strictly financial because financial targets alone may not motivate all organization members The chief executive officer of the organization, with the input and approval of the board of directors Who established the mission, vision, and major strategic goals?The chief executive officer of the organization, with the input and approval of the board of directors Successful strategic management depends on StakeholdersGroups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies The mission and the visiondrive the second component of the strategic management process: analysis of the external environment forecasting future trendsWhat is a critical task in environmental analysis

Internal Resourcesstrategic planning has been strongly influenced in recent years by a focus on ResourcesInputs to a system that can enhance performance core capabilityA unique skill and/or knowledge an organization possesses that gives it an edge over competitors benchmarkingThe process of assessing how well one company's basic functions and skills compare with those of another company or set of companies Strengths, weaknesses, opportunities and threats SWOT analysis corporate strategyThe set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities Concentration StrategyA strategy employed for an organization that operates a single business and competes in a single industry Vertical Integrationinvolves expanding the domain of the organization into supply channels or to distributors concentric diversificationA strategy used to add new businesses that produce related products or are involved in related markets and activities conglomerate diversificationA strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities conglomeratepursue this strategy to minimize risks due to market fluctuations in one industry.portfolioThe diversified businesses of an organization BCG MatrixOne of the most popular techniques for analyzing a corporation's strategy for managing its portfolio is the degree to which business today takes place across national boundaries One huge trend affecting almost every company's strategy Business StrategyThe major actions by which a business competes in a particular industry or market Low-cost strategiesA strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product differentiation strategyA strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions Functional StrategyStrategies implemented by each functional area of the organization to support the organization's business strategy

strategic control systemsystem designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action.Mechanistic organizationA form of organization that seeks to maximize internal efficiency organic structureAn organizational form that emphasizes flexibility Provides a perspective on where the organization is headed. Offers a worthwhile target for the entire organization to achieve.Describe the concepts of a strategic vision (intent), mission, and goals It is a method to help managers analyze the competitive environment and adapt to or influence the nature of their competition.What is Porter's Five Forces Model and how is it used in the strategic planning process.A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.What are the components of a SWOT analysis and how are they used in the strategic planning process?Concentration, vertical integration, concentric diversification, conglomerate diversification.What are the types of corporate strategies that organizations can use?Forward - firm gains increased control over it's previous customers (distributors or retailers) Backward - firm gains increased control over it's previous suppliers.What are the differences between backward and forward vertical integration?Low-cost strategies - being efficient and offering a standard, no frills product (large companies) Differentiation strategy- being unique in its industry or market segment along one or more dimensions. (high product quality) What are the two kinds of business strategies and how do companies use them to gain competitive advantage?

• est. mission, vision, and goals
• analysis of external opportunities and threats
• analysis of internal strengths and weaknesses
• SWOT analysis and strategy formulation
• strategy implementation
• strategic control

Steps in the strategic planning process sequence of activities that flow from raw materials to the delivery of a good or service, adding value with each step.Purpose- to pay close attention which enables managers to add customer value + build competitive advantage.What does the value chain concept mean, and the purpose of the value chain analysis?mechanistic- seeks to maximize internal efficiency organic- emphasizes flexibility.What are the differences between mechanistic and organic organizational structure?