cheat sheet2 - CHAPTER 7 Goal a desired future state that...

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CHAPTER 7 Goal : a desired future state that the organization wants to realize. Plan : a blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals. Mission: a company’s reason of existence Vision: an attractive, ideal future that is credible yet not readily attainable. Brainstorming : face-2-face, spontaneously suggest a broad range of alternatives for making a decision Organizing : deployment of organizational resources to achieves strategic goals Planning : management function concerned with defining goals for future performance and how to attain them. Top management: strategic goals, middle mgmt.: tactical plan, low management : operational. Mission statement : i s a broadly stated definition of purpose that distinguishes the organization from others of a similar type. Goal statement : a broad statement of where an organization as a whole wants to be in the future. Income statement : summarizes the firm’s financial performance for a given time interval M anagement -B y -O bjectives : A method whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance. Steps of the MBO process: set goals, develop action plans, review progress, and appraise overall performance. Strategic goals are broad statements of where the organization wants to be in the future and pertain to the organization as a whole rather than to specific divisions or departments. Operational goals are specific, measurable results that are expected from departments, work groups, and individuals. Tactical goals the outcomes that major divisions and departments must achieve for the organization to reach its overall goals are called. Tactical plans are designed to help execute major strategic plans and to accomplish a specific part of the company’s strategy. Crisis Management Plan: is a detailed, written plan that specifies the steps to be taken, and by whom, if a crisis occurs. CHAPTER 8 Strategy formulation: the stage of strategic management that includes the planning and decision making that lead to the establishment of the organization’s goals and a specific strategic plan. (SWOT?) Strategic management: refers to the set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between an organization and its environment so as to achieve organizational goals. Implementation : involves using managerial, administrative, and persuasive abilities to translate a chosen decision alternative into action. Core competence: something that the organization does better than others Multi-domestic strategy: competition in each country, product design, and advertising are modified and handled independently to the specific needs Transnational strategy: is a strategy that combines global coordination to attain efficiency with local flexibility to meet needs in different countries.
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