Orga 201 Final Vocab - Orga 201 Chapter 7 Planning a...

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Orga 201 Chapter 7 Planning: a management function that involves defining goals, establishing a strategy for achieving those goals, and developing plans to integrate and coordinate activities. Goals: desired outcomes for individuals, groups or entire organizations. Plans: documents that outline how goals are going to be met and that describe resource allocations, schedules and other necessary actions to accomplish the goals. Traditional goal setting: approach to setting goals in which goals are set at the top of the organization and then broken into subgoals for each organizational level. Means-end chain: an integrated network of goals in which the accomplishment of goals at one level serves as the means for achieving the goals, or ends, at the next level. Management by objectives (MBO): an approach to setting goals in which specific performance goals are jointly determined by employees and their managers, progress toward accomplishing those goals is periodically reviewed and rewards are allocated on the basis of this progress. Directional plans: plans that are flexible and that set out general guidelines. Single-use plan: a one time plan specifically designed to meet the needs of a unique situation. Standing plans: ongoing plans that provide guidance for activities performed repeatedly. Commitment concept: the idea that plans should extend far enough to meet those commitments made today. Formal planning department: a group of planning specialists whose sole responsibility is to help write the various organizational plans. Chapter 8 Strategic management: what managers do to develop the organization’s strategies. Strategies: plans for how an organization will do what it’s in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals.
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Business model: a strategic design for how a company intends to profit from its strategies, work processes, and work activities. Strategic management process: a 6-step process that encompasses strategic planning, implementation and evaluation. Resources: an organization’s assets- financial, physical, human, intangible- that are used to develop, manufacture and deliver products or services to customers. Capabilities: an organizations skills and abilities that enable it to do the work activities needed in its business. Core competencies: an organization’s major value-creating skills, capabilities and resources that determine its competitive advantage. Strengths: any activities the organization does well or any unique resources that it has. Weaknesses: activities the organization does not do well or resources it needs but does not possess. Opportunities: positive trends in external environmental factors. Threats: negative trends in external environmental factors.
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