study_guide_05.doc - Study Guide to Go Chapter 5 Planning...

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Study Guide to Go Chapter 5: Planning and Strategy Chapter Outlines Coping with Uncertainty Organizational Responses to Uncertainty Balancing Planned Action and Spontaneity in the Twenty-First Century The Essentials of Planning Organizational Mission Types of Planning Objectives Priorities The Planning/Control Cycle Thinking Strategically (Including E-Business Strategies) Synergy Porters Generic Competitive Strategies E-Business Strategies for the Internet The Strategic Management Process Formulation of a Grand Strategy Formulation of Strategic Plans Implementation of Strategic Plans Strategic Control Corrective Action Based on Evaluation and Feedback Glossary planning coping with uncertainty by formulating courses of action to achieve specified results. plan an objective plus an action statement. strategic planning determining how to pursue long-term goals with available resources. intermediate planning determining subunits contributions using
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allocated resources. operational planning determining how to accomplish specific tasks with available resources. planning horizon the elapsed time between planning and execution. objective commitment to achieve a measurable result within a specified period. management by objectives (MBO) comprehensive management system based on measurable and participatively set objectives. priorities ranking goals, objectives, or activities in order of importance. 80/20 principle a minority of causes, inputs, or effort tends to produce a majority of results, outputs, or rewards. synergy the concept that the whole is greater than the sum of its parts. differentiation buyer perceives unique and superior value in a product. strategic management seeking a competitively superior organization-environment fit. grand strategy how the organizations mission will be accomplished. situational analysis finding the organizations niche by performing a SWOT analysis. capability profile identifying the organizations strengths and weaknesses. Learning Objective Summary Define the term planning , and identify four organizational responses to uncertainty. • Planning is the process of coping with uncertainty by formulating future courses of action to achieve specified results. • To cope with environmental uncertainty, organizations can respond as: - Defenders (do one thing and do it well) - Prospectors (lead the pack by being an aggressive innovator) - Analyzers (follow a “me-too” strategy of imitating market leaders)
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- Reactors (wait for trouble before taking corrective steps) Distinguish the three types of planning, write good objectives, and explain the 80/20 principle.
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