Term
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Definition
| To coordinate the activities of all employees, check on the progress of work, helps to visualize ahead, and helps cope with uncertainty (contingency plans). |
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Term
| What are defenders, prospectors, analyzers, and reactors? |
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Definition
| Those are four groups of thought on how corporations respond to uncertainty. D's stick to what they do best, p's find a new market, a's are imitators and wait for the competition to make a move, and r's wait to do anything until a crisis really occurs (bad idea). |
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Term
| What are the three levels of strategic planning? |
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Definition
Top: how to acheive goals in 1 year to 5 years; long-term; resources needed is finance.
Middle: tactical planning; 2 to 5 years; interpret plans and determine resources needed (like human, plant and equipment, etc).
First Line: operations planning; day to day decisions and resources needed. |
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Term
| What are the conditions for goals? |
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Definition
| SMART-DU; specific, measurable, attainable, results-oriented, time-related (target dates), documented, accepted (and understood by all employees). |
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Term
| Standing and single use plans? |
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Definition
Standing: for situations happening repeatedly, they have to be modified based on external circumstances however.
Single use: for a specific project. |
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Term
| MBO? And how do you develop it? |
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Definition
Management by Objectives; aka management by cooperation.
1) Joint Objectives (determined by manager and employee working together).
2) Manager develops action plan.
3) Review progress.
4) Performance appraisal/rewards. |
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Term
| Strategy, Strategic Management, Strategic Planning? |
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Definition
Strategy: a plan.
Strategic Management: the involvement of all employees involving what our plans are and how to achieve them.
Strategic Planning: action plan for long-term goals. |
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Term
| Cost Leadership, differentiation, cost-focused, focused differentiation? |
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Definition
Cost leadership: on a mass-market scale; having the lowest costs in the marketplace.
Differentiation: on a mass-market scale; having a unique mass-distributed product.
Cost-focused: on a small-market scale; focus on a group or niche, keeping the costs down.
Differentiation-focused: on a small-market scale; focusing on a niche with a high price and unique, often costly, product. |
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Term
| What are the steps in the strategic management process? |
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Definition
1) Mission/vision
2) Establish a grand strategy
3) Formulate strategy
4) Implement the plan
5) Control and follow-up |
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Term
| What are some of the tools used in strategic planning? |
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Definition
SWOT: Internal; Strength, Weakness
External; Opportunity, Threat
Forecasting: predicting for staffing, equipment, facilities, finances, etc. by experts and quantitative analysis (charts).
Competitive Forces: 5; the threat of new entrants, bargaining poser of suppliers, bargaining power of buyers, threat of substitutes, and current rivalry.
BCG Model/Matrix: Stars, Cash Cows, Question Marks, Dogs. |
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Term
| Your firm currently practices the Differentiation Strategy, however, a new CEO wants to resort to a Cost Leadership strategy and has made you in charge of the conversion. What steps would you take? |
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Definition
Differentiation strategy: offering products or services that are unique and target a wide market.
Cost-Leadership strategy: Keep costs lower than competition and target a wide market.
Since your market stays the same, broad and wide, changes would have to be made to the product and the way the product is manufactured. I would take steps to negotiate with suppliers for a lower cost for materials, or change my materials for cheaper ones. I would cut the marketing and customer service budget, focusing more on cutting the cost of the product than spending to raise the image of the product. I would expect the low cost of the product that I ensure to draw customers in rather than advertisements or marketing for said product. |
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Term
| Steps in the decision making process? |
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Definition
1) Identify the problem.
2) Develop criteria to evaluate alternatives.
3) Develop the alternatives.
4) Evaluate based on criteria.
5) Select a solution/alternative.
6) Implement the solution.
7) Control and follow-up. |
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Term
| Two ways to approach a decision? |
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Definition
Rational Process: Requires perfect information, no ambiguity, logical thinking process, and an unbiased opinion. Impossible.
Non-rational: Uses intuition, incremental steps, evidence-based (although conditions may have changed), and is bounded by decision maker him/herself. |
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Term
| Four decision-making styles? |
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Definition
1) Directive: action-oriented, exhibit very little time, on edge, efficient, focus on facts, tendency to be autocratic.
2) Analytical: careful, overanalyze, prefer a lot of alternatives and info, slow and deliberative.
3) Conceptual: consider the effect of decisions on the future with a long-term focus, will take risks.
4) Behavioral: brainstorming, cooperative decision making process, like to interact constantly with people. |
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Term
| Questions to ask in decision making? |
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Definition
Is it legal?
It is ethical?
Does it maximize shareholder wealth? |
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Term
| What is the basis of an organization's culture? |
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Definition
| Founders, the mission/vision, policies, societal changes. |
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Term
| What are two ways to look at culture? The levels of manifestation? |
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Definition
Visible elements: dress, facilities, buildings, rituals, ceremonies, broadcasts.
Invisible: the difference between espoused (expected) and enacted behavior; including core values (ex. long hours). |
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Term
| Define organizational culture, and explain the visible and invisible levels. At UNLV illustrate the visible and invisible levels of culture. |
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Definition
| Organizational culture is a system of shared beliefs and values that develops within an organization and guides the behavior of its members. Visible levels include: administration, symbols/rituals, clubs, colors, etc. Invisible levels include the unwritten way quidditch players treat each other, alumni networks, cooperation, timeliness, acceptance of minorities, etc. |
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Term
| How do employees learn culture? |
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Definition
| Training, observation, symbols, stories, rites/rituals, any award systems. |
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Term
| How does culture become embedded in an organization? |
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Definition
| Observations/criticisms, role models, slogans, facilities, innovation, systems/procedures, hierarchal structure. |
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Term
| What are some different types of organizational structures? |
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Definition
| Basic (all employees report to owner), Functional (most prevalent), Product (book, clothes, etc.), Customer (publishing; school, library, retail, etc.), Geographic, Project (includes General Manger AND Project Manager). |
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Term
| What are the vertical and horizontal segments in organizational structures? |
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Definition
Vertically: who reports to whom (chain of command).
Horizontally: what responsibility each level has
Wide span of control: many employees report to manager.
Narrow span of control: fewer people report to manager. |
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Term
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Definition
| Establish mission/vision, Establish grand strategy, Formulate strategic plans, Plan human resources needed, Recruit and select people, Orient, train, and develop, Appraisal/feedback. |
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Term
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Definition
| The job description (what the job entails) and the job specification (the minimum qualification required). |
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Term
| What is the difference between internal and external recruitment? |
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Definition
Internal: promote from within; advantages: motivating for other employees, minimizing expenses; disadvantages:inbreeding, no new/outside thoughts/ideas, no competition, not as much selection.
External: promote from outside company; advantages: new ideas, specialized skills; disadvantages: expensive, and not a well-known entity. |
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Term
| What does the screening process entail? |
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Definition
| Application form, resume, interviews, written and other tests, background checks, references, physical exams. |
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Term
| What criteria would you use to decide between three markets that your company wants to start selling products in? You can only go to one market. |
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Definition
| Demographics of customers, location, finance available, how your product fits with the customer's demographics and income. |
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