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MGMT 3312 Chapter 5
Planning
17
Marketing
Undergraduate 3
02/13/2018

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Cards

Term
Planning for Strategic Management 1/5
Definition
Establish the mission and vision and values
Term
Planning for Strategic Management 2/5
Definition
assess the current reality
Term
Planning for Strategic Management 3/5
Definition
Formulate the grand strategy and strategic, tactical, and operational plans
Term
Why planning and Strategic Management are important 1/3
Definition
Providing direction and momentum
Term
Why planning and Strategic Management are important 2/3
Definition
Encouraging new ideas
Term
Why planning and Strategic Management are important 3/3
Definition
Developing a sustainable competitive advantage
Term
Competitive advantage
Definition
the ability of an organization to produce goods and services more effectively than its competitors do, thereby outperforming them
Term
VRIO
Definition
is a framework for analyzing a resource or capability to determine its competitive strategic potential by answering four questions about its Value, Rarity, Imitability, and Organization.
Term
Mission statement
Definition
what is or reason for being?
Term
Vision Statement
Definition
What do we want to become?
Term
Values Statement
Definition
What valued do we want to emphasize?
Term
Strategic Planning
Definition
Done by top managers for the next 1-5 ears
Term
Tactical Planning
Definition
Dnoe by middle managers for the next 6-24 months
Term
Operational Planning
Definition
Done by first line managers for the first 2-52 weeks
Term
Standing Plan
Definition
for activities that occur repeatedly over a period of time
Term
Single-use plan
Definition
For activities not likely to be repeated in the future
Term
Smart Goal characteristics
Definition
Specific, measurable, Attainable, Results-Oriented, and Target Dates
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