MGT 8803 - Business Strategy
Terms in this set (156)
Planning is the _ form of management primary
business model how the firm is configured to create profitable revenue streams
The business model is the end result of... strategic decisions and trade-offs made by senior managers over time
Analysis can _ uncertainty reduce
the process of anticipating future events and determining strategies to ac
Planning organizational objectives in the future; includes defining goals, establishin
strategies, and developing plans to coordinate activities
Process of ensuring that the necessary human and physical resources are
available to achieve the planning goals; Includes determining what tasks t
Organizing (and Staffing) done, who is to do them, how the tasks are to be grouped, who reports to
whom, and where decisions are to be made. Also includes recruiting, sele
training, and performance evaluation
inspiring and motivating workers to work hard to achieve organizational g
Leading includes motivating employees, directing the activities of others, selecting
most effective communication channel and resolving conflicts
monitoring performance, comparing it with goals, and taking corrective a
Controlling
as needed
, MGT 8803 - Business Strategy
planning, organizing, leading, and controlling the use of resources to
Management Process
accomplish performance goals
planning flows in a top-down sequence from overall vision, mission, and
objectives to more specific detailed level of plans (strategic goals -> strat
Hierarchy of Plans
plans -> tactical goals -> tactical plans -> operational goals -> operational
plans)
general environmental factors, suppliers, competitors, regulators, partner
context for planning
shareholders, customers, communities
1. Planning is necessary to give the organization a sense of direction and
purpose
2. Planning is a useful way of getting managers to participate in decision
making about the appropriate goals and strategies for an organization
Why is planning important? 3. A plan helps coordinate managers of the different functions and divisio
an organization to ensure that they all pull in the same direction and work
achieve its desired future state
4. A plan can be used as a device for controlling managers within an
organization
Types of Plans strategic, tactical, operational
Types of organizational structures hierarchical (tall), flat (networked)
, MGT 8803 - Business Strategy
an organization form or structure based on the concepts of division of lab
Hierarchical Organizational Structure
specialization, spans of control and unity of command
An organizational structure that has only a few levels of management and
Flat Organizational Structure
emphasizes decentralization
Levels of Management top managers, middle managers, first-line managers, team leaders
strategic planning (corporate, business unit, and functional)
functional planning
Most common plans
tactical/operational planning (work plans, schedules, etc.; responsible typ
for budgeting and scheduling)
plans that apply to the entire organization and establish the organization's
Strategic Plans
overall goals; aim for competitive advantage
a subgroup of a single business or collection of related businesses within
Strategic Business Unit (SBU)
larger organization
indicate how different operations within the organization will help advanc
Functional Plans
overall strategy; aligned to Business Unit Level Planning
An organizational structure composed of all the departments (i.e. marketi
functional structure
finance, etc.) that an organization requires to produce its goods or service
Terms in this set (156)
Planning is the _ form of management primary
business model how the firm is configured to create profitable revenue streams
The business model is the end result of... strategic decisions and trade-offs made by senior managers over time
Analysis can _ uncertainty reduce
the process of anticipating future events and determining strategies to ac
Planning organizational objectives in the future; includes defining goals, establishin
strategies, and developing plans to coordinate activities
Process of ensuring that the necessary human and physical resources are
available to achieve the planning goals; Includes determining what tasks t
Organizing (and Staffing) done, who is to do them, how the tasks are to be grouped, who reports to
whom, and where decisions are to be made. Also includes recruiting, sele
training, and performance evaluation
inspiring and motivating workers to work hard to achieve organizational g
Leading includes motivating employees, directing the activities of others, selecting
most effective communication channel and resolving conflicts
monitoring performance, comparing it with goals, and taking corrective a
Controlling
as needed
, MGT 8803 - Business Strategy
planning, organizing, leading, and controlling the use of resources to
Management Process
accomplish performance goals
planning flows in a top-down sequence from overall vision, mission, and
objectives to more specific detailed level of plans (strategic goals -> strat
Hierarchy of Plans
plans -> tactical goals -> tactical plans -> operational goals -> operational
plans)
general environmental factors, suppliers, competitors, regulators, partner
context for planning
shareholders, customers, communities
1. Planning is necessary to give the organization a sense of direction and
purpose
2. Planning is a useful way of getting managers to participate in decision
making about the appropriate goals and strategies for an organization
Why is planning important? 3. A plan helps coordinate managers of the different functions and divisio
an organization to ensure that they all pull in the same direction and work
achieve its desired future state
4. A plan can be used as a device for controlling managers within an
organization
Types of Plans strategic, tactical, operational
Types of organizational structures hierarchical (tall), flat (networked)
, MGT 8803 - Business Strategy
an organization form or structure based on the concepts of division of lab
Hierarchical Organizational Structure
specialization, spans of control and unity of command
An organizational structure that has only a few levels of management and
Flat Organizational Structure
emphasizes decentralization
Levels of Management top managers, middle managers, first-line managers, team leaders
strategic planning (corporate, business unit, and functional)
functional planning
Most common plans
tactical/operational planning (work plans, schedules, etc.; responsible typ
for budgeting and scheduling)
plans that apply to the entire organization and establish the organization's
Strategic Plans
overall goals; aim for competitive advantage
a subgroup of a single business or collection of related businesses within
Strategic Business Unit (SBU)
larger organization
indicate how different operations within the organization will help advanc
Functional Plans
overall strategy; aligned to Business Unit Level Planning
An organizational structure composed of all the departments (i.e. marketi
functional structure
finance, etc.) that an organization requires to produce its goods or service
