Mgt 8803 - Module 4
What is planning? Identifying goals and strategies to get to those goals.
What was the focus of classical Productivity, making workers and organizations more efficient.
management?
1. Planning (deciding business goals and how to achieve them)
What are Fayol's four functions of 2. Organizing - (determining the best allocation of people and resources)
management? 3. Leading - coordination the directing the activities of the employees
4. Controlling - observing and analyzing metrics
1. Gives direction to managers and non-managerial employees
What are the 4 reasons managers 2. Reduces uncertainty
should plan? 3. Establishes goals or standards that facilitate control
4. Engages all levels of the organization
Organizational level
What factors affect planning? Degree of environmental uncertainty
Length of future commitments
1. Strategic
2. Functional
What are the 4 types of plans?
3. Operational/Tactical
4. Contingency
, Mgt 8803 - Module 4
The goal directed actions a firm intends to take in its quest to gain and sus
What is business strategy?
competitive advantage.
What is competitive advantage? Superior performance relative to other competitors in the same industry.
What is competitive parity? When two or more firms in the same industry perform at the same level.
What is competitive disadvantage? A firm underperforming relative to competitors in the same industry.
1. Cost leadership
What are three approaches to creating
2. Differentiation
competitive advantage?
3. Focus
How the various components of th ebusiness fit together to produce a pro
What is a business model? is the end results of decisions and tradeoffs made by management in
formulating strategy
1. Markets Service Served
Name three components of a business
2. Firm infrastructure
model.
3. Economic model
What are the core competencies of a its unique capabilities and resources that enable the firm to deliver and
firm? support a value proposition to its customers
1. Corporate
Which three levels can business strategy
2. Business unit (products, services, etc)
be developed at?
3. Functional
What is planning? Identifying goals and strategies to get to those goals.
What was the focus of classical Productivity, making workers and organizations more efficient.
management?
1. Planning (deciding business goals and how to achieve them)
What are Fayol's four functions of 2. Organizing - (determining the best allocation of people and resources)
management? 3. Leading - coordination the directing the activities of the employees
4. Controlling - observing and analyzing metrics
1. Gives direction to managers and non-managerial employees
What are the 4 reasons managers 2. Reduces uncertainty
should plan? 3. Establishes goals or standards that facilitate control
4. Engages all levels of the organization
Organizational level
What factors affect planning? Degree of environmental uncertainty
Length of future commitments
1. Strategic
2. Functional
What are the 4 types of plans?
3. Operational/Tactical
4. Contingency
, Mgt 8803 - Module 4
The goal directed actions a firm intends to take in its quest to gain and sus
What is business strategy?
competitive advantage.
What is competitive advantage? Superior performance relative to other competitors in the same industry.
What is competitive parity? When two or more firms in the same industry perform at the same level.
What is competitive disadvantage? A firm underperforming relative to competitors in the same industry.
1. Cost leadership
What are three approaches to creating
2. Differentiation
competitive advantage?
3. Focus
How the various components of th ebusiness fit together to produce a pro
What is a business model? is the end results of decisions and tradeoffs made by management in
formulating strategy
1. Markets Service Served
Name three components of a business
2. Firm infrastructure
model.
3. Economic model
What are the core competencies of a its unique capabilities and resources that enable the firm to deliver and
firm? support a value proposition to its customers
1. Corporate
Which three levels can business strategy
2. Business unit (products, services, etc)
be developed at?
3. Functional
