Mgt 230 Week 2 Notes
Ch. 4 Notes
Situational Analysis - A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
Goal - A target or end that management desires to reach.
Plans - The actions or means managers intend to use to achieve organizational goals.
Scenario - A narrative that describes a particular set of future conditions.
Tying plans to a firm’s financials is a key element of success. Bottom line is cost.
Strategic planning - A set of procedures for making decisions about the organization’s long-term goals and strategies.
Strategic goals - Major targets or end results relating to the organization’s long-term survival, value, and growth.
Strategy - A pattern of actions and resource allocations designed to achieve the organization’s goals. Tactical planning - A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing.
Operational planning - The process of identifying the specific procedures and processes required at lower levels of the organization.
Innovation - New ideas from managers throughout the organization can contribute to a plan’s effectiveness. Strategic management - A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
Mission - An organization’s basic purpose and scope of operations.
Strategic vision - The long-term direction and strategic intent of a company.
Stakeholders - Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies.
Resources - Inputs to a system that can enhance performance.
Core competence - A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
SWOT
Situational Analysis - A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
Goal - A target or end that management desires to reach.
Plans - The actions or means managers intend to use to achieve organizational goals.
Scenario - A narrative that describes a particular set of future conditions.
Tying plans to a firm’s financials is a key element of success. Bottom line is cost.
Strategic planning - A set of procedures for making decisions about the organization’s long-term goals and strategies.
Strategic goals - Major targets or end results relating to the organization’s long-term survival, value, and growth.
Strategy - A pattern of actions and resource allocations designed to achieve the organization’s goals. Tactical planning - A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing.
Operational planning - The process of identifying the specific procedures and processes required at lower levels of the organization.
Innovation - New ideas from managers throughout the organization can contribute to a plan’s effectiveness. Strategic management - A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.
Mission - An organization’s basic purpose and scope of operations.
Strategic vision - The long-term direction and strategic intent of a company.
Stakeholders - Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies.
Resources - Inputs to a system that can enhance performance.
Core competence - A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
SWOT