MGMT 371- Chapter 6
Purpose of goals
Provide guidance and direction for people in the organization, affect quality of planning, service as a source of motivation for employees, provide mechanism for evaluation and control of the organization
Acquisition
Purchase of a firm by another firm that is considerably larger.
Merger
Purchase of one firm by another firm of approximately the same size.
Single use plans is
Designed to deal with a unique and nonrecurring situation, short-term
Cultural awareness
attempts to deal with stereotypes through discussion and exercises
cash cows
have large shares of mature markets
Stars
have large shares of rapidly growing markets
Question marks
have small market shares in quickly growing markets
Prospector
innovative and growth oriented firm, strategies focus on identifying and entering new markets. Risk taker.
Classification of goals
level, area, and time frame
Examples of standing plans
marketing plans for global expansion, product innovation, add/drop plans @ universities
Low levels of intergroup conflict
members within the organization have tolerance for and openly communicate with everyone else
Tactical goals
middle level management
Defender
operating in a stable environment, strategies. Focus on protecting current markets and maintaining stable growth. Risk averse.
Comcast launched TV One, a station geared to African Americans who are 24-54 years old. It does not offer much hip hop. The program selection is part of Comcasts _________ plan
operational goals
Decision Making Under Certainty
the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative.
No gap in organizational identification
the firm has eliminated culture, racial, ethnic and gender stereotypers
Full integration of the informal network
the firm has removed all barriers to entry and participation in any and all organization activities
Full structural integration
the internal workforce of the organization mirrors its external labor market
Legal awareness
Legal implications of discrimination
Chief Executive Officer
May serve as president or board chair; has a major role in planning and implementing the strategy.
Kind of goals by level
Mission statement, strategic, tactical and operational goals
Standing Plans
Ongoing guides for action dealing with recurring situations
Failure in goal setting
Poor implementation of the goal setting process Lack of top-management support for goal setting Delegation of the goal-setting process to lower levels Overemphasis on quantitative goals Too much paperwork and record keeping Managerial resistance to goal setting
What does optimizing do
allows managers to balance and reconcile inconsistent or conflicting goals
Vertical Integration
an organization becomes its own supplier and/or distributor
Reactor
- no strategy or plan.
intermediate time frame
1-5 years
What percent do women constitute the workforce since 1994?
46%
Short term time frame
<1 year
Long term time frame
> 5 years
Strategy
A comprehensive plan for accomplishing an organization's goals.
Strategic plans
A general plan set by and for top management that outlines resource allocation, priorities, and action steps to achieve strategic goals. A comprehensive plan for accomplishing an organization's goals
Goals are classified according to their _____ when the terms quality, productivity and innovation are applied to them
A. Area
Using the Boston consulting group matrix, SBUS are classified on the basis of
A. Market share and market growth rate
Which of the following statements about the cost argument for diversity is true?
B. a manager can reduce employee absenteeism and turnover by learning how to manage diversity and multiculturism
According to the planning process described n the text, operational plans flow directly from
B. tactical goals
Executive Committee
Composed of top executives. Meets regularly with the CEO to review strategic plans.
Planning Task Force
Created when the organization wants a special circumstance addressed.
Which of the following statements BEST reflects the proper approach to goal setting?
D. Managers should set goals for their own level in the organization
Business level strategy focuses primarily on
D. The areas in which the firm may have an advantage and how much various organizational part enhances each other
Comcast launched TV One, a station geared to African Americans who are 24-54 years old. It does not offer much hip hop. The program selection is part of Comcasts _________ plan
E. Operational
Which of the following statements about the marketing argument for diversity is TRUE?
E. Organizations with diversity and multiculturalism are better able to understand different market segments than are less diverse organizations
A _____ of choice waste management could be to expand operations in two more countries this year
E. strategic goal
Board of Directors
Establishes corporate mission and strategy. May engage in strategic planning or may approve.
operational goals
First level management
Planning staff
Gathers information, coordinates planning activities, and takes a broader view than individual managers. Permanent
Line Management
Have formal authority and responsibility for management of the organization. Help to formulate strategy by providing information. Responsible for executing the plans of top management.
Dogs
Have small market shares and no growth prospects
Goal setting being successful
Improved employee motivation Enhances communication Fosters more objective performance appraisals Focuses attention on appropriate goals and plans Helps identify managerial talent Provides a systematic management philosophy Facilitates control of the organization
Multincultural differences
Increasing globalization of business, immigration patterns
Operational plans
Short-term focus plans that are set by and for lower-level managers
Multiculturalism
The broad issues associated with different values, beliefs, behaviors, customs, and attitudes held by people in different cultures
Decision making under uncertainty
The decision maker does not know all the alternatives, the risks associated with each, or the consequences of each alternative.
Contingency Planning
The determination of alternative courses of action to be taken if an intended plan is unexpectedly disrupted or rendered inappropriate. These plans help managers to cope with uncertainty and change. Anticipates problems and develops solutions for them before they happen.
Scope
The range of markets in which an organization will compete.
Crisis Management
The set of procedures the organization uses in the event of a disaster or other unexpected calamity.
Purposes of mergers and acquisitions
To diversify through vertical integration. To acquire complementary products or services linked by a common technology and common customers. To create or exploit synergies that reduce the combined organizations' costs of doing business to increase revenues.
Diversity
When members of a group differ from one another, usually along demographic lines in such characteristics as age, gender, or ethnicity
analyzer
a firm wishing to maintain current markets but also enter new ones. Has elements of prospectors and defenders.
A _____ is an informal group allied together for a common purpose
coalition
When the manager understands the available options are uncertain, the manager is experiencing
decision making under risk
Differentiation
distinguishing your product or service from you competition usually by quality
A _____ strategy is a pattern of action that develops over time in an organization
emergent
Decisions that are routine and deal with situations in which the factors are familiar and have occurred in the past are called ____ decisions
prgrammed
A single-use plan that has a more narrow scope than a program is called
project
Sensitivity training
sensitizes people to the differences among them and how their words and behaviors are perceived by others
Time Frame
specify a date/period by which a goal must be met
_______ exists when the economic value together is greater than the value of the parts
synergy
The ____ argument supports the idea that if managers work effectively with a diverse group the organization as a whole will respond more effectively to its
system flexibility
According to the planning process described n the text, operational plans flow directly from
tactical
Plans that have an intermediate time horizon and are concerned with getting things done are called _____ plans
tactical
Absence of prejudice and discrimination
the organization has eliminated all traces of bias and prejudice
Strategic goals
top level management
pluralism
very group in the organization works to better understand very other group
Mission statement
why the organization exists