Chapter 5, 6,7 and 8 midterm 2 business 100
Goals
are accomplishments an organization wants to achieve within a certain time frame in most companies, usually about 5 years
Network Organizations
are collections of independent, mostly single function firms that collaborate on a product or a service
Gazelle companies
are created by growth entrepreneurs
Objective
are short term targets of a firm
Little capital to finance business
bootstrap financing
how are strategic plans and tactical plans different
Strategic plans have a long term focus. Tactical plans are made with a 1 to 3 year horizon in mind.
Which of the following processes is used to determine the strategic fit between an organizations internal, distinctive capabilities and external possibilities relative to the business and economic environment?
The SWOT Analysis
Describe controlling
It is the process by which managers measure performance and make sure the company's plans and strategies are being or have been properly carried out
What puts a business at risk of failure?
Poor fiscal management
Small business do what?
They create more patents per employee than do large firms
which of the following best describes tactical plans?
They determine the resources and the actions required to implement particular aspects of a strategic plan
Vertical organizations
employees are grouped together based on their functions- all accountants are in one department, all engineers in another and so on
intrapreneurs
employees who work in an entrepreneurial way within an organizational environment
Microprocessors
have no aspirations of growing large or hiring hundreds or thousands of employees
matrix organization
it is a type of management system in which people are pooled into groups by skills and then assigned to projects as needed
Small business Administration (SBA)
it is an independent agency of the US government that offers assistance to small businesses that meet certain criteria
describe the small business administration
it is an independent agency of the US government that offers assistance to small businesses that meet certain criteria
first line managers are responsible for
operational planning
objectives are best described as
short term targets that are designed to help achieve goals
middle managers are responsible for
tactical planning
Lifestyle entrepreneurs
tend to look for flexibility in work hours or travel schedules
differentiate between the mission statement and vision statement of a company
the mission statement is a more current description of an organizations purpose, basic goals and philosophies. The vision statement sets the long term objective of a company and tells where the company is headed
traits of successful entrepreneurs
they innovate to realize a vision
business incubators
they offer administrative services, technical and other support to start up businesses
Strategic planning is best described as the process by which
top level managers set the approach for achieving the long term goals and objectives of an organization
conceptual skills are particularly important for
top management