MGMT 309 - Exam #2
what is the defender strategy?
A strategy in which the firm focuses on lowering costs and improving the performance of current products
what is the analyzer strategy?
A strategy in which the firm tries to maintain its current businesses and to be somewhat innovative in new businesses
what is computer assisted manufacturing?
A technology that relies on computers to design or manufacture products
what is service technology?
Service technology is also changing rapidly. And it, too, is moving more and more toward automated systems and procedures
what are the types of goals?
-strategic goals -tactical goals -operational goals
what are the type of plans?
-strategic plans -tactical plans -operational plans
what is the planning time frame of a short range plan?
1 year or less
what is crisis management?
The set of procedures the organization uses in the event of a disaster or other unexpected calamity
what is technology?
The set of processes and systems used by organizations to convert resources into products or services
what is a business level strategy?
set of strategic alternatives from which an organization chooses as it conducts business in a particular industry or market
what are the levels of management?
-line -middle -top
what is a scope?
Range of markets were we can compete
what is organizational layout?
-need efficiency and to be effective -based on corporate, business, and marketing strategies
what are the types of decision?
-programmed decisions -nonprogrammed decision
what are the levels of the miles and snow typology?
-prospector -defender -analyzer -reactor
what is a strategic plan?
-A general plan outlining decisions of resource allocation, priorities, and action steps necessary to reach strategic goals -More precisely, its a general plan outlining decisions of resource allocation, priorities, and action steps necessary to reach strategic goals.
what are operational goals?
-A goal set by and for lower-level managers of the organization -Their concern is with shorter-term issues associated with the tactical goals
what are tactical goals?
-A goal set by and for middle managers of the organization -Their focus is on how to operationalize actions necessary to achieve the strategic goals.
what are strategic goals?
-A goal set by and for top management of the organization -They focus on broad, general issues. For example, Starbucks has a strategic goal of increasing the profitability of each of its coffee stores by 20 percent over the next five years
what is a tactical plan?
-A plan aimed at achieving tactical goals, developed to implement parts of a strategic plan -this plan typically involve upper and middle management and, compared with strategic plans, have a somewhat shorter time horizon and a more specific and concrete focus.
what is a operational plan?
-A plan that focuses on carrying out tactical plans to achieve operational goals -Developed by middle - and lower-level managers, these plans have a short-term focus and are relatively narrow in scope
what are service operations?
-An organization that transforms resources into an intangible output and creates time or place utility for its customers -can't hold in hand stocks)
what does SWOT stand for?
-Strengths -weaknesses -opportunities -threats
what is operational management?
-The total set of managerial activities used by an organization to transform resource inputs into products, services, or both -want efficiency and effectiveness
what are the decision making decisions?
-certainty -risk -uncertainty
what are the porter generic strategies?
-differentiation -overall cost leadership -focus
what is the overall cost leadership strategy?
A strategy in which an organization tries to gain a competitive advantage by reducing its costs below the costs of competing firms
steps in rational decision making?
1. Recognizing and defining the decision situation 2. Identifying alternatives 3. Evaluating alternatives 4. Selecting the best alternative 5. Implementing the chosen alternatives 6. Evaluate the results of the implementation of the decision
what is the prospector strategy?
A strategy in which the firm encourages creativity and flexibility and is often decentralized
what describes the state of risk?
A condition in which the availability of each alternative and its potential payoffs and costs are all associated with probability estimates
what describes the state of uncertainty?
A condition in which the decision maker does not know all the alternatives, the risks associated with each, or the consequences each alternative is likely to have
what describes the state of certainty?
A condition in which the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative
what is a programmed decision?
A decision that is fairly structured or recurs with some frequency (or both)
what is a non-programmed decision?
A decision that is relatively unstructured and occurs much less often than a programmed decision
what is manifacturing?
A form of business that combines and transforms resource inputs into tangible outcomes
what is the product life cycle?
A model that portrays how sales volume for products changes over the life of products
what is fixed position layout?
A physical configuration of facilities arranged around a single work area; used for the manufacture of large and complex products such as airplanes
what is process layout?
A physical configuration of facilities arranged around the process; used in facilities that create or process a variety of products
what is product layout?
A physical configuration of facilities arranged around the product; used when large quantities of a single product are needed
what is cellular layouts?
A physical configuration of facilities used when families of products can follow similar flow paths
what is classical decision making?
A prescriptive approach to decision making that tells managers how they should make decisions; assumes that managers are logical and rational and that their decisions will be in the best interests of the organization
what are some organizational weaknesses?
A skill or capability that does not enable (and may limit) an organization to choose and implement strategies that support its mission
what are some organizational strenghts?
A skill or capability that enables an organization to conceive of and implement its strategies
what is the reactor strategy?
A strategy in which a firm has no consistent approach to strategy
what is the focus strategy?
A strategy in which an organization concentrates on a specific regional market, product line, or group of buyers
what is the differentiation strategy?
A strategy in which an organization seeks to distinguish itself from competitors through the quality of its products or services
who sets goals?
All managers should be involved in the goal-setting process. Each manager, however, generally has responsibilities for setting goals that correspond to his or her level in the organization
what are threats?
An area in the environment that increases the difficulty of an organization's achieving high performance
what are opportunities?
An area in the environment that, if exploited, may generate higher performance
what is robot?
Any artificial device that is able to perform functions ordinarily thought to be appropriate for human beings
what is optimizing?
Balancing and reconciling possible conflicts among goals
what is product service mix?
How many and what kinds of products or services (or both) to offer
what is line management?
Line managers are those persons with formal authority and responsibility for the management of the organization. They play an important role in an organization's planning process for two reasons.
what is capacity?
The amount of products, services, or both that can be produced by an organization
what is contingency planning?
The determination of alternative courses of action to be taken if an intended plan is unexpectedly disrupted or rendered inappropriate
what is layout?
The physical configuration of facilities, the arrangement of equipment within facilities, or both
what is facilities?
The physical locations where products or services are created, stored, and distributed
what is location?
The physical positioning or geographic site of facilities
what is automation?
The process of designing work so that it can be completely or almost completely performed by machines
what is competitive advantage?
a condition or circumstance that puts a company in a favorable or superior business position
what is a mission statement?
a statement of an organization's fundamental purpose
what is the planning time frame of a intermediate plan?
between 1 to 5 years
what is the planning time frame of a long range plan?
covers many years perhaps decades (over 5)
what is the decline stage?
demand for the product or technology decreases, the number of organizations producing the product drops, and total sales drop. Demand often declines because all those who were interested in purchasing a particular product have already done so.
what is the introduction stage?
demand may be very high, sometimes outpacing the firm's ability to supply the product. At this stage, managers need to focus their efforts on "getting product out the door" without sacrificing quality
what is middle management?
do the tactical plans
two ways to address weaknesses
invest to obtain
what is distinctive competence?
is a strength possessed by only a small number of competing firms. Distinctive competencies are rare among a set of competitors
what is the growth stage?
more firms begin producing the product, and sales continue to grow. Important management issues include ensuring quality and delivery and beginning to differentiate an organization's product from competitors' products
what is the maturity stage?
overall demand growth for a product begins to slow down, and the number of new firms producing the product begins to decline.
what is top management?
provide input to the CEO and review strategic plans
what is a corporate level strategy?
set of alternatives from which an organization chooses as it manages its operations simultaneously across several industries and markets