What result does the value chain end with? 2) What happens when an effective value chain is created? 3) Skilled management positive cash flow, and well known brands are examples of which component of the SWOT analysis? Strengths 4) What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? Core Competencies 5) According to Michael Porter’s competitive environment model, how can suppliers influence strategic planning? 6) A company offers unique products in its industry to create a competitive advantage which type of strategy is this?
Differentiation 7) What is the difference between mission and vision? 8) The introduction of statistical tools to analyze the causes of product defects is associated with which quality improvement approach? Six Sigma ? 9) What is the last step to Deming’s 14 points of Quality Management? 10) Process checklists and project audits are components of which management process? Quality assurance? 11) What is the main job of an internal quality audit? 12) A company is systematically trying to improve processes by eliminating noncomformity of their product specifications.
Six Sigma? 13) Dr Ohmae indicates that customer corporation and competitors should be integrated in a strategic triangle. What does Dr O indicate that an organization can obtain by this method? 14) What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization? Intrapeneur? 15) Entrepreneurs traits 16) What describes dimensions of conflict handling intentions? 17) When selecting an organizational structure which key elements should be considered? * Summarize the basic steps in any planning process. ) Situational analysis – Within their time and resource constraints, planners should gather, interpret, and summarize all information relevant to the planning issue in question. A thorough situational analysis studies past events, examines current conditions, and attempts to forecast future trends. It focuses on the internal forces at work in the organization or work unit and, consistent with the open-systems approach. 2) Alternative Goals and Plans – Based on the situational analysis, the planning process should generate alternative goals that may be pursued in the future and the alternative plans that may be used to achieve those goals.
The Business plan on Product Level Planning
Market analysis 3 SWOT Analysis 4-7 Objectives 7 Marketing Strategy 8 Action Program 9 Financial Projection 10 Feedback & Control 10 Conclusion 11 References 11 Executive Summery Cement Industry is highly important segment of Bangladesh’s Industrial sector & Plays a vital role in socio-economic development. Although cement industry of Bangladesh has witnessed its ups & down in recent ...
This step in the process should stress creativity and encourage managers and employees to think in broad terms about their jobs. * Goals should have certain qualities to be effective. The acronym SMART can be used to remember these qualities. Specific, Measureable, Attainable, Relevant, Time bound * Plans are the actions or means the manager attends to take to reach the goals. One type of plan is called a contingency plan which is similar to a DR plan. 3) Goal and Plan evaluation – Evaluate the goals and plans and adjust as needed.
The evaluation process will identify the priorities and trade-offs among the goals and plans. For example, if your plan is to launch a number of new publications, and you’re trying to choose among them, you might weigh the different up-front investment each requires, the size of each market, which one fits best with your existing product line or company image, and so on. 4) Goal and Plan selection – Once managers have assessed the various goals and plans, they will select the one that is most appropriate and feasible. 5) Implementation – Even the best plans are useless if they are not implemented properly.
Managers and employees must understand the plan, have the resources to implement it, and be motivated to do so. Including employees in the previous steps of the planning process paves the way for the implementation phase. As we mentioned earlier, employees usually are better informed, more committed, and more highly motivated when a goal or plan is one that they helped develop. Finally, successful implementation requires a plan to be linked to other systems in the organization, particularly the budget and reward systems. If the manager does not have a budget with financial resources to execute the plan, the plan is probably doomed.
The Business plan on Relationship Between Organizational Plans Goals And Time Horizon
... that all of strategic plans should be shorten. Different organizations also have different external environments, so the manager should not treat ... and most of them investigate the relationship between organizational plans, goals and time horizons. It also causes many different ... have their advantage on making the strategic planning. In short, a sensible manager should have the ability to analyze ...
Similarly, goal achievement must be linked to the organization’s reward system. Many organizations use incentive programs to encourage employees to achieve goals and to implement plans properly. Commissions, salaries, promotions, bonuses, and other rewards are based on successful performance. 6) Monitor and Control – Without it, you would never know whether your plan is succeeding. As we mentioned earlier, planning works in a cycle; it is an ongoing, repetitive process. Managers must continually monitor the actual performance of their work units against the unit’s goals and plans.
They will also need to develop control systems to measure that performance and allow them to take corrective action when the plans are implemented improperly or when the situation changes. * Describe how strategic planning should be integrated with tactical and operational planning. Strategic planning is a set of procedures for making decisions about the organization’s long-term goals and strategies. 7) To be fully effective, the organization’s strategic, tactical, and operational goals and plans must be aligned —that is, they must be consistent, mutually supportive, and focused on achieving the common purpose and direction. ) Strategic planning involves making decisions about the organization’s long-term goals and strategies. Strategic plans have a strong external orientation and cover major portions of the organization. Senior executives are responsible for the development and execution of the strategic plan, although they usually do not formulate or implement the entire plan personally. Three major types of managers: top-level (strategic managers), middle-level (tactical managers), and frontline (operational managers).
The Business plan on Strategic Planning Paper Plan Process Business
... planning an essential part of organizational strategy. "Strategic planning in organizations originated in the 1950 s ... strategic plan can provide the foundation and framework for a business plan. A strategic plan is not the same thing as an operational plan. The strategic plan ... process of analyzing, strategizing, implementing, and benchmarking. No planning process, strategic or otherwise, can succeed ...
Because planning is an important management function, managers at all three levels use it. However, the scope and activities of the planning process at each level of the organization often differ. 9) Tactical planning translates broad strategic goals and plans into specific goals and plans that are relevant to a definite portion of the organization, often a functional area like marketing or human resources, as discussed in Chapter 10. Tactical plans focus on the major actions a unit must take to fulfill its part of the strategic plan.
For example, if the strategy calls for the rollout of a new product line, the tactical plan for the manufacturing unit might involve the design, testing, and installation of the equipment needed to produce the new line. 10) 11) * Identify elements of the external environment and internal resources of the firm to analyze before formulating a strategy. Examine the industry, organizational stakeholders which includes buyers, suppliers, competitors, government and regulatory agencies, unions, and employee groups, the financial community, owners and shareholders, trade associations.
The environmental analysis provides a map of these stakeholders and the ways they influence the organization. The environmental analysis provides a map of these stakeholders and the ways they influence the organization. Successful strategic management depends on an accurate and thorough evaluation of the competitive environment and macroenvironment. In setting a strategy, managers try to match the organization’s skills and resources to the opportunities found in the external environment.
Every organization has certain strengths and weaknesses, so the actions, or strategies, the organization implements should help build on strengths in areas that satisfy the wants and needs of consumers and other key factors in the organization’s external environment. Also, some organizations may implement strategies that change or influence the external environment * Define core competencies and explain how they provide the foundation for business strategy. A Core competency is something a company does especially well relative to its competitors. Summarize the types of choices available for corporate strategy. 12) A concentration strategy – focuses on a single business competing in a single industry. 13) vertical integration strategy – The acquisition or development of new businesses that produce parts or components of the organization’s product. 14) strategy of concentric diversification involves moving into new businesses that are related to the company’s original core business 15) conglomerate diversification – A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities. 6) Business strategy defines the major actions by which an organization builds and strengthens its competitive position in the marketplace. 17) low-cost strategy – A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. 18) differentiation strategy –
The Business plan on Implications of Business Process Management for Operations Management
... organizations (for example, about strategic direction), without the need for bureaucratic procedures or hierarchical control: Implications of business process The concepts of business processes ... A.J. and Wheeler, W., Business Process Reengineering – Breakpoint Strategies for Market Dominance, Wiley- ... lessons from a comparative analysis of company experiences”, European Management Journal, Vol. ...
A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. A high-quality strategy is often more difficult for competitors to imitate. 9) The final step in strategy formulation is to establish the major functional strategies. Functional strategies are implemented by each functional area of the organization to support the business strategy. An effective strategy provides a basis for answering five broad questions about how the organization will meet its objectives: (1) Where will we be active? (2) How will we get there (e. g. , by increasing sales or acquiring another company)? (3) How will we win in the marketplace (e. g. , by keeping prices low or offering the best service)? 4) How fast will we move and in what sequence will we make changes? (5) How will we obtain financial returns (low costs or premium prices)? * Discuss how companies can achieve competitive advantage through business strategy. Depending on how it is applied, benchmarking may be of limited help in that it only helps a company perform as well as its competitors; strategic management ultimately is about surpassing those companies. Besides benchmarking against leading organizations in other industries, as Great Ormond Street Hospital did, companies may address this problem by engaging in internal benchmarking.
The Business plan on Strategic Management And Business Policy 2
... the company was able to make profits and achieved success. 2. Business level Business level strategy relates to a unit within an organization. Mainly strategic business unit ... along with profit or loss of the business. Business stakeholders include employees, owners and customers. Other indirect business stakeholders are competitors, government etc. They ...
That approach involves benchmarking their different internal operations and departments against one another to disseminate the company’s best practices throughout the organization and thereby gain a competitive advantage. * Describe the keys to effective strategy implementation. The organization structure, technology, human resources, employee reward systems, information systems, organization culture, and leadership style must all support the strategy. Just as an organization’s strategy must be matched to the external environment, so must it also fit the multiple factors through which it is implemented.
The remainder of this section discusses these factors and the ways they can be used to implement strategy. Second, many organizations are extending the more participative strategic management process to implementation. Managers at all levels are involved with formulating strategy and identifying and executing ways to implement it. Senior executives still may oversee the implementation process, but they are placing much greater responsibility and authority in the hands of others. * What are the steps in the strategic planning process? Why should companies engage in strategic planning? Step 1: Define strategic tasks. Articulate in simple language what a particular business must do to create or sustain a competitive advantage. Define strategic tasks to help employees understand how they contribute to the organization, including redefining relationships among the parts of the organization. * Step 2: Assess organization capabilities. Evaluate the organization’s ability to implement the strategic tasks. A task force typically interviews employees and managers to identify specific issues that help or hinder effective implementation. Then the results are summarized for top management.
In the course of your career, you will likely be asked to participate in a task force. We discuss working effectively in teams in Chapter 14. * Step 3: Develop an implementation agenda. Management decides how it will change its own activities and procedures; how critical interdependencies will be managed; what skills and individuals are needed in key roles; and what structures, measures, information, and rewards might ultimately support the needed behavior. A philosophy statement, communicated in terms of value, is the outcome of this process. * Step 4: Create an implementation plan.
The Business plan on Strategic Thinking Strategy Rational Generative
... This learning approach to strategy making is evident in m, any companies to foster employee involvement, customer focus, organisational ... 1.Strategic analysis. 2. Strategic choice. 3. Strategic implementation.4. Strategic Controls & Review. 1. Strategic analysis Essentially a business will address ... also became a leader in other campus organizations and carried his leadership and friendly smile ...
The top management team, the employee task force, and others develop the implementation plan. The top management team then monitors progress. The employee task force continues its work by providing feedback about how others in the organization are responding to the changes. The strategic management process has six major components: 1. Establishment of mission, vision, and goals. 2. Analysis of external opportunities and threats. 3. Analysis of internal strengths and weaknesses. 4. SWOT (strengths, weaknesses, opportunities, and threats) analysis and strategy formulation. . Strategy implementation. 6. Strategic control. * What are the components of a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis? A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. * What is the difference between strategic vision, strategic intent, strategic objectives, and strategic mission? The mission describes the organization as it currently operates. The strategic vision points to the future— it provides a perspective on where the organization is headed and what it can become.
Ideally, the vision statement clarifies the long-term direction of the company and its strategic intent. Definitions: 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. perational planning- the process of identifying the specific procedures and processes required at lower levels of the organization. strategic management – A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies. strategic vision – The long-term direction and strategic intent of a company. The mission – is a clear and concise expression of the basic purpose of the organization. It describes what the organization does, who it does it for, its basic good or service, and its values.
Resources – Inputs to a system that can enhance performance. a core competence is something a company does especially well relative to its competitors. benchmarking, the process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies. A concentration strategy – focuses on a single business competing in a single industry. vertical integration strategy – The acquisition or development of new businesses that produce parts or components of the organization’s product. trategy of concentric diversification involves moving into new businesses that are related to the company’s original core business conglomerate diversification – A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities. Business strategy defines the major actions by which an organization builds and strengthens its competitive position in the marketplace. low-cost strategy – A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. ifferentiation strategy – A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. A high-quality strategy is often more difficult for competitors to imitate. The final step in strategy formulation is to establish the major functional strategies. Functional strategies are implemented by each functional area of the organization to support the business strategy. Balanced Score Card a. k. a The Strategy Map: A company is trying to systematically improve processes by eliminating nonconformity of their products to product specifications.
The company believes their continuous effort to reduce variation in their process outputs is key to their business success. Which quality process is the company utilizing? Six Sigma A company offers unique products in its industry to create a competitive advantage. Which type of strategy is the company using? Differentiation A corporation is experiencing dysfunction in their work teams. The team leader plans to realign work groups based on employees’ work locations, and also to alter rules and regulations in the groups and make additional changes to “shake things up a bit. “
Which conflict-stimulation technique is the team leader applying? Restructuring the organization A corporation offers concrete incentives such as higher wages for cooperation with change. Which strategy is the corporation using to overcome resistance to change? Facilitation and support A corporation recently disbanded its flex time schedule for employees and now requires that all employees work 9:00 a. m. to 6:00 p. m. Monday through Friday. The employees banded together in opposition of the change. What were the employees of the corporation experiencing? Timing A local business has provided services to its customers for 40 years.
The business’s mission is “To give our customers the best service in town. ” The owner of the business has had a long-standing dream to franchise the business and become the best provider of its service in the United States. What describes the owner’s dream? Strategic vision A store that has had a high rate of employee theft wants to use an employee selection technique to hire new employees who are less likely to steal from them. Which type of employee selection instrument is most appropriate in this situation? Integrity test A supervisor assigned office space to three new employees.
The employees were upset by the offices they were given. The first had a large office but wanted a window, the second had a new computer but wanted room for some plants, and the third had a window but needed high-speed computing to perform the job well. Which conflict resolution technique can the supervisor use to create a win-win solution for these employees? Expansion of resources A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Delivery of products or services A visually-impaired person has been hired to work in the human resources department of a small company.
Which workplace accommodations would be reasonable in this situation? The company will purchase a large computer screen and a Braille keyboard A younger employee becomes irritated by the sound of an older employee’s voice and finds it difficult to work on projects with the older employee. This has caused conflict in the department. What is the source of conflict between the older and younger employees? Personal variables According to Michael Porter’s competitive environment model, how can suppliers influence strategic planning? Suppliers can reduce manufacturing time and increase product quality.
After a major budget increase, a company finds itself in a position to hire 50 new employees. How can strategic human resource planning benefit the company in this situation? By organizing staffing needs and looking for people with the right skills Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic triangle. What does Dr. Ohmae indicate that an organization can obtain by doing this? Sustained competitive advantage During a final job interview, the hiring manager asks candidates about age and national origin.
Some of the rejected candidates suspect they did not get the job because of their age. Which law covers this type of discrimination? Equal Employment Opportunity (EEO) During an international executive meeting, an executive used a word that did not translate into English. What type of cross-cultural communication barrier is this? Barrier caused by word association Four small, independent organizations, each with its own type of expertise, plan to work together for six months for the sole purpose of developing a new product that will help each of them improve their ability to compete with larger organizations.
Which type of organization does their relationship characterize? Virtual organization Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news, cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary business of family entertainment. Which type of corporate strategy is represented by Happy Inc. ‘s purchase of their distribution network? Strategic alliances How many defects per million are there at Six Sigma, assuming a product or process is defect-free 99. 99966% of the time?
Less than 3. 4 In the five dimensions of Hackman and Oldham’s model of job design, what does autonomy describe? Independence and discretion in making decisions In which situation does religious preference inappropriately affect decision making? A publicly-held company has a policy limiting financial donations to one religious group Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Analysis of external opportunities and threats Most successful entrepreneurs exhibit certain characteristics.
Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing. Which entrepreneurial personality trait is this? Creativity, self-reliance, and ability to adapt One manager is responsible for all functional areas allowing the company to sell Product A, and another manager is responsible for all functional areas that allow the company to sell Product B. Which type of design does this corporation use? Divisional Process checklists and project audits are components of which management process?
Quality Assurance Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Strength The introduction of statistical tools to analyze the causes of product defects is associated with which quality improvement approach? Six Sigma The manager of the human resources department at a corporation agreed to authorize one-hour lunch breaks for all employees of the organization as long as the production manager agreed to shorten the morning and afternoon breaks of all employees to 15 minutes. Which approach were the managers using to enlist cooperation for the change?
Negotiation and reward What can managers do to encourage useful conflict during a meeting to lessen inhibition about disagreeing and make the conflict less personal? Involve others in collaboration What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? Core competencies What describes dimensions of conflict-handling intentions? Cooperativeness and assertiveness What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization?
Entrepreneur What happens when an effective value chain is created? Profit margins are increased What is a common component of effective diversity training programs? Building awareness What is a reason to create a boundary less organizational structure? To make information available as needed What is the best way to succeed in a matrix organizational structure? Collaboration What is the first step of organizational strategic planning? Developing a strategic mission What is the fourth step of the control process which ensures that operations are adjusted to achieve planned results?
Taking corrective action What is the last step to Deming’s 14 points of quality management? To take action to accomplish the transformation What is the main objective of an internal quality audit? To measure effectiveness of an organization’s quality management system What is the principal idea of reengineering? To improve total quality in all businesses for the benefit of producers and consumers When selecting an organizational structure, which key elements should be considered? Differentiation and integration Which activity should management use to encourage entrepreneurship within an organization?
Encourage employees to work on informal job assignments Which concept entails all aspects of interaction a company has with its customers in both sales and service-related environments? Customer relationship management Which entities protect the rights of employees and potential employees from discrimination in the workplace? Equal Employment Opportunity and Affirmative Action Which formal structure allows job holders to have broad responsibilities, accommodates decentralized and informal decision making, and values expertise?
Organic Which personality characteristics are believed to contribute to an entrepreneur’s success? Determination Which type of control system is being implemented when management uses prices, profit centers, and exchange relationships as a control? Market control Why is consideration of intentions important in conflict situations?… Why is innovation an important element of entrepreneurship? Creates unique and different products or services Why would an entrepreneurial business choose to use its own resources versus seeking outside resources in financing a business venture? To maintain control
