5.1
Deciding on the organization’s objectives or goals by establishing a strategy for achieving those goals and developing a hierarchy to integrate these plans.
Planning
What managers do to develop an organization’s strategies, is known as...
Strategic Management
What 2 things makeup Planning?
DOUBLE POINTS
Goals
Plans
screening large amounts of information to detect emerging trends and create a set of scenarios
Environmental Scanning
Who did Forbes name the youngest "self-made billionaire ever" in 2019?
Kylie Jenner
defines specific goals covering a specific period of time and are written down.
Formal planning
How many steps are in the strategic management process?
DAILY DOUBLE
8
What are the two types of goals?
Financial and Strategic
accurate information about competitors that allows managers to anticipate competitors’ actions rather than merely react to them.
Daily TRIPPLE
Competitive intelligence
How many Harry Potter books and movies are there?
7 Books
8 Movies
very little is written down and goals are rarely verbalized.
Informal Planning
What does SWOT stand for?
Strengths
Weaknesses
Opportunities
Threats
The two types of goals are Stated and Real. Which type does this goal fall under?
A company CEO tells the board members in an official statement that his company will be using recycled materials and are ramping up their recycling efforts to be more environmentally conscious.
Stated goals are official statements of an organization’s goals, which it wants its stakeholders to believe.
Give 2 examples of competitive intelligence:
•advertisements
•promotional materials
•press releases
•reports filed with government agencies
•annual reports
What day is Star Wars Day? (Month and day)
May 4th
Critics of formal planning argue that it can replace intuition and creativity.
TRUE OR FALSE
FALSE
Critics say...
-May create rigidity
-Can’t replace intuition and creativity
-Focuses attention on today’s success, not tomorrow’s survival
-Reinforces success, which may lead to failure
Corporate strategy – specifies what business to be in and what to do with those businesses. What are the 3 main corporate strategies?
Growth
Stability
Renewal
process of setting mutually agreed-upon goals and using those goals to evaluate employee performance.
Management By Objectives.
TRUE OR FALSE
Much of the competitor-related information managers need to make crucial strategic decisions is not available to the public.
What is the name of the alternate dimension in Netflix's Stranger Things?
The upside down
List two benefits of formal planning?
Higher profits
Higher return on assets
Improved quality of planning
Appropriate implementation
Which corporate strategy is described below?
Organization continues to do what it’s doing even during periods of uncertainty.
Ex. – continue to serve same clients offering same products, maintaining market share
Stability Strategy
When developing plans, Three contingency factors that affect the choice of plans are:
1.Organizational level
2. Degree of environmental uncertainty
3. Length of future commitments
When does competitive intelligence become illegal corporate spying?
Competitive intelligence becomes illegal corporate spying when it involves theft by an means
During the CPR episode on The Office, what song does the CPR instructor teach the characters to pace their chest compressions?
Stayin' Alive