Mgc1 Notes

Topics: Strategic management, Strategic planning, Management Pages: 12 (3928 words) Published: May 18, 2013
On page 152
Pre-assessment questions –
1) 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.
1) 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. 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...
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