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Strategic Planning Process - ✔✔the establishment of an organization's major goals and objectives and the allocation of resources to achieve them Mission - ✔✔a statement of the basic purpose that makes an organization different from others. Usually specifies the customer served, the needs satisfied, or the values received by the customer. Goal - ✔✔What an organization hopes to achieve in the medium to long term future. Reflect how the mission will be operationalized.
SWOT analysis - ✔✔the identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats. SWOT analysis core competencies - ✔✔capabilities that serve as a source of competitive advantage Strategic Plan - ✔✔an organization's broadest plan, developed as a guide for major policy setting and decision making STRATEGIC PLAN Tactical plan - ✔✔A smaller scale plan developed to implement a strategy STRATEGIC PLAN Operational plan - ✔✔A type of plan designed to implement tactical plans
determining strategy. Common titles are president, vice president, chief executive officer (CEO). Middle manager - ✔✔Middle Level a manager who implements the strategy and major policies developed by top management Develops tactical and operational plans and coordinates and supervises first line managers. division manager, plant manager, operations manager First line manager - ✔✔A manager who coordinates and supervises the activities of operating employees. Works with and motivates employees, answers questions, and solves day to day problems. office manager, supervisor, foreman
Autocratic leadership - ✔✔task-oriented leadership style in which workers are told what to do and how to accomplish it without having a say in the decision- making process. Leaders make most decisions. Similar as micromanagement. Participative leadership - ✔✔leadership style in which all members of a team are involved in identifying essential goals and developing strategies to reach those goals. Leader consult workers before making decisions and make final decisions based on their support. Workers opinions are needed and wanted. Laissez-faire leadership - ✔✔a hands-off leadership style that provides direction, tools, and resources to employees while delegating responsibility and decision- making authority to them Transformational leadership - ✔✔Leadership style that focuses on transforming organizations and industries by challenging the status quo with new ideas.
Job Specialization - ✔✔the separation of all organizational activities into distinct tasks and the assignment of different tasks to different people Scientific Management - ✔✔identify the "one best way" to structure work that maximizes efficiency. Focuses on designing jobs around the concepts of task specialization, skill simplification, and repetition. proposed by Fredrick Taylor. job rotation - ✔✔The systematic shifting of employees from one job to another. workers are less likely to become bored and dissatisfied departmentalization by function - ✔✔grouping jobs that relate to the same organizational activity (function). Advantage: high degree of work specialization, help organizations compete on cost
Disadvantage: emphasis on department over the organization as a whole (= organizational silo) departmentalization by product - ✔✔Grouping activities related to a particular product or service. Effective when products are so different. Baby feminine and family care, Beauty, Health care, Grooming Advantages : Easier decision making, integration of all activities associated with a product Disadvantages: some duplication of specialized activities between departments, emphasis on product over the organization as a whole departmentalization by location - ✔✔grouping activities according to the defined geographic area in which they are performed. U.S region, European Region, Asian Region, Africa Regions Advantages: allows a ready response to unique demands or requirements of a location.
decentralized organization - ✔✔An organization in which management consciously attempts to spread authority widely across various organization levels span of control - ✔✔the number of subordinates who report directly to a manager organization height tall organization - ✔✔Multiple levels of management and a narrow span. Slower decision making. Clear structure and organization. organization height flat organization - ✔✔Few levels of management and wide span faster decision making, improved employee morale and engagement , lack of structure and organization, limited opportunities for career growth.
Line structure - ✔✔an organizational structure in which the chain of command goes directly from person to person throughout the organization Line managers - ✔✔managers who make decisions and gives orders to subordinates to achieve the organizations goals. line-and-staff structure - ✔✔an organizational structure that utilizes the chain of command from a line structure in combination with the assistance of staff managers Staff managers - ✔✔Managers who provide support, information and assistance to line managers matrix structure - ✔✔An organizational structure that combines vertical and horizontal lines of authority, usually by superimposing product departmentalization on a functionally departmentalized organization.
Operations management - ✔✔all the activities required to produce goods and services research and development (R&D) - ✔✔a set of activities intended to identify new ideas that have the potential to result in new goods and services Design planning - ✔✔the development of a plan for converting an idea into an actual product or service Product design - ✔✔The process of creating a set of specifications from which a product can be produced. (package, Ingredients) Capacity - ✔✔The number of products or services that an organization can produce in a given time.
Labor intensive technology - ✔✔a process in which people must do most of the work. They need to hire a lot of employees. Capital intensive technology - ✔✔a process in which machines and equipment do most of the work Site selection - ✔✔In determining where to locate facilities, management must consider a number of variables, including the following:
- Locations of customers and suppliers
- Quality of life for employees and management in the proposed location
- The cost of land and building costs
- Local and state taxes, environmental regulations, and zoning laws;
- The amount of financial support and subsidies if any, offered by local and state govs, and
Inventory control - ✔✔the process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock-out costs Scheduling - ✔✔The process of ensuring that materials and other resources are used at the right place at the right time. Quality control - ✔✔the process of ensuring that goods and services are produced in accordance with design specifications Quality circle - ✔✔a team of employees who meet on company time to solve problems of product quality Six sigma - ✔✔A discipled approach that relies on statistical data and improved methods to eliminate defects for a firms products and services.
TQM (Total Quality Management) - ✔✔TQM aims to hold all parties involved in the production process accountable for the overall quality of the final product or service. (organization wide effort) Continuous Improvement (Kaizen) - ✔✔Business philosophy that focuses on gradually improving productivity and making a work environment more efficient Lean manufacturing - ✔✔A concept built on the idea of eliminating waste from all of the activities required to produce a product or service. JIT (just in time inventory system) - ✔✔a system designed to ensure that materials or supplies arrive at a facility just when they are needed so that storage and holding costs are minimized Human resources - ✔✔the people who work within an organization, are one of the most important and valuable resources for a business
Replacement chart - ✔✔A list of personnel and their possible replacements (successors) within a firm Job analysis - ✔✔A systematic procedure for studying jobs to determine their various elements and requirements. Selection - ✔✔The process of gathering information about applicants for a position and then using that information to choose the most appropriate applicant.
- The idea is to hire the applicant who is the most capable for the job at hand
- and also who fits into its overall company and job Interviews - ✔✔ Structured Interviews - ✔✔
Onboarding - ✔✔the process of integrating new employees into an organization.
- A process that can take up to weeks or months and involves welcoming the new employee and helping them build relationships Compensation system - ✔✔the policies and strategies that determine employee compensation- determine the employees pay Compensation decisions wage survey - ✔✔A collection of data on prevailing wage rates within an industry or geography compensation decisions job evaluation - ✔✔The process of determining the relative worth (pay grade) of the various jobs within a firm compensation decisions
