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Mgt230 Week 2 Notes Essay

1447 words - 6 pages

Ch. 4 Notes

Situational Analysis - A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.

Goal - A target or end that management desires to reach.

Plans - The actions or means managers intend to use to achieve organizational goals.

Scenario - A narrative that describes a particular set of future conditions.

Tying plans to a firm’s financials is a key element of success. Bottom line is cost.

Strategic planning - A set of procedures for making decisions about the organization’s long-term
goals and strategies.

Strategic goals - Major targets or end results ...view middle of the document...

SWOT analysis - A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.

Corporate strategy - The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.

Concentration - A strategy employed for an organization that operates a single business and competes in a single industry.

Vertical integration - The acquisition or development of new businesses that produce parts or components of the organization’s product.

Concentric diversification - A strategy used to add new businesses that produce related products or are involved in related markets and activities.

Conglomerate diversification - A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.

Companies that integrate vertically often do so to reduce their costs.

business strategy - The major actions by which a business competes in a particular industry or market.

low-cost strategy - A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.

Low-price strategies usually require low production costs.

Differentiation strategy- A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions.

functional strategies - Strategies implemented by each functional area of the organization to support the organization’s business strategy.

strategic control system - A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies exist, taking corrective action.

Ch. 5

Ethics - The system of rules that governs the ordering of values.

ethical issue - Situation, problem, or opportunity in which an individual must choose among several actions that must be evaluated as morally right or wrong.

business ethics - The moral principles and standards that guide behavior in the world of business.

moral philosophy - Principles, rules, and values people use in deciding what is right or wrong.
Universalism - The ethical system stating that all people should uphold certain values that society needs to function.

Caux Principles - Ethical principles established by international executives based in Caux, Switzerland, in collaboration with business leaders from Japan, Europe, and the United States.

Egoism - An ethical system defining acceptable behavior as that which maximizes consequences for the individual.

Utilitarianism - An ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers.

Relativism - Philosophy that bases ethical behavior on the opinions and behaviors of relevant other people.

virtue ethics - Classification of people based on their level of moral judgment.

Kohlberg’s model of cognitive...

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