Wiki Page, Principles of Management (22S1): Victoria

Wiki Page
2022-05-31T11:25:34+08:00

Name | Chapter Summary
Erika | Chapter 1, 2
Victoria | Chapter 5 , 6
Manuela | Chapter 7, 10
Rigzin | Chapter 8, 13
Everyone | Chapter 4, 9

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| Concept | Application
| Mission | Reason for existence
Chapter 5 | Goals | What organisations want to achieve in the future. Need to be specific and measurable. SMART
| Strategic Goals are focused on the organisation as a whole. Tactical goals are for major departments. Operational goals are specific and measurable for departments, groups and individuals.
Plans | How organisations will get there ( resources, schedules and others)

Strategic plans are the actions long term to follow to achieve strategic goals

Tactical plans are shorter than strategic

Operational plans are expressed in quantitative terms and are done for lower levels

Operational planning | Help the organisation to perform efficiently and effectively. There are different approaches
Key performance indicators KPIs | Metrics to show performance
Management by objectives MBO | Managers and employees establish goals for departments, groups and individuals, these goals will be reviewed.
Management by means MBM | Focus on methods and processes to achieve goals
Single-use and Stading plans | Single-use is used for plans that will not be repeated in the future. Stading is for outgoing and repeatedly use.
Contingency plans / Scenario planning | It is used in unexpected conditions / Takes trends and predicts the future
Crisis management plan CMP | Steps to take and person/ department in charge in case of crisis

Innovative planning

Decentralised planning: Managers are advised by experts to develop plans

Performance Dashboards: Keep track of the figures

Intelligence team: Managers and employees working together to solve a certain issue

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Chapter 6 | Strategic management | Decisions and actions to be more competitive and achieve organisational goals
Competitive advantage | Distinctive characteristics that the organisation has compared to others
Target customer | Define what are the customer's needs
Synergy | All parts of the organisation are interacting
Levels of strategy | Corporate level: what business are we in?
| business level: How do we compete?
| functional - level strategy:how do we support the business level strategy?
The strategic management process | strategy formulation: includes planning and decision making that lead to the establishment of the firms goals and the development of a specific strategic plan
| strategy implementation : is the use of managerial and organisational tools to direct resources towards accomplishing strategic restuls.
| SWOT analysis: search for strenghts, weakneses, oportunities and threats.
Formulating corporate level strategy | portfolio strategy: relates to the organisations mix of strategic business units and prodct lines that fit together in such a way as to provide the organisation with synergy and competitive advantage
| Strategic business units (SBUs): a division of the organisation that has an unique business mission, product line, competitors and markets relative to other SBUs in the same organisation
| BCG matrix: evaluates strategic business units with respect to the dimensions of business growth rate and market share
diversification | the strategy of moving into new lines of business

Porter's competitive forces

1. potencial new entrants

2. bargaining power of buyers

3. bargaining power of suppliers

4. threat of substitute products

5. rivalry among competitors

Porter's competitive strategies

1. differentiation

2. cost leadership

3. focus

Global Strategy | multidomesticc strategy: the modification of product design and advertising strategies to suit the specific needs of individual countiries
| transnational strategy: combines global coordination to attain efficiency with flexibility to meet specific needs in various countries
Embeddedness | a situation in which there is a deep understanding and acceptance of organisational direction and purpose throughout the organisation