MAN 3025 Exam 2 fgcu
trend analysis - ✔️✔️constructing and applying statistical models that predict labor
demand for the next year, given relatively objective statistics from the previous year
Forecasting - ✔️✔️the attempts to determine the supply of and demand for various
types of human resources to predict areas within the organization where there will be
labor shortages or surpluses
Strategic Management - ✔️✔️a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
Strategic Analysis - ✔️✔️the process of analyzing the organization, the environment,
and the organization's competitive position and current strategies
strategy formulation - ✔️✔️the process of choosing among different strategies and
altering them to best fit the organization's needs
the five steps of the strategic-management process - ✔️✔️
Strategic Positioning/ Sustainable Competitive Advantage - ✔️✔️
Mission Statement - ✔️✔️a statement of the organization's purpose - what it wants to
accomplish in the larger environment
Vision Statement - ✔️✔️expresses what the organization should become, where it
wants to go strategically
competitive intelligence - ✔️✔️gaining information about one's competitors' activities so
that you can anticipate their moves and react appropriately
SWOT analysis - ✔️✔️strengths, weaknesses, opportunities, threats
Benchmarking - ✔️✔️a process by which a company compares its performance with
that of high-performing organizations
Porter's Five Forces - ✔️✔️threat of entry, threat of substitute, supplier power, buyer
power, and competitive rivalry
Three Common Grand Strategies - ✔️✔️1. growth strategy
2. stability strategy
, 3. defensive strategy
Porter's Four Competitive Strategies - ✔️✔️1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
single-product strategy - ✔️✔️a company makes and sells only one product within its
market
diversification strategy - ✔️✔️a growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently serve
related and unrelated diversification - ✔️✔️
BCG Matrix - ✔️✔️a means of evaluating strategic business units on the basis of (1)
their business growth rates and (2) their share of the market
strategic control - ✔️✔️consists of monitoring the execution of strategy and making
adjustments, if necessary
execution - ✔️✔️the carrying out or completion of some task
Three Core Processes of Business - ✔️✔️People - consider who will benefit you in the
future
Strategy - consider how success will be accomplished
Operations - consider what path will be followed
How Execution Helps Implement & Control Strategy - ✔️✔️
decision - ✔️✔️choice made from among available alternatives
decision making - ✔️✔️Choosing among two or more alternatives.
Rational/Classical Decision Making - ✔️✔️explains how managers should make
decisions; it assumes managers will make logical decisions that will be the optimum in
furthering the organization's best interests
Stage 1: Identify the Problem or Opportunity - ✔️✔️Determining the actual versus the
desirable
Stage 2: Think Up Alternative Solutions - ✔️✔️both the obvious and the creative
trend analysis - ✔️✔️constructing and applying statistical models that predict labor
demand for the next year, given relatively objective statistics from the previous year
Forecasting - ✔️✔️the attempts to determine the supply of and demand for various
types of human resources to predict areas within the organization where there will be
labor shortages or surpluses
Strategic Management - ✔️✔️a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
Strategic Analysis - ✔️✔️the process of analyzing the organization, the environment,
and the organization's competitive position and current strategies
strategy formulation - ✔️✔️the process of choosing among different strategies and
altering them to best fit the organization's needs
the five steps of the strategic-management process - ✔️✔️
Strategic Positioning/ Sustainable Competitive Advantage - ✔️✔️
Mission Statement - ✔️✔️a statement of the organization's purpose - what it wants to
accomplish in the larger environment
Vision Statement - ✔️✔️expresses what the organization should become, where it
wants to go strategically
competitive intelligence - ✔️✔️gaining information about one's competitors' activities so
that you can anticipate their moves and react appropriately
SWOT analysis - ✔️✔️strengths, weaknesses, opportunities, threats
Benchmarking - ✔️✔️a process by which a company compares its performance with
that of high-performing organizations
Porter's Five Forces - ✔️✔️threat of entry, threat of substitute, supplier power, buyer
power, and competitive rivalry
Three Common Grand Strategies - ✔️✔️1. growth strategy
2. stability strategy
, 3. defensive strategy
Porter's Four Competitive Strategies - ✔️✔️1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
single-product strategy - ✔️✔️a company makes and sells only one product within its
market
diversification strategy - ✔️✔️a growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently serve
related and unrelated diversification - ✔️✔️
BCG Matrix - ✔️✔️a means of evaluating strategic business units on the basis of (1)
their business growth rates and (2) their share of the market
strategic control - ✔️✔️consists of monitoring the execution of strategy and making
adjustments, if necessary
execution - ✔️✔️the carrying out or completion of some task
Three Core Processes of Business - ✔️✔️People - consider who will benefit you in the
future
Strategy - consider how success will be accomplished
Operations - consider what path will be followed
How Execution Helps Implement & Control Strategy - ✔️✔️
decision - ✔️✔️choice made from among available alternatives
decision making - ✔️✔️Choosing among two or more alternatives.
Rational/Classical Decision Making - ✔️✔️explains how managers should make
decisions; it assumes managers will make logical decisions that will be the optimum in
furthering the organization's best interests
Stage 1: Identify the Problem or Opportunity - ✔️✔️Determining the actual versus the
desirable
Stage 2: Think Up Alternative Solutions - ✔️✔️both the obvious and the creative
