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Identifying and selecting suitable goals and courses of action; one of the four principal functions of management.
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A cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals.
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A business unit that has its own set of managers and functions or departments and competes in a distinct industry.
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Managers who control the various divisions of an organization.
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The intended duration of a plan.
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Written instructions describing the exact series of actions that should be followed in a specific situation.
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A general guide to action.
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A formal, written guide to action.
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The generation of multiple forecasts of future conditions followed by an analysis of how to respond effectively to each of those conditions; also called contingency planning.
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Formulated to deal with possible future crises.
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A broad declaration of the big picture of the organization and/or a statement of its dreams for the future.
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A broad declaration of an organization’s purpose that identifies the organization’s products and customers and distinguishes the organization from its competitors.
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A desired future outcome that an organization strives to achieve within a specified timeframe.
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The ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates.
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Analysis of an organization’s current situation followed by the development of strategies to accomplish the organization’s mission and achieve its goals.
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A planning exercise in which managers identify organizational strengths (S) and weaknesses (W), and environmental opportunities (O) and threats (T) relative to the competition.
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A technique managers use to analyze the potential profitability of entering and competing in a particular industry.
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Arrangements in which firms compete vigorously with one another, while also cooperating in specific areas to achieve economies of scale.
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Top management’s decisions relating to the organization’s mission, overall strategy, and structure.
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A plan that indicates the industries and national markets in which an organization intends to compete.
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Expanding operations into a new business or industry and producing new goods or services.
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Entering a new business or industry to create a competitive advantage in one or more of an organization’s existing divisions or business.
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Performance gains that result when individuals and departments coordinate their actions.
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Entering a new industry or buying a company in a new industry that is not related in any way to an organization’s current businesses or industries.
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A strategy that allows an organization to create value by producing its own inputs or distributing and selling its own outputs.
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Selling the same standardized product and using the same basic marketing approach in each national market.
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Customizing products and marketing strategies to specific national conditions.
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A plan that indicates how a division intends to compete against its rivals in an industry.
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Divisional managers’ decisions relating to divisions’ long-term goals, overall strategy, and structure.
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Driving the organization’s costs down below the costs of its rivals.
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Distinguishing an organization’s products from the products of competitors in dimensions such as product design, quality, or after-sales service.
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Serving only one segment of the overall market and being the lowest-cost organization serving that segment.
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Serving only one segment of the overall market and trying to be the most differentiated organization serving that segment.
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A plan that indicates how a function intends to achieve its goals.
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Managers who supervise the various functions—such as manufacturing, accounting, and sales—within a division.
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Units or departments in which people have the same skills or use the same resources to perform their jobs.
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Functional managers’ decisions relating to the goals that they propose to pursue to help the division reach its business-level goals.
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A graphic bar chart managers use to schedule tasks in a project showing what tasks need to be done, who will do them, and by what timeframe.
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