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FSU MAN 3025 - Concepts of Management

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Concepts of Management Last Exam!I. Concepts of Management StudyGuideI. CH 5 Planning1. All about coping with uncertainty, that isPLANNING->REDUCES UNCERTAINTY ABOUTFUTURE2. Planning- “coping with uncertainty by formulating futurecourses of action; with GOALS and ACTIONS!”3. Know this sequence of events makes sense logically(1) Establish Vision Statement(2) Establish Mission Statement(3) Formulate Grand Strategy(4) Implement plans(5) Control(6) Visibly Mr. Gronk’s In Control (use to help remember order/ footballfans im talking bout tight end for new england patriots)4. Defenders-limit what they do and focus on certain set ofcustomers/market no expanding, “produce narrowly definedproducts”5. Prospectors-first into a market “produce new products”6. Analyzers-second into a market watch what prospectors dothey are going to imitate them, imitate thing that looksuccessful minimize risk by being seconds “let others takeproduct development risk and use their info!”7. Reactors- react as situation aries, no game-plan bad idea/ notbest one8. 3 levels of plansa) strategic(top manager 1-5 years out up to 10 years)b) tactical (middle manager 6-24 month not as far as top)c) operational(first level managers a week month butcertainly less than a year!)9. 1st thing do when plan process is have a visionstatement-long term of what we wanna become “what wewanna be when we grow up-kind of statement” very conciseunderstandable CEO should be able to ask everyone andeveryone should know it10.Mission statement-gives more detail to the vision statementits going to have actions longer than vision more detail11.Know the time frames that each planning covers!12.SMART goals13.S-specific exactly what accomplish14.M-measure15.A-attainable16.R-results oriented17.T-target date attached18.If a goal is too easy everyone do it and done no accomplish tohard people will view as unattainable performance stops hasto be challenging yet attainable find happy medium19.Standing plan- going to occur frequently every time thatactivitya) The fire emergency plan where same action is taken withthe fire every time20.Single use plan- created for a particular project21.Management by Objective MBO 4 stepsa) 1)jointly set objectives with employees they have sense ofownership to accomplish itb) 2)develop action planc) 3)periodically review performanced) 4)give performance appraisal and rewards if any- @ endgive em formal proposal and rating22.OBJECTIVES:Top management must be committed mustcascade down throughout organizations; “must be applied toentire organization”23.The Planning/Control Cyclea) Make planb) Execute planc) Control direction actual results versus plan resultsd) Take corrective actionsB.C.D.II. CH 6 HOW TO BUILD STRATEGY1. Strategic Positioning- want to position self instead ofattacking one another, everyone goal is to position so notdirect competitors; this leads to sustainability everyone intheir own niche2. Figure 6-1 Process(1) Vision(2) Mission(3) Grand Strategy (w. Environmental scanning)(4) Implement(5) Control(6) (& feedback look looking at possibly revising any of actions based onfeedback)(7) ***Remember Mnemonic from Earlier Visibly Mr. Gronk’s In Control3. Grand strategy- couple basic decisions gather lots of DATA4. 1st decision want to make with grand strategy?a) Grow?-> Growth Strategy(1) Involves expanding(2) Example: expand into new products/services OR increase promotionb) Flat? same market share same profit objective (stability)(1) Example: no change strategy noticed that maybe too fast growth leads toproblems with ordersc) Shrink?-retract(defensive)(1) Example: reduce costs, declare bankruptcy5. Then based on the grand strategy make plans and actionsbased on if you want to grow, stabilize, or shrink6.7. Competitive Intelligence- gathering as much informationregarding your competitors as you possible can from allsources(1) where good where weak where their niche8. Next do some Environmental Scanning9. SWOT analysis (Strength Weakness Opportunity Threat)10.SW= are of the internal environment **11.OT=external environment **w/in industry economy politicalarena12.13.Forecasting: Predicting the Future PROJECT FORWARD byusing what information you have gathered you can makeeducated inferences14.Trend analysis: Based on past events and scenarios that youhave faced as a manager/CEO decide where this might applyand carry it out into the future(1) Example: maybe you notice that sales of you palm pilot are decreasingrapidly the past few quarters, but your phone sales have tripled maybe trendanalysis would say we should focus on smart phones15.Contingency planning- creating other scenarios to the plansthat come from the trend analysis like having a plan B, planC, and maybe even plan D(1) Example: based on the last example if we were assuming that smart phoneswere the direction we should go maybe have a back up plan to launch orfurther do some research and development on tablets or touch screens justin case the smart phone thing doesnt work out16.17.Porters 5 forces18.What do they tell you?a) When you are READY TO MOVE TO INDUSTRY(howsafe is it?19.20.#1 The threat new entrants (barriers of entry)(1) How easy is it for someone to get into your industry? Either really easy likea lemonade stand doesnt take much maybe some lemonade powder andwater and a table, but profits arent very high maybe 25cents a cup; or canbe really hard to get into industry would be like the car industry not veryeasy to not only make a car that is appealing but meets all the safety andgreen regulations of the govt or else everyone would be doing it, profitsusually higher!!21.#2 bargain power of buyers(1) Selling to just one person they can refuse your price and you cant do muchother than comply and make LESS money because they are your onlycustomer! Vice versa you have lots of buyers/customers you can say have anice day and keep your price the same22.#3 bargain power of supply(1) Same concept as power of buyers but if you get your materials from onemanufacture you are at the mercy of their prices if you have a bunch youcan say no thanks ill go with manufacture B23.#4 threat of substitutes prod or service(1) Example: if you are in the palm pilot business and the iPhone 5 getsreleased watch your sales go to $0.24.#5 rivalry among comp.(1) If nots of rivalry then everyone is going to cut costs to get the customertherefore everyone but the customer looses because all the competitors aremaking less $$$25.Next26.4


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