Download Business Terminology: Planning, Goals, Strategies, and Management and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 planning DEFINITION 1 setting goals and deciding how to achieve them, coping with uncertainty by formulating future courses of action to achieve specified results TERM 2 prospectors DEFINITION 2 focus on developing new products or services and in seeking out new markets, rather than waiting for things to happen TERM 3 defenders DEFINITION 3 experts at producing and selling narrowly defined products or services TERM 4 analyzers DEFINITION 4 let other organizations take risks of product development and marketing and then imitate , perhaps improve upon, what seems to work best TERM 5 reactors DEFINITION 5 makes adjustments only when finally forced by environmental pressures TERM 6 mission DEFINITION 6 purpose or reason for being TERM 7 mission statement DEFINITION 7 expresses the purpose of the organization TERM 8 vision DEFINITION 8 long-term goal describing "what" an organization wants to become, clear sense of the future and actions needed to get there TERM 9 vision statement DEFINITION 9 expresses what the organization should become, where it wants to go strategically TERM 10 strategic planning DEFINITION 10 determining what an organization's long-term goals should be for the next 1-5 years with the resources they expect to have available, top management TERM 21 policy DEFINITION 21 standing plan that outlines general response to a designated problem or situation TERM 22 procedure DEFINITION 22 standing plan that outlines the response to particular problems or circumstances TERM 23 rule DEFINITION 23 standing plan that designates specific required action TERM 24 single-use plan DEFINITION 24 plan developed for activities that are not likely to repeat in the future TERM 25 program DEFINITION 25 single-use plan encompassing a range of projects or activities TERM 26 project DEFINITION 26 single-use plan of less scope and complexity than a program TERM 27 SMART goal DEFINITION 27 SpecificMeasurableAttainableResults-orientedTarget dates TERM 28 Management by Objectives MBO DEFINITION 28 four step process in which managers/employees jointly set objectives for the employee, managers develop action plans, managers and employees periodically review the employee's performance and the manager makes a performance appraisal and rewards the employee according to results TERM 29 cascading DEFINITION 29 sending objectives down through the organization, objectives are structured in a unified hierarchy becoming more specific at lower levels of organization TERM 30 planning/control cycle DEFINITION 30 cycle consisting of two phases of planning and control each, 1 make the plan 2 carry out the plan 3 control the direction by comparing the results with the plan 4 control the direction in two ways; by correcting deviations in the plan being carried out or by improving future plans
