Chapters 5-9 - Chapter 5 Planning(First known as setting...

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Chapter 5 10/10/2013 ° Planning: (First known as setting goals and deciding how to achieve them) Is coping with uncertainty by formulating future courses of action to achieve specified results. ° ° Four Basic Strategy Types: ° 1) Defenders: They are experts at producing and selling narrowly defined products or services. (“Let’s stick with what we do best, avoid other involvements”) ° 2) Prospectors: Focus on developing new products or services and in seeking out new markets, rather than waiting for things to happen. (“Let’s create our own opportunities, not wait for them to happen”) ° 3) Analyzers: Let other organizations take the risks of product development and marketing and then imitate (or perhaps slightly improve on) what seems to work best. (“Let others take the risks of innovating, and we’ll imitate what works best”) ° 4) Reactors: Make adjustments only when finally forced to by environmental pressures. (“Let’s wait until there’s a crisis, then we’ll react”) ° ° Mission: An organization’s purpose or reason for being. ° Mission Statement: Expresses the purpose of the organization. (“What is our reason for being?”) ° ° Vision: A long-term goal describing what an organization wants to become. It is a clear sense of the future and the actions needed to get there. ° ° Vision Statement: Expresses what the organization should become, where it wants to go strategically. (“What do we want to become?”)
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° ° Strategic Planning: They determine what the organization’s long-term goals should be for the next 1-5 years with the resources they expect to have available. (Top Management) ° ° Tactical Planning: They determine what contributions their departments or similar work units can make with their given resources during the next 6- 24 months. (Middle Management) ° ° Operational Planning: They determine how to accomplish specific tasks with available resources within the next 1-52 weeks. (First-Line Management) ° ° Goal: (Also known as Objective) is a specific commitment to achieve a measurable result within a stated period of time. ° ° Means-End Chain: (A hierarchy in which goals are arranged in) In the chain of management (operational, tactical, strategic) the accomplishment of low-level goals is the means leading to the accomplishment of high-level goals or ends. ° -Strategic Goals: are set by and for top management and focus on objectives for the organization as a whole. ° -Tactical Goals: are set by and for middle managers and focus on the actions needed to achieve strategic goals. ° -Operational Goals: are set by and for first-time managers and are concerned with short-term matters associated with realizing tactical goals. ° ° SMART Goal: One that is S pecific, M easurable, A ttainable, R esults- oriented, and has T arget dates.
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