7 - C H A P T E R S E V E N Foundations of Planning...

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C H A P T E R S E V E N Foundations  of Planning 7 Chapter Outline Introduction What Is Planning? Why Do Managers Plan? Purposes of Planning Planning and Performance How Do Managers Plan? The Role of Goals and Plans in Planning Types of Goals Types of Plans  Establishing Goals and Developing Plans Approaches to Establishing Goals Characteristics   of   Well-Designed  Goals Steps in Goal Setting Developing Plans Contingency Factors in Planning Approaches to Planning Contemporary Issues in Planning Criticisms of Planning  Effective Planning in Dynamic  Environments T he Zurich and Basel based company, UBS AG, is Switzerland’s largest ban and a major player in international financial circles. Dr. Gabriela Payer Fruithof, Managing Director and Head of Marketing Technology for the firm, is playing a key role in the company’s choice of future directions. She has been the driving force behind many of the companies Internet strategies and solutions. The company has a multi-channel approach to online banking. Internal benchmarking studies indicate that work productivity has improved by 30 percent. More than 70 percent of incoming inquiries are handled by electronic systems. Now that the online banking initiative has been implemented, what types of plans might Fruithof need to guide the use of the Internet in other additional marketing activities? 87
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Many PowerPoint Slides, including both original text art and newly created images, have been developed and are available for you to coordinate with Chapter 7 materials presentation. ANNOTATED OUTLINE 1. INTRODUCTION. Planning is one of the four functions of management. The basics of planning are presented in this chapter. The text discusses what planning is, why managers plan, how they plan, and provides some contemporary issues related to planning. 2. WHAT IS PLANNING? Planning involves defining the organization’s goals, establishing an overall strategy for achieving these goals, and developing a comprehensive set of plans to integrate and coordinate organizational work. The term planning as used in this chapter refers to formal planning. Self-Assessment Library Exercise in Planning Planning is both formal and informal. In many small organizations, planning tends to me informal. In larger organizations, managerial planning tends to be more formal. The text discusses formal planning. Self-Assessment #22 “How Good Am I at Personal Planning?” will provide students with a sense of how effective they are at personal planning (which may be either formal or informal). Students may consider the following after they complete the exercise: n What did you find out about yourself in doing this exercise? Did anything surprise you about your assessment? n
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7 - C H A P T E R S E V E N Foundations of Planning...

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