Review Exam 3 - Chs. 8-11

Review Exam 3 - Chs. 8-11 - Review: Chapter 8 Definition of...

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Review: Chapter 8 Definition of objectives, plans, planning (p. 270) Difference between strategic, tactical and operational plans (pp. 270-71; lecture) Different organizational levels (e.g., corporate, business and functional (p. 273-74) Elements of the planning process (e.g., analyzing the environment, setting objectives, etc. (p. 275-86) Meaning of environmental uncertainty and benchmarking (p. 276-79) What a Gantt Chart is, and how and why it is used (p. 283) Different types of budgets (pp. 287-288) Significance of SMART goal acronym (p. 288-91) Significance of MBO process (p. 291)
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What is Planning? Decision making process Focused on future of an organization Goal oriented
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Analyze the Environment Dispatched executives from corporate HQ and regional operations to scope major markets. Conducted environmental assessment (i.e., determined risks and benefits) Based on analysis, decided to focus on Poland, Czech Republic and Hungary first, and Russia later.
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Setting Objectives & Strategy Formulated 2 imported strategic objectives. 1. To achieve the lowest cost and best quality sourcing. To build or not to build? 2. To achieve superior distribution.
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Determining Resources Decided that the most critical resource was human (employees) who could help grow the business. Sent experienced P&G employees from around the world to the region. Recruited talented local managers.
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Monitoring Outcomes Carefully monitored financial and strategic outcomes. Results have been great – after only 4 years of operations, sales rose to $500M and business turned a profit! Company has quickly become the largest consumer goods firm in the entire region.
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Types of Plans 3 Types: 1. Strategic 2. Tactical 3. Organizational
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Different Dimensions of Plans Strategic, tactical, and operational plans differ on 5 important dimensions: 1. Time horizon 2. Scope 3. Complexity 4. Impact 5. Interdependence
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Strategic Plans Strategic plans : focus on the broad future of the organization. Take into account external environmental demands & internal resources. Complexity: HIGH Impact: HIGH; can determine whether firm lives or dies Time horizon: LONG (3-5 years in the future). Interdependence: HIGH
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Tactical Plans Tactical plans : translate strategic plans into specific goals for specific parts of the organization. Complexity: MEDIUM. Impact: MEDIUM; may determine fortunes of specific units, but not entire firm. Time horizon: MEDIUM (1-2 years in the future). Interdependence: MODERATE
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Operational Plans Operational plans : translate tactical plans into specific goals and action for small units of the organization. Complexity: LOW Impact: LOW; restricted to specific units or depts. Time horizon: SHORT (less than 12 months in the future).
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Review Exam 3 - Chs. 8-11 - Review: Chapter 8 Definition of...

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