MGM 18 - Today Key questions for today How do goals...

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1 Thursday, November 27, 2008 MGM 101 - Introduction to Management Functions Key questions for today: How do goals, missions, strategies and tactics inter-relate within the “planning” function of managers? What processes &tools are used to make business planning decisions within successful organizations? How do businesses decide what to do, and once they’ve decided, how do they decide how they’re going to do it? Today Planning as a key management activity From earlier in the course… planning is one of the key activities of managers They PLAN - They ORGANIZE - They CONTROL - They LEAD PEOPLE MONEY RESOURCES INFORMATION Goals – long term accomplishments that an organization wishes to achieve… – must be identified before strategies can be developed – Types of goals – quantitative & qualitative Examples of (hypothetical) goals… will not necessarily become part of a marketing message to the public: ? ‘To become the most profitable automobile manufacturer in North America, when measured against capital invested’ ? ‘To continue to build on our market lead vs. Pepsi’ ? ‘To rise out of 5 th place among hotel chains, and become #4 by the end of next year’ Objectives: specific, shorter term steps that an organization will take towards achieving its goals ? What are the actions that GM, Coke & Hilton will need to take to take in order to meet their goals? Missions Mission statements Organizations use them to mobilize resources around their goals, both A few examples of mission statements: 3M - "To solve unsolved problems innovatively" Mary Kay Cosmetics – "To give unlimited opportunity to women."
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2 Missions – cont’d. United Way - "To bring people and resources together to build a strong, healthy, safe, community for all." Wal-Mart - "To give ordinary folk the chance to buy the same things as rich people." Walt Disney - "To make people happy." Strategies Strategy – the vital ways in which an organization will work to achieve its goals the organization will act ? Corporate-Level Strategy – answers the question… what business(es) are we in? ? Business-Level Strategy
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MGM 18 - Today Key questions for today How do goals...

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