Stephen Chin MGT1001 Ch. 4 Notes

Stephen Chin MGT1001 Ch. 4 Notes - Stephen Chin MGT 1001 Ch...

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Stephen Chin MGT 1001 Ch. 4 Strategic Planning LO1 Summarize the basic steps in any planning process. LO2 Discuss how strategic planning should be integrated with tactical and operational planning. LO3 Describe how strategy is based on analysis of the external environment and the firm’s strengths and weakness. LO4 Discuss how companies can achieve competitive advantage through business strategy. LO5 Identify the keys to effective strategy implementation. LO6 Explain how to make effective decisions as a manager. LO7 Summarize principles for group decision-making. LO1 -Planning is the conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future. Planning is not an informal or haphazard response to a crisis; it is a purposeful effort that is directed and controlled by managers and often draws on the knowledge and experience of employees at all levels. (p. 72) Figure 4.1 Formal Planning Steps (p.72) Situational analysis Alternative goals and plans Goal and plan evaluation Goal and plan selection Implementation Monitor and control Situational Analysis - a process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration. (p. 72) Goal - a target or end that management desires to reach. (p. 73) - To be effective, goals should have certain qualities: Specific, Measureable, Attainable (but challenging), Relevant, Time-bound (p. 73) More details Plans - actions or means managers intend to use to achieve organizational goals. (p. 73) - Various types of plans: Single-use plans, Standing plans, Contingency plans. (p. 73) More details Scenario - a narrative that describes a particular set of future conditions. (p. 74) LO2
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Strategic Planning - a set of procedures for making decisions about the organization’s long-term goals and strategies. (p. 75) Strategic goals - major targets or end results relating to the organization’s long-term survival, value, and growth. (p. 75) Strategy - a pattern of actions and resource allocations designed to achieve the organization’s goals. (p. 75) An effective strategy provides a basis for answering five broad questions about how the organization will meet its objectives: (p. 75) More detail Figure 4.2 Hierarchy of Goals and Plans (p. 76) - Organization’s strategic, tactical, and operational goals and plans must be aligned— meaning consistent, mutually supportive, and focused. (p. 76) Tactical Planning - a set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a particular portion of the organization, such
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Stephen Chin MGT1001 Ch. 4 Notes - Stephen Chin MGT 1001 Ch...

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