Lecture 18 notes Nov 22 - Planning Definition o General...

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Planning: Definition o General Information Re: Planning Foundation for Managerial Success Why Managers Don’t Plan Enough o Benefits of a Formalized Planning Process o Steps in the Planning Process Formation of Goals and Objectives Characteristics of “Good” Objectives Developing an Action Plan Implementing the Plan Monitoring Results (Control) The Hierarchical Nature of Planning o Levels of Organizational Planning Strategic Planning Tactical Planning Operational Planning The Strategic Planning Process o Vision Statement o Mission Statement Contents of a “Typical” Mission Statement o SWOT Analysis Environmental Analysis Organizational Analysis Formulation of Strategy o Corporate Level Strategies p183-184
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Concentration Strategy Growth Strategies Internal Growth Stragies o Market Penetration o New Product Development o Geographic Expansion External Growth Strategies o Integration Strategies Horizontal Integration Vertical Integration Backward Forward o Diversification Strategies Concentrate (Related) Conglomerate (Unrelated) Investment Reduction (Turnaround) Business Level Strategies p184 Low Cost Leadership Differentiation Focus (Niche) Why Managers Don’t Plan Even though practicing managers readily acknowledge that planning is crucial to organizational and managerial success, most managers also say that they don’t feel that they plan enough...Why? 1. No time...day to day activities take priority
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2. Planning is hard work...too much uncertainty involved 3. Things are going well...no need to plan Benefits of a Formalized Planning System A formalized planning system is one that requires the input of all managers within an organization Formal plans do not just exist in a manager’s head...instead they include and integrate the plans of various levels of management and are written plans A good example of a formal planning system is an organization’s budgeting system Benefits of a Formal Planning System” 1. Forces managers to focus their attention on the future 2. Helps ensure success 3. Minimizes costs through more efficient operations 4. Facilitates control 5. Helps avoid “Management by crisis” Steps in the Planning Process 1. Establish Goals and Objectives Goals and Objectives What we hope to achieve Desired and expected standards of performance Characteristics of “Good” (well defined) objectives Specific Measurable Challenging Reasonably Attainable Time based Known and understood by all
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2. Develop an Action Plan to achieve objectives Sounds complex but actually is quite straightforward Simply provides the answers to the following questions 1. What needs to be done to achieve objectives 2. Why must it be done?
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