ADPR5910 Exam 2 Notes (DuBrin 4)

ADPR5910 Exam 2 Notes (DuBrin 4) - DuBrin Chapter 4:...

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DuBrin Chapter 4: Essentials of Planning Strategic planning can catapult a business to success Finding a focus/developing a niche Example: Schnitzer- niche of combining a modern car junk yard with a steel scrap business Planning: set aside daily tasks and deadlines enlarge mental focus and see bigger picture - Improves productivity, quality, and financial results General Framework for Planning 1. Strategic planning : establishes master plans that shape destiny of the firm 2. Tactical planning : translates strategic plans into specific goals and relevant plans a. Details about how the unit will compete within business area b. Middle managers responsible for formulating and executive tactical plans 3. Operational planning : identifies the specific procedures and actions requires at lower levels of the organization 4. Framework for Planning: a. Define the present situation b. Establish goals and objectives c. Analyze environment in terms of aids and barriers to goals and objectives d. Develop action plans to reach goals and objectives e. Develop budgets f. Implement the plans g. Control the plans 5. Example: Harley Davidson’s aging customer base- Need to get younger guys accustomed to name, products, and dealership network a. Define Present Situation i. Measure success: loyal customers ii. Examine internal capabilities: fast-growing overseas base iii. External threats: demographic time bomb b. Establish Goals and Objectives i. Continue to cultivate 30+ who prefer Harleys ii. Promote Harley as a retirement treat iii. Promote lower-priced sports bikes in its Buell line iv. Make marketing more gender-neutral c. Analyze the Environment to Forecast Aids and Barriers to Goals and Objectives i. Aid: Well-established brand ii. Barrier: Japanese bike makers quickly change to suit customers taste while Harley is 100+ years old and more conservative iii. External threat: motorcycle safety and disturbance to environment from loud exhaust blast d. Develop Action Plans to Reach Goals and Objectives i. Action plan: specific steps necessary to achieve a goal or objective. ii. Ads for women. Free seminars for seniors. More promotion of Buell line. e. Develop Budgets i. Larger advertising and promotion budgets geared to seniors and women ii. Expenses for expanding Buell line iii. Safe-driving campaigns to soften dangerous image f. Implement the Plans i. 70% of time when CEOs fail, cause is poor execution, not poor planning
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ii. Execution: a specific set of behaviors and techniques that companies need to master in order to maintain a competitive advantage. g. Control the plans i. Plans may not always proceed as conceived ii. Measure progress toward goal attainment iii. Indicate corrective action if too much deviation iv. Evaluation and feedback: allows for fine-tuning of plans after implement h. Make Contingency Plans i. Contingency Plan : an alternative plan to be used if the original plan cannot be implemented or a
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ADPR5910 Exam 2 Notes (DuBrin 4) - DuBrin Chapter 4:...

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