Chapter 5, Planning; Principles of Management

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Strategic Planning Process: which step does the below describe? establish a mission, vision, and goals

1

what step of the formal planning process does the below describe? situation analysis

1

which step of the formal decision making process does the below describe? identify and diagnose the problem

1

which step of the strategy implementation does the below describe? define strategic tasks

1

level of planning: tactical: how long is the plan

1-2 years, medium

Strategic Planning Process: which step does the below describe? analyze external opportunities and threats

2

what step of the formal planning process does the below describe? alternative goals and plans

2

which step of the formal decision making process does the below describe? generate alternative solutions

2

which step of the strategy implementation does the below describe? assess organization capabilities

2

Strategic Planning Process: which step does the below describe? analyze internal strengths and weaknesses

3

what step of the formal planning process does the below describe? goal plan and evaluation

3

which step of the formal decision making process does the below describe? evaluate alternatives

3

which step of the strategy implementation does the below describe? develop an implementation agenda

3

Strategic Planning Process: which step does the below describe? conduct a SWOT analysis and formulate strategy

4

what step of the formal planning process does the below describe? goal plan and slection

4

which step of the formal decision making process does the below describe? make the choice

4

which step of the strategy implementation does the below describe? create an implementation plan

4

Strategic Planning Process: which step does the below describe? strategy implementation

5

what step of the formal planning process does the below describe? implementation

5

which step of the formal decision making process does the below describe? implement the decision

5

Strategic Planning Process: which step does the below describe? strategic control

6

what step of the formal planning process does the below describe? monitor and control

6

which step of the formal decision making process does the below describe? evaluate the decision

6

resources financial analysis human resources assessment marketing audit operations analysis other internal resources analyses

Analyze Internal Strengths and Weaknesses, 3

which step of the below describes the formal decision making process? Is there a difference between what is actually happening and what should be happening? How can you describe the deviation, as specifically as possible? What is/are the causes of the deviation? What specific goals should be met? Which of these goals are absolutely critical to success of the decision?

Identifying and Diagnosing the Problem, 1

establishment of mission, vision, and goals analysis of internal strength and weaknesses analysis of external opportunities and threats swot analysis and strategy formulation strategy implementation strategic control

Strategic Planning Process

1) Where will we be active? 2) How will we get there? 3) How will we win the marketplace? 4) How fast will we move and in what sequences will we make changes? 5) How will we obtain financial returns?

Strategic Planning Set A Long-Term Direction

consider what a SWOT analysis might look like for Pods. What threats and opportunities in the external environment can you readily identify

The moving and storage Industry has been revolutionized over the last 10 years by Pods. The company was begun by firefighters who saw a need for temporary storage units to hold people's personal belongings after a fire damaged their home. The concept evolved to having portable containers delivered to a customer's home, where they pack it at their convenience. The container is then picked up, put into storage or moved anywhere in the country. The company has serviced over 240 million customers, facilitated 250,000 long-distance relocations, exceeded 1 million deliveries of container units and has over 140,000 containers in service. It has 132 franchise markets in the United States, Canada and Australia, along with corporate operations in larger markets.

what step of the formal planning process does the below describe? goals: -Targets or ends that manager wants to reach -Specific, measurable, attainable, relevant, time bound-smart

alternative goals and plans, step 2

what step of the formal planning process does the below describe? plans: the actions or means managers intend to use to achieve organizational goals

alternative goals and plans, step 2

what step of the formal planning process does the below describe? should stress creativity and encourages managers and employees to think broadly

alternative goals and plans, step 2

Strategic Planning Process: which step does the below describe? stakeholders

analyze external opportunities, 2

Process of accessing how well one company's basic functions and skills compare with those of another company or set of companies

benchmarking

goal of ______ is to thoroughly understand the "best practices" of other firms and to undertake actions to achieve both better performance and lower costs

benchmarking

A strategy employed for an organization that operates a single business and competes in a single industry

concentration

Strategic Planning Process: which step does the below describe? A comparison of strengths, weaknesses, opportunities, and threats that help executives formulate strategy

conduct a SWOT analysis and formulate strategy, 4

Strategic Planning Process: which step does the below describe? corporate strategy concentration vertical integration related diversification unrelated diversification

conduct a SWOT analysis and formulate strategy, 4

specifies actions when initial plans fail or events in the external environment create sudden change e.g., British petroleum's repeated attempts to stop the oil spill in the gulf of mexicio in 2010

contingency plan

Strategic Planning Process: which step does the below describe? Strategic control system: a system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action

control your progress, 6

The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities

corporate strategy

new, creative solutions designed specifically for the problem

custom made solutions

a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one of more dimensions

differentiation strategy

A bias weighting short-term costs and benefits more heavily than longer-term costs and benefits

discounting the future

Examines financial strengths and weaknesses through financial statements such as a balance sheet and an income statement and compares trends to historical and industry figures

financial analysis

1) Identify and diagnose the problem 2) Generate alternative solutions 3) Evaluate alternatives 4) Make the choice 5) Implement the decision 6) Evaluate the decision

formal decision making

A decision bias influenced by the way in which a problem or decision alternative is phrased or presented

framing effects

level of planning: operational: who develops the plan?

front line managers

which step of the below describes the formal decision making process? ready made solutions custom made solutions

generating alternative solutions, 2

what step of the formal planning process does the below describe? Managers will evaluate the advantages, disadvantages, and potential effects of each alternative goal and plan

goal and plan evaluation, step 3

what step of the formal planning process does the below describe? Must prioritize those goals and even eliminate some of them

goal and plan evaluation, step 3

what step of the formal planning process does the below describe? managers must consider carefully the implications of alternative plans for meeting high priority goals

goal and plan evaluation, step 3

what step of the formal planning process does the below describe? Managers will select the most appropriate and feasible alternative

goal and plan selection, step 4

what step of the formal planning process does the below describe? Scenario: a narrative that describes a particular set of future conditions

goal and plan selection, step 4

what step of the formal planning process does the below describe? The evaluation process identifies and priorities and trade-offs among the goals and plans

goal and plan selection, step 4

A condition that occurs when a decision-making group loses sight of its original goal and a new, less important goal emerges

goal displacement

• Appropriate leadership style • Constructive use of disagreement and conflict • Enhancement of creativity o Brainstorming

groups must be well led

A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus

groupthink

level of planning: operational: how detailed is it?

high

Examines strengths and weaknesses of all levels of managers and employees and focuses on key human resources activities, including recruitment, selection, placement, training, labor (union) relationships, compensation, promotion, appraisal, quality of work life, and human resources planning.

human resources assessment

People's belief that they can influences events, even when they have no control over what will happen

illusion of control

what step of the formal planning process does the below describe? Managers and employees must understand the plan, have the resources to implement it, and be motivated to do so

implementation, step 5

what step of the formal planning process does the below describe? Successful implementation requires a plan to be linked to other systems in organization particularly the budget and reward system

implementation, step 5

which step of the below describes the formal decision making process? 1) Determine how things will look when the decision is fully operational 2) Chronologically order, perhaps with a flow diagram, the steps necessary to achieve a fully operational decision 3) List the resources and activities required to implement each step 4) Estimate the time needed for each step 5) Assign responsibility for each step to specific individuals

implementing the decision, 5

Elements Included in an Environmental Analysis

industry growth and forces competitor analysis legal trends political activity social issues social interest groups labor issue marcoeconomic conditions technical factors

planning is not an ______ or ________ 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

informal, haphazard

level of planning: strategic: how long is the plan

long, 3-7 years

a strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product

lost cost strategy

level of planning: strategic: how detailed is it

low

which step of the below describes the formal decision making process? maximizing, satisfying, optimizing

making the choice, 4

Examines strengths and weaknesses of major marketing activities and identifies markets, key market segments, and the organization's competitive position (market share) within key markets.

marketing audit

a decision realizing the best possible outcome

maximizing

level of planning: tactical: how detailed is it?

medium

level of planning: tactical: who develops the plan?

middle managers

an organization's basic purpose and scope of operations

mission

what step of the formal planning process does the below describe? Manager's also need to develop control systems to measure that performance and allow them to take corrective action when the plans are implemented improperly or when the situation changes

monitor and control, step 6

what step of the formal planning process does the below describe? Managers must continually monitor the actual performance of their work units against the unit's goals and plans

monitor and control, step 6

The process of identifying the specific procedures and processes required at lower levels of the organization

operational planning

Examines the strengths and weaknesses of the organization's manufacturing, production, or service delivery activities.

operations analysis

achieving the best possible balance among several goals

optimizing

Examine, as appropriate, the strengths and weaknesses of other organizational activities, such as research and development (product and process), management information systems, engineering, and purchasing

other internal resource analysis

conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future

planning

ideas that have been seen or tried before

ready made solutions

A strategy used to add new business that produce related products or are involved in related market activities

related diversification

inputs to a system that can enhance performance; tangible, intangible assets

resources

Choosing an option that is acceptable, although not necessarily the best or perfect

satisfying

level of planning: operational: how long is the plan?

short, less than 1 year

focuses on achieving non-repeating goals e.g, GM's recent decision to recall 7 million vehicles to fix multiple problems

single use plan

what step of the formal planning process does the below describe? a process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration

situational analysis, step 1

groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies

stake holders

is designed to accomplish an enduring set of goals e.g., zappo's goal to "wow!" customers by delivering over-the-top customer service

standing plan

put the formal planning steps in order

step 1: situation analysis step 2: alternative goals and plans step 3: goal and plan evaluation step 4: goal and plan selection step 5: implementation step 6: monitor and control

Major targets or end results relating to the organization's long-term survival, value, and growth

strategic goals

A set of procedures for making decisions about the organization's long-term goals and strategies

strategic planning

Provides a perspective on where the organization is headed and what it can

strategic vision

The long-term direction and strategic intent of a company

strategic vision

a pattern of actions and resource allocations designed to achieve the organization's goals

strategy

1) Define strategic tasks 2) Assess organization capabilities 3) Develop an implementation agenda 4) Create an implementation plan

strategy implementation

A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing

tactical planning

level of planning: strategic: who develops the plan

top level managers

A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities

unrelated diversification

The acquisition or development of new businesses that produce parts or components of the organization's product

vertical intergration


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