MGMT301 Exam #2
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| 5 Steps in Planning Process | Define objective
Compare current to objectives
Compare future alternatives
Analyze alternatives/make plan
implement and evaluate
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| Define Planning | The process of setting performance objectives and determining how to get them done (*What and How)
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| Judging | Formal, structured planning approach (Line)
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| Perceiving | Informal, unstructured planning approach (Circle)
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| Best planning includes: | Action oriented
Priority oriented
Advantage oriented
Change oriented
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| Herding Cat video demonstrates... | Getting people to come together and plan toether is like herding cats: impossible
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| Long range plans | 3+ years
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| Short range plans | 3 months
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| Functional Levels | Financial
Marketing
Production
Facilities
Human Resources
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| Operationally vs Functionally | Operationally: how to make things work, how to succeed
Functionally: How to set up everything to achieve goals
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| Deciding to either attend college or work is planning.... | Strategically
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| Company Policy is... | Broad Guidelines
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| Company Procedures is... | Specific actions
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| All facilities in your company will be smoke-free is an example of... | Company Policy
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| Tools and techniques for planning | Forecasting
Contingency
Scenario
Benchmarking
Participating
Goal Setting
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| Forecasting | Using statistical tools and intuition based on experience to predict a future state
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| Contingency Planning | Identifying actions to take when a strategic or tactical plan goes wrong
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| Scenario Planning | Considering future scenarios and developing plans to address those issues
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| Benchmarking | Comparing your company to outside organizations both in your industry and in other businesses
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| Participatory Planning | Including those impacted and/or who will implement your plan in the process
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| Goal Setting | Developing clear quantified measures that guides an organization's and individual's work
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| Control Process | Set Performance
Measure actual performance
Compare actual to objectives
Take actions to control process
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| Example of Disney in control process | How many people ride by day/hour/etc
Safety
Do people enjoy riding?
Cost and Labor
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| Types of controls | Feed Forward
Concurrent
Feedback
Ex. Tires need to be replaced on a plane after a specific number of landings. ALSO used THON example- pre: scheduling/staffing, gametime: temperature, food, bathroom
post: how did everything work out
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| External Controls | Budgetary
Market (external)
Bureaucratic (internal)
Social Norm
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| Video on Dunkin Strategy | Taking business global expands growth opportunity
Strategy: Control (always connected)
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| Strategy Levels | #1: Corporate
#2: Business
#3: Functional
+Personal
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| New markets in a non-Dunkin country is an example of.... | Corporate Strategy
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| Foundational Growth Strategies | Basic growth- within current operations
Concentration- expansion of current business
Diversification- related or new business
Vertical Integration- buy partners in supply chain
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| B2B and B2C | Business to business
Business to consumer
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| Vertical Integration | Buy goods you use or franchise buys you
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| Same store in new countries is an example of.... | Concentration
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| Preparing to meet with the marketing department is an example of... | Functional
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| Consolidate (Blockbuster) | Restructure
Downsize
Bankruptcy
Liquidation
Divestiture (sold)
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| Dish Network buying Blockbuster is what type of strategy? | Repositioning
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| Practical Business Strategy Models | Strategy formulation: Reviewing current situation, SWOT, develop new strategy
Strategy implementation: Implement new strategy and evaluate
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| Mission Vs Vision | Mission is current with goals and objectives. Internal driven. Defines the company's business, its objects and approach to reach those objectives
Vision: Future, beliefs/values, external driven, describes the future desired position of the company
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| Companies use terms but combine them into... | Statement of Purpose
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| Coke vs Pepsi mission and vision statements | Coke: Mission current, vision future
Pepsi: Mission future, vision current
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| Define structure | Anything with parts arranged together
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| Define organizing | Arranging tasks, people and other resources to accmplish the work and create structure
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| Oraganization charts provide | Division of work
Chain of demand
Span of control
Communication flow
Major units
Staff vs line
Levels of management
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| Structural Types (5) | Functional
Divisional
Matrix
Team
Network
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| Functional (structure type) | CEO
VP
Departments
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| Divisional (structure type) | Product, Geography, Customer
CEO
Prod. 1 Prod. 2
dpmt dpmt
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| Matrix (structure type) | Puts everything in grid
Top: Any function relevant to your business
Side: Projects or progams
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| Team (structure type) | Cross-functional teams
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| Network (structure type) | People come together to create a product
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| Complacency trap | Being lulled into inaction by successes or failures of the moment
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| Hierarchy of Objectives | Means-ends chain in which lower-level objectives (the means) lead to the accomplishment of higher level objectives (the ends)
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| Operational Plans | Also called tactical plans, are developed to implement strategic plans
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| Zero-based budget | Approaching each budget period as if it were brand new
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| Define budget | A plan that commits resources to activities, programs, or projects
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