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