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MGMT301 Exam #2

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