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Chapter 4: Foundations of Planning
Transcript of Chapter 4: Foundations of Planning
a)In informal planning, very little, if anything, is written down.
b)In formal planning, specific objectives are written down and made available to organization members.
Although the first four steps describe the planning that must take place, implementation and evaluation are just as important! Even the best strategies can fail if management doesn’t implement or evaluate
them properly External Analysis.... P
E P = Political E = Economical S = Social/cultural T = Technological L = Legal E = Environmental 1.Planning is concerned with the________ and the _________. 2. Managers should plan for at least 4 reasons. What are they? 3. What are some criticisms of formal planning? 4. What is 'strategic management'? 5. What is a 'stategy'? 6. How many 'steps in the strategic management process'? 7. What does PESTLE stand for? The mission of Facebook is “a social
utility that connects you with the people around you.”
"We're just getting started on our goal of connecting everyone," Zuckerberg wrote on the company's blog. Over 600,000,000 users! If Facebook was a country it would be the 3rd biggest in the world! Core competency = knowledge, ability and/or expertise! It is what a company does best!
Core competency leads to - competitive advantage! 6.Step 3 involves evaluating the organization’s internal resources.
a)This involves asking specific questions and analyzing the available information.
(1)What skills and abilities do the organization’s employees have; human resources?
(2)What is the organization’s cash flow; financial resources?
(3)Has it been successful at developing new and innovative products?
(4)How do customers perceive the image of the organization and the quality of its products or services?
Michael Porter of Harvard’s Graduate School of Business. 1. What is a mission statement? 2. What are core competencies? 3. What are the three (3) types of 'corporate strategies'? 4. What are the three (3) types of 'competitive strategies'? 5. What is 'benchmarking'? 6. What are 'goals' and 'plans'? 7. What is M.B.O.? 8. What is the time frame of a 'long-term plan'
and a 'short-term plan'?
9. What is a 'single use plan' and what is a 'standing plan'? 10. What is 'environmental scanning' and 'competitive intelligence'? Part 3: Quiz Questions!
Try these! 220.127.116.11.18.104.22.168.22.214.171.124.126.96.36.199.131.132. No clear competitive advantage = stuck in the middle Part 4: Group Discussions!
Share the information you found on:
1. A company mission statement
2. Michael Porter's Competitive Strategies.
"Take it in turns to 'share' what you found".
Korean first and then ENGLISH!
Developing Your Business Planning Skill
About the Skill
One of the first steps in starting a business is to prepare a business plan. Not only does the business plan aid you in thinking about what you’re going to do and how you’re going to do it; it provides a sound basis from which you can obtain funding and resources for your organization. In fact, a well-prepared business plan can be submitted to a financial institution in its entirety as the basis for why you should get a loan to start your business.
Steps in Practicing the Skill
Review the following steps of writing the business plan:
1.Describe your company’s background and purpose.
2.Identify your short- and long-term objectives.
3.Provide a thorough market analysis.
4.Describe your development and production emphasis.
5.Describe how you’ll market your product or service.
6.Establish your financial statements.
7.Provide an overview of the organization and its management.
8.Describe the legal form of the business.
9.Identify the critical risks and contingencies facing the organization.
10.Put the business plan together.
Practicing the Skill
Students have come up with a great idea for a business and need to create a business plan to present to a bank. Have them choose one of the following products or services and draft the part of your plan that describes how they’ll price and market it (see Step 5).
1.Haircuts at home (they make house calls)
2.Olympic snowboarding computer game
3.Online apartment rental listing
4.Ergonomic dental chair
5.Voice-activated house alarm
6.Customized running shoes
Now have them choose a different product or service from the list and identify critical risks and contingencies (see Step 9).
1.If a multiple day exercise, have students gather research for each element.
2.Allow students to dream up their own startup business.
3.If a class exercise, choose one type of business and brainstorm what they already know for each category.
4.Close either type of exercise with student discussion of the effort involved and what they discovered they did not know about the prospective business.
a). What is your mission statement? UNDERSTAND YOURSELF
What Are My Course Performance Goals?
INSTRUMENT Using the following scale, select the answer for each of the 12 statements
that best expresses why you study for a course.
1 = Never
2 = Rarely
3 = Sometimes
4 = Often
5 = Always
I study because:
1. I want to be praised by my professors and parents.
1 2 3 4 5
2. I want to be noticed by my friends.1 2 3 4 5
3. I don’t want my classmates to make fun of me.1 2 3 4 5
4. I don’t want to be disliked by a professor.1 2 3 4 5
5. I want people to see how smart I am.1 2 3 4 5
6. I wish to get better grades than my peers.1 2 3 4 5
7. I want to get good grades.1 2 3 4 5
8. I want to be proud of getting good grades.1 2 3 4 5
9. I don’t want to fail final exams.1 2 3 4 5
10. I wish to be admitted to graduate school.1 2 3 4 5
11. I want to get a good job in the future.1 2 3 4 5
12. I want to attain status in the future.1 2 3 4 5
SCORING KEY Total up the number of 4 and 5 responses. This will be between zero and 12.
If you had no responses in the 4 or 5 categories, your course performance is likely to suffer because you have no strong reasons for studying. This suggests a need for you to reassess your goals and consider what you want from your course work. If you had a number of responses in the 4 or 5 categories, you appear to have specific goals that will motivate you to study and achieve high performance. Part 5! Part 6: Homework!
Read and understand the Chapter 5 PPTs...
Find an example of an 'Organisational Structure'. After completing the SWOT analysis, managers are ready to formulate appropriate strategies is, strategies that (1) exploit an organization’s strengths and external opportunities, (2) buffer or protect the organization from external threats, or (3) correct critical weaknesses They usually include resource allocations, budgets, schedules, and other necessary actions to
accomplish the goals
Operational (1)The rapid rise of Apple Computer in the late 1970s and throughout the 1980s was attributed, in part, to the creativity and anti-corporate attitudes of one of its cofounders, Steven Jobs.
(2)Ultimately Jobs was ousted and with his departure came increased organizational formality—the very thing he despised because it hampered creativity.
high level of motivation, abundance of self-confidence, ability to be involved for the long term, high energy level, persistent problem solver, high degree of initiative, ability to set goals, and moderate risk-taker. Another list of characteristics of “successful” entrepreneurs included high energy level, great persistence, resourcefulness, the desire and ability to be
self-directed, and relatively high need for autonomy