Lesson #1 - Planning Flashcards
How do retailers “plan” for you to spend more?
- Mirrors could trigger a sense of dissatisfaction with your appearance and tempt you to buy a new outfit. (Related trick: Changing room mirrors that make you look thinner than the ones at home.)
- Music can make a person buy up to 29% more than planned
- Location of changing room and clearance area
- Sales – Boxing Day, Black Friday, End of Season
- Layout of escalators and isles. For example, IKEA
Scent
Why is planning important?
- Ideas can be shared during brainstorming
- Can see if idea actually works, how much time it takes, and how much it will cost
- Benefits time management
- Acts as an aid to prioritizing
- Purpose is set out
- Able to look into the future
- Maps out how things should be done
- Allows one to make changes if necessary and go back to your plan and revise it
- Allows one to get better results
- Allows one to create a clear goal
- Plans= focus on schedule and less time to reach goal
- Can lay out ideas and thoughts
- Sets deadlines
- Confusion eliminated
- Plans assigns tasks to different people
- Other three functions (organizing, planning, and leading) would be more effectively completed if plan established
- Keeps you on task
- Allows for a clear and strong beginning
What is the 80/20 rule?
20% effort, 80% results. Identify inputs that are productive and make them a priority.
What is planning?
The process of setting objectives and determining how to best accomplish them.
What are objectives?
Identify the specific results or desired outcomes that one intends to achieve.
What is a plan?
A statement of action steps to be taken in order to accomplish the objectives.
What is planning?
A systematic way of accomplishing two important managerial tasks:
1. Establishing performance objectives.
2. Determining how to best achieve performance objectives.
- Planning should be an ongoing, daily activity.
What are the steps of the planning process?
- Define your objectives
- Determine where you stand vs. objectives
- Anticipate future events
-. Analyze and chose among action alternatives - Implement the plan and evaluate results
What is “define your objectives”?
Identify desired outcomes or results in very specific ways. Be specific
What is “determine where you stand vs. objectives?
Evaluate current accomplishments relative to the desired results.
What is “anticipate future events”?
Generate alternative “scenarios” for what may happen; identify things that may help or hinder progress toward your objectives.
What is “analyze and chose among action alternatives”?
Evaluate possible actions. Choose alternative(s) most likely to accomplish your objectives and decide what must be done to follow the chosen course of action.
What is “implement the plan and evaluate results”?
Carefully measure progress toward objectives. Do what the plan requires; evaluate results; take corrective actions and revise plans as needed.
