Planning Flashcards
Basic functions of management (4)
Planning
Organizing
Leading
Controlling
which of those functions have primacy
Planning
what does planning provide?
a method of identifying objectives and designing a sequence of programs and activities to achieve these objectives
According to Amos and Sarchet, what is the definition of planning?
deciding in advance what to do, how to do it, when to do it, and who to do it
what is Planning?
planning is the work done to predetermine a course of action, in order to provide focus and direction for enhancing the efficiency and effectiveness of the company
planning is made necessary by the rapid change of what? (3)
Technology
Environment
Organization
what are the types of planning (2)
Strategic planning
Operational planning
what is strategic planning?
Defines future activities which are worth doing by the company to assure that the company applies its resources effectively to achieve its short term and long term goals
Strategic planning questions (6)
What are the company’s vision, mission and value system?
what specific goals to accomplish by when, with what investment and which technology?
which new product streams to offer by when?
What core technologies to maintain?
which business networks to create?
with which performance metrics to monitor progress?
what are the stages of a product life cycle (4)
Entry
Growth
Saturation
Decline
Mission
why do we exist?
who are we serving?
what do we do to serve them?
Vision (Company Aspiration) (4)
Market capital
Business standing
Ranking in industrial sector
Market share
Components of a mission statement (4)
Define your company and its purpose.
Less than 30 seconds.
Goals of your business (customers, employees, owners)
Clear and Specific.
Compare Mission statements with vision statements
Both contains summarized goals and objectives.
Mission, what a company wants now
Vision, what a company wants in the future
list some of the corporate values
Innovation Honesty Quality Social responsibility Stability Continuous improvement Trust Respect for others
Tools for strategic planning (6)
Market research SWOT analysis Sensitivity analysis External bench marking Technology forecasting Product life cycle
SWOT stands for
Strength
Weaknesses
Opportunities
Threats
What are the factors affecting the external opportunities and threats ? (4)
Customers
Competition
New Technologies
Government Policies
SWOT analysis
Analysis of the current status and success of a business
Once complete, future strategic planning may continue.
Determines the Gap Analysis
What is Gap Analysis
technique used to analyze where you currently are with respect to where you would like to be in the future
what is Operational Planning?
Defines tasks to be accomplished with the least amount of resources within the shortest time, to assure that the company applies its resources efficiently to achieve its short term and long term goals.
