Planning Conor management activities Flashcards
Define planning
It involves a business setting specific goals and objectives and then outlining strategies that allow them to achieve it
What types of analysis to Business due to analyse the current situation?
SWOT
In terms of Ryanair, what are its strength?
These are internal factors. These are things the business is good at.
E.g. excellent CEO, financially stable, low-cost base so contra low prices and they have a good reputation across Europe
What are weaknesses of Ryanair now?
These are internal factors that are things that the businesses are not doing well at the moment
E.g. Poor customer service.
Poor industrial relations which can lead to industrial actions like a strike which leads to unhappy customers
What are the opportunities of Ryanair?
External factors that the business could use to their advantage
E.g. people eager to travel post pandemic, launch a transatlantic service to increase customer base
What are threats for Ryanair?
These are external factors that can prevent to Business from succeeding
E.g. inflation lead to increased fuel costs leading to increased costs for customers, increased carbon taxes may reduce profits and staff shortages due to poor industrial relations
 what are principles that shouldn’t be put in place for a plan to be effective?
SMART
Specific
Measurable
Achievable
Realistic
Timed
What are some type types of business plans?
Mission statement
Strategic plan
T tactical plan
Contingency plan
Operational plan
What is an operational plan and state the length
They are up to 1 year in length
They are the plans for the day-to-day running with the business
What are the benefits of planning?
Motivates employees – strategic and tactical plan cell goals.it encourages people to work towards their potential and have a clear mission statement providing a shared vision for employee employees to buy into
Reduces uncertainty – it gives a business a clear purpose and managers can direct staff more effectively and reduce the risk of our business feelings. It reduces any uncertainty in the business as a can plan for the future.
Attract investors – plans can be used to show investors division for the business.when looking for finance and financial institutions a business plan will be required to show they are looking for finance
Accountability – plans that are measurable with a clear timeline can be used to see if management and employees have achieved the cycle. It can help them identify areas for improvement and track changes.
What is the mission statement and state length?
It is a visionary statement outlining who the business is what it does and where the business is going
Ryan’s mission statement is to offer affairs that generate increased passenger while maintaining a continuous focus on cost containment and efficiency operations
What is the difference between a strategic and a tactical plan?
A strategic plan is long-term and a tactical plan is short term
What is a strategic plan and stated length?
It is 1 to 5 years long
It breaks down the mission statement into long-term plans that have been devised by senior management to ensure profitability and growth
Ryanair could have a strategic plan to carry 300 million passengers annually by 2027
What is a tactical plan? Stated the length and given an example?
It is a short term plan up to one year
They are based on the strategic plan and are often drawn up by middle management
Reiner could have a tactical plan of increasing the size of its fleet of planes in order to help meet the strategic plan
What is the contingency plan?
It is up to one year
It is a backup plan that deals with unforeseen events emergencies. It is known as the companies Plan B. It helps to prevent disruption when things go wrong and prevent losses.
Ryanair could have a contingency plan to deal with staff shortages in the case of industrial action
