Only $2.99/month

Terms in this set (71)

1. Planning
- Allows an organization to adapt to changing conditions and thus to pro-actively shape its own destiny instead of constantly reacting to circumstances and events
- Beginning of management process
- Bridge between present and future
- Improves likelihood of attaining desired results
- Can yield synergy when everyone pulls together as a team that knows what it wants to achieve

*Planning involves:
- Developing a mission
- Forecasting future events and trends
- Establishing objectives
- Choosing strategies to pursue

2. Organizing
- Achieves coordinated effort
- Defines task and authority relationships
- Determines who does what
- Determines who reports to whom
- Involves breaking down tasks into jobs (work specialization)
- Involves combining jobs to form departments (departmentalization)
- Involves delegating authority

3. Motivating
* Influencing to accomplish specific objectives
* Requires:
- Leadership—
~ establishing rapport with subordinates,
~ empathizing with their needs and concerns,
~ setting a good example,
~ being trustworthy and fair,
~ developing a vision and inspiring ~ employees to achieve it
- Group dynamics—identifying the composition and nature of informal groups in the organization
- Communication—encouraging subordinates to discuss their concerns, reveal their problems, provide recommendations, and offer suggestions

4. Staffing
* Critical to strategy implementation
* Includes recruiting, interviewing, testing, selecting, orienting, training, developing, caring for, evaluating, rewarding, disciplining, promoting, transferring, demoting, and dismissing employees, managing union relations

5. Controlling
Controlling
* Includes all activities undertaken to ensure that actual operations conform to planned operations, such as conducting performance evaluations and minimizing inefficiencies
* Consists of four basic steps:
1. Establishing performance standards
2. Measuring individual and organizational performance
3. Comparing actual performance to planned performance standards
4. Taking corrective action
* Involves defining, anticipating, creating, and fulfilling customer needs or wants for products and services

* Functions:
1. Customer analysis.
- Customer surveys
- Consumer information
- Market positioning strategies
- Customer profiles
- Market segmentation strategies

2. Selling products/services
- Advertising
- Sales promotion
- Publicity
- Personal selling
- Sales force management
- Customer relations
- Dealer relations

3. Product and service planning
- Test marketing
- Devising warranties
- Packaging
- Determining product features/options, style, and quality
- Deleting old products
- Providing for customer service
- Product positioning

4. Pricing
- Strategists should view price from both a short-run and a long-run perspective because competitors can easily copy price changes
- The Internet has greatly increased price transparency, lowering profit margins
- Many stakeholders affect pricing decisions:
* Consumers
* Governments
* Suppliers
* Distributors

5. Distribution
- Many travel industry enterprises sell their services through intermediaries rather than directly to consumers
- In many cases this results from the fact that many such enterprise lack the financial resources necessary to have a sales force in every origin market and/or intimate knowledge of destinations
- Travel industry organizations must identify and evaluate alternative ways to reach their ultimate market(s)
- Strengths and weaknesses and costs and benefits of alternative channels should be determined

6. Marketing research
- Systematic gathering, recording, and analyzing of data about problems related to the marketing of goods and services
- Supports all major business functions of an organization

7. Opportunity analysis
* Cost/Benefit Analysis
- Involves assessing the costs, benefits, and risks associated with marketing decisions
- Involves three steps:
1. Compute the total costs associated with a decision
2. Estimate the total benefits from the decision
3. Compare the total costs with the total benefits
- If expected benefits exceed total costs, an opportunity becomes more attractive