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Ch.6 Planning and Strategy
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Terms in this set (54)
mission statement
A formal written declaration of the organization's mission which includes the firm's philosophy, primary products, markets, scope, relationships between firm and stakeholders.
Plan
a set of activities intended to achieve goals whether for an entire organization, department, or individual
Mission
A definition of an organization's fundamental purpose and its basic philosophy
goal
The final result that a firm wishes to achieve
goal must.......
1. have a topic such as profit or customer satisfaction
2. have a target, specific amount, volume of sales
3. measure progress, measure in dollars
4. time frame, date or time period
Smart goals
Specific
measurable
achievable
realistic
timely
types of goals
Strategic- upper level managers ( 5 years or more)
tactical- middle managers ( 1 to 5 years)
Operational-first line managers short time period (1 year or less)
Strategic Goals
Goals set by higher managers that deal with such general topics as the firms growth, new markets, or new goods and services.
Tactical Goals
The intermediate goals of the firm, which are designed to stimulate actions necessary for achieving the strategic goals
Operational Goals
Short term goals that are addressed to first line managers and usually apply to specific work operations that lead to the production of goods or services
Gap analysis
The process of assessing the difference between the current position and goals
Steps in planning
1. create the mission statement
2. assess the current situation
3. state goals
4. evaluate the gap between current position and goals
5. create the plan
6. implement plan
7. evaluate plan
Difficulty of setting goals
1. stakeholders
2. nature of the environment
3. organizational rewards.
4. courage and risk taking
4 steps of creating a plan
1. determining alternatives
2. evaluating alternatives
3. selecting an alternative
4. specifying the steps.
Implementing the plan
carrying out the steps specified in the plan. from thinking to doing
Levels of planning
1.Strategic plans- achieve long term strategic goals
2. tactical plans- achieve tactical goals
3. operational plans- achieve operational goals
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