The document defines key terms related to planning including strategic planning, tactical planning, directional plans, specific plans, single-use plans, standing plans, and management by objectives. It also discusses the strategic management process including analyzing the environment through SWOT analysis and identifying grand strategies like growth, stability, and retrenchment. Competitive strategies such as cost leadership, differentiation, and focus are also outlined.
The role of CEO is of paramount importance so far as strategic management is concerned – both in family and professionally managed companies.
A company may have either a chief executive or multiple chief executives – a team consisting of more than one person.
CEO is the person who is to shoulder the responsibility in respect to strategic management.
The role of CEO is of paramount importance so far as strategic management is concerned – both in family and professionally managed companies.
A company may have either a chief executive or multiple chief executives – a team consisting of more than one person.
CEO is the person who is to shoulder the responsibility in respect to strategic management.
This short PPT gives you Clear understanding of meaning in Business field of Vision and Mission.
PPT Based on Research, crafted summary short to the points with clear examples.
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What is strategic planning?
Identify and explain different levels of planning in organisations.
Understand the relationship between corporate & functional plans.
What should be included in the strategic plan?
Evaluate the role of strategic planning.
What are the benefits of strategic planning to the firm?
What challenges are associated with strategic planning?
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
This short PPT gives you Clear understanding of meaning in Business field of Vision and Mission.
PPT Based on Research, crafted summary short to the points with clear examples.
The overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees. The organizational goals of a company typically focus on its ...
organizational goals examples
organizational goals examples for healthcare
examples of organizational goal setting
organizational goals and objectives
organizational development goals examples
organizational strategic goals
developing organizational goals
smart goals for organizational skills
different types of organizational goals
organizational goals examples
common organizational goals
organizational structure and goals
study organizational goals
business organizational goals example
importance of organizational goals
examples of organizational goal setting
organizational goals examples for healthcare
hospital organizational goals examples
organizational goals and objectives
organizational goals examples nursing
organizational goals examples for iep
organizational development goals examples
smart goals examples for employees
examples of goals for managers
written examples of smart goals
list of employee goals examples
professional smart goals examples
examples of smart goals for leadership
smart goals at work examples
smart goals for warehouse employees
measurable goals examples for work
examples of goals for managers
What is strategic planning?
Identify and explain different levels of planning in organisations.
Understand the relationship between corporate & functional plans.
What should be included in the strategic plan?
Evaluate the role of strategic planning.
What are the benefits of strategic planning to the firm?
What challenges are associated with strategic planning?
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
this is about the different theories related to planning in management practices. useful for freshers to mgmt. studies and also may be for Entrepreneur
The fundamentals in this slide presentation are important in understanding the concept of planning, the various types of plans, and the strategic management process
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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6. Types of Plans Exhibit 3.2 BREADTH TIME SPECIFICITY FREQUENCY OF USE FRAME OF USE Strategic Long term Directional Single use Tactical Short term Specific Standing
18. SWOT: Identifying Organizational Opportunities SWOT analysis Analysis of an organization’s strengths, weaknesses, opportunities, and threats in order to identify a strategic niche that the organization can exploit Exhibit 3.6
Planning is defining organizational goals, establishing a strategy for reaching those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities. It can be either formal or informal, depending on the time frame and amount of documentation
Managers should plan for four reasons: First, planning coordinates effort by giving direction to managers and non-managers. Second, planning reduces uncertainty by forcing managers to look ahead, anticipate change, and develop appropriate responses. Third, planning reduces redundancy. Fourth, planning sets standards or objectives that facilitate control over the process of achieving goals.
Planning may create rigidity. Assuming that conditions will remain relatively stable, formal plans lock organizational units into specific goals and time frames. Plans can’t be developed for a dynamic environment . Managing chaos and turning disasters into opportunities requires flexibility, not rigid, formal plans. Formal plans can’t replace intuition and creativity. Developing strategy depends as much on intuition and creativity as it does on formal analysis. Because most successful strategies are visions, not plans, merely following a systematic framework will not yield incisive thinking. Planning focuses a manager’s attention on today’s competition, not on tomorrow’s survival. Formal planning stresses capitalizing on existing opportunities, not reinventing or creating an industry. Formal planning reinforces success, which may lead to failure. Success can breed failure. Since change is motivated by problems, success may not motivate managers to challenge the status quo. Formal planning has been popular in business since the 1960s, but critics have observed the following:
The most popular ways to describe plans are by their breadth (strategic versus tactical), time frame (long term versus short term), specificity (directional versus specific), and frequency of use (single use versus standing). These classifications are not mutually exclusive. Upper-level managers develop strategic plans that apply to the entire organization, establish overall objectives, and position the organization within its environment. Lower-level managers focus on tactical plans that specify how the overall objectives will be achieved. These plans differ in time frame and scope: operational plans are limited in scope and are measured daily, weekly, or monthly; strategic plans are broader, less specific and encompass five or more years.
The short-term covers less than one year, the intermediate-term covers one to five years, and the long-term is five years or more. The commitment concept is relevant to classifying plans because the more current plans affect future commitments, the longer the time frame for which managers must plan. The length of the planning horizon increases up the management hierarchy and decisions of top management imply greater commitments of resources than decisions of lower managers. With respect to the degree of variability, the greater the uncertainty, the more plans should be of the short-term variety. This is so because shorter-term plans allow for better accommodation of change by providing more flexibility.
It appears intuitively correct that specific plans are always preferable to directional, or loosely guided plans. Specific plans have clearly defined objectives and leave no room for misinterpretation. However, specific plans are not without drawbacks. They require a clarify and predictability that often does not exist. When uncertainty is high and flexibility is needed, directional plans are preferable. Since directional plans identify general guidelines, they provide focus but do not lock managers into specific objectives or courses of action
Some plans are meant to be used only once; others are used repeatedly. A single-use plan is used to meet the needs for a particular or unique situation. A standing plan is ongoing and guides for actions that are performed repeatedly in an organization.
Management by objectives (MBO) emphasizes participation to set goals that are tangible, verifiable, and measurable. MBO’s appeal lies in its emphasis on converting overall organizational objectives into specific objectives for units and members of the organization.
As the figure above shows, the organization’s overall objectives are translated into specific objectives for each succeeding level (divisional, departmental, or individual) in the organization. But because lower-unit managers jointly participate in setting their own goals, MBO works from the “bottom-up” as well as from the “top down.” The result is a hierarchy of objectives that links objectives at one level to those at the next level. And for the individual worker, MBO provides specific personal performance objectives. So each person has an identified specific contribution to make to his or her unit’s performance. If all individuals achieve their goals, then their unit’s goals will be attained and the overall objectives of the organization will become a reality.
There are four ingredients common to MBO programs: participation in decision making, goal specificity, an explicit time period, and performance feedback. MBO objectives should be concise statements of expected accomplishments. It is not enough merely to state the desire to cut costs, improve service, or boost quality. Such desires have to be converted into tangible objectives that can be measured and evaluated: for example, to cut costs by seven percent. The objectives of MBO are not unilaterally set by the boss and then assigned to subordinates. MBO replaces imposed goals with participatively set goals. The superior and subordinate jointly choose the goals and agree on how they will be measured. Each objective has a specific time period in which it is to be completed. So managers have not only specific objectives but also stipulated time periods in which to accomplish them. The final ingredient in an MBO program is feedback on performance. MBO seeks to give continuous feedback on progress toward goals so that individuals can monitor and correct their own actions. Continuous feedback, supplemented by more formal periodic management evaluations, takes place at all levels of the organization.
. The energy crisis, deregulation in the marketplace, rapidly changing technology, and increasing global competition have changed the nature of planning forever. Managers now must analyze the environment, assess organizational strengths and weaknesses, and identify opportunities for gaining competitive advantage. Then, they must develop strategic plans based on their findings. Senior management uses the nine-step strategic management process to develop organizational strategy.
First, management must identify the mission, objectives, and strategies of the organization. A mission statement defines an organization’s purpose and provides guidance to managers and employees. A clear mission statement forces management to identify the scope of its products or services carefully It answers questions such as the following: What business are we in? What are we trying to accomplish? All organizations have strengths and weaknesses.
In step two, managers analyze the environment in which the organization operates: actions of competitors, pending government legislation, preferences of customers, and supply of labor. Managers use environmental scanning to anticipate and interpret environmental changes. The term refers to screening information to detect trends, monitor the actions of others, and create scenarios. This slide and the next one review four environmental-scanning techniques: competitive intelligence, scenario development, forecasting, and benchmarking. The seeking of basic information about competitors, competitive intelligence can allow managers to anticipate rather than react to the actions of competitors. Advertisements, promotional materials, press releases, governmental reports, annual reports, want-ads, newspaper articles, databases, trade shows, industry studies, and competitor’s products supply 95% of the data required for this technique to work.
To plan strategy, managers must complete steps three, four, and five by assessing the organization’s strengths, weaknesses, opportunities, and threats within its operating environment. To do so, they conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) which compares the organization’s resources against opportunities in the environment. Environmental scanning reveals opportunities (positive external factors) for the organization to exploit and threats (negative external factors) that the organization must face. How an organization defines opportunities or threats depends on its resources. The figure above illustrates the objective of SWOT analysis. A successful analysis identifies a niche in which the organization’s products or services can have some competitive advantage. The area in which the opportunities in the environment overlap with the organization’s resources represents the niche wherein the organization’s opportunities lie.
Management analyzes the internal resources of the organization, such as capital, skills of workers, or patents. These resources are the strengths of the organization. The strengths that represent unique skills or resources are called the organization’s distinctive competence . In contrast, weaknesses are resources that are lacking in the organization. Based on the results of the SWOT analysis, management must complete step six by assessing the opportunities that are available, reevaluating its missions and objectives, and making necessary changes.
In the seventh step, management must set strategies for all organizational levels. Four grand strategies are available: growth, stability, retrenchment, and combination. The Growth Strategy: organizations can grow through direct expansion, merger, and acquisition. The Stability Strategy . characterized by an absence of change, this strategy is appropriate if several conditions exist: a stable and unchanging environment, satisfactory organizational performance, absence of valuable strengths and critical weaknesses, and nonsignificant opportunities and threats. The Retrenchment Strategy : c haracteristic of an organization that is downsizing, this strategy is used in an environment of decline.. The Combination Strategy . This strategy is the simultaneous pursuit of two or more strategies.
A direct expansion strategy involves increasing a company’s size, revenues, operation, or workforce. A merger occurs when two companies (of similar size) combine resources to form a new company. An acquisition occurs when a larger company “buys” a smaller one and absorbs its operations.
An organizational unit must translate the grand strategy into a set of strategies that gives it a competitive advantage. Using Michael Porter’s framework, management can select a strategy that gives its organization a competitive advantage . Porter named three strategies from which management may choose: cost-leadership, differentiation, and focus. When an organization aims to be the low-cost producer, it is following a cost-leadership strategy . The firm that seeks to be unique in ways that are widely valued by buyers is following a differentiation strategy . The focus strategy aims at a cost advantage or differentiation advantage in a narrow segment. If an organization cannot use any one of these three strategies to develop a competitive advantage, then it is stuck in the middle unless it is competing in a highly favorable market or all of its competitors are also stuck in the middle.
Step eight requires leadership from top management and commitment from middle or lower-level managers. In step nine, management must evaluate the results obtained from the strategic management process.
TQM focuses on quality and continuous improvement. If integrated into ongoing operations, incremental improvement can accumulate into a competitive advantage that others cannot steal. Benchmarking is the practice of using a measurable scale to compare key business operations with those of successful organizations. It involves four steps. (1) Form a team to identify the following: benchmarking targets, “best practices” of other organizations, and data collection methods. (2) Collect data from internal operations and external organizations. (3) Analyze data to identify performance gaps and determine their causes. (4) Prepare and implement an action plan to meet or exceed performance standards. To show that its products meet world standards for quality management, a company must gain ISO 9000 certification. The certificate attests that the company has met rigorous standards for quality and consistency as defined by the International Organization for Standardization in Geneva.
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