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PGA PGM Level 1 Business Planning

by: Erika Hallmark

PGA PGM Level 1 Business Planning PGM 3040 002 D

Erika Hallmark
Methodist University
GPA 3.0

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About this Document

Notes for Lesson 1-4 Midterm/ Study Guide for PGA Exam
PGM Business Planning/Cat Fleet Management
Robert Bruns
Study Guide
PGA, business
50 ?




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This 40 page Study Guide was uploaded by Erika Hallmark on Saturday October 1, 2016. The Study Guide belongs to PGM 3040 002 D at Methodist University taught by Robert Bruns in Fall 2016. Since its upload, it has received 5 views. For similar materials see PGM Business Planning/Cat Fleet Management in Professional Golf Management at Methodist University.

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Date Created: 10/01/16
PGA Business Planning Level 1 Study Guide Hallmark 9.28.2016 Topics Discussed: • The Business Planning Model • Facility Profiles • Mission Statements • Play Mix Analysis • Vision and Core Values • Inside vs. Outside Factors • SWOT Analysis- Internal vs. External • Monitoring Results • “Good” Business Objectives • The Product Life Cycle • Historical Data • The 80/20 Principle The Business Planning Model The Business Planning Model • The Five Steps • Define the Business • Assess the Current State of the Business • Develop Business Goals, Objectives, and Related Strategies • Prepare Financial Forecasts and Budgets • Monitor Performance The Business Planning Model- Define the Business • Foundation of the Business Planning Process • Outcomes from defining the business: • A written mission statement • A written vision statement • A written set of core values • A detailed facility description • Descriptions of core business areas and how to evaluate them • A market analysis that specifies a geographic market, target customers, and competition. The Business Planning Model- Define the Business • Questions to ask while defining the business: • What is the long-term vision for the business? • Why does the business exist and what is its purpose? • “It is important that key stakeholders, or those who play a key role in achieving business goals, must have commitment and reach consensus related to the facility’s purpose and direction.” Developing Mission Statements Developing a Mission Statement • A brief statement of a facility’s purpose. • Dynamic Statement that changes over time. • Identify key elements of the business: • Image, quality of customer service, role of employees and their relationships to customers and the business. • Determine the facility’s success and prosperity. • Purpose of a mission statement: • Sets the stage for integrating the vision and core values of the organization • A Touchstone for all future planning decisions Developing a Mission Statement • Key Characteristics of an Effective Mission Statement • Concise • Clearly and Briefly Stated, Not general. • Believable • Honest, Sincere, and Easily Understood. • Realistic • Reflects the True Purpose and Type of Facility. Developing a Mission Statement • Key Characteristics of an Effective Mission Statement • Relevant • Everyone (especially staff) to live the mission as they go about their workday. • Evolving • Not static, should be revisited annually, and revised over time to reflect changes that have happened at the facility and the overall market. Vision and Core Values Vision and Core Values • Initial step in defining a business • Influences the overall approach to the game and business of golf at a facility. • Provide a direction for the business • Vision is a goal that helps define what the business ultimately would like to become. • Core values encompass beliefs and common practices like: Honesty, Integrity (The PGA’s core values), innovation, professionalism, and leadership. Assess the Current State of the Business Assess the Current State of Business • Performance Data: • Quantitative data- “The numbers, metrics, indicators, and benchmarks” • Inform the planning team “what” is taking place and “how much,” and “how often”. • Qualitative data- “Individual opinions and differences in context or presentation” • The data informs the planning team about the quality of the business offerings Assess the Current State of the Business SWOT Analysis • SWOT Analysis • Provides a structured method for assessing business conditions and identifying and prioritizing key success factors. • Blue= Internal Strengths Weaknesses • Grey= External Opportunities Threats Assess the Current State of the Business SWOT Analysis • First Step of the SWOT Analysis: • Clearly state your purpose and focus of the analysis • Second Step: • Identify what key information/data relevant to each of the core business areas within a department should be analyzed. • Third Step: • Sort the data into the following categories: Strength, Weakness, Opportunity, and Threat. Develop Business Goals, Objectives, and Related Strategies Develop Business Goals, Objectives, and Related Strategies- Defining Business Goals and Objectives • Defining Business Goals and Objectives: • Long-term goals are more complex and take several years or multiple business cycles to achieve. • Short-term objectives are usually achieved within a fiscal year or less • Linked to specific changes in strategies or tactics that can be implemented quickly. Develop Business Goals, Objectives, and Related Strategies- Characteristics of Effective Goals and Objectives • Objectives should focus on a few clearly defined targets and guide implementation and operational actions. • Effective Objectives must be SMART • Specific- Specifically state an intention to be fulfilled • Meaningful- support the facility’s mission and help the facility work toward its long-term vision. • Achievable- must be able to track progress through objective data, such as financial figures, percentages, ratios, or customer service feedback. Develop Business Goals, Objectives, and Related Strategies- Characteristics of Effective Goals and Objectives • Effective Objectives must be SMART (Continued) • Realistic- Based on the facility profile and SWOT analysis created earlier in the business planning process, and should be realistic in both the short-term and long-term. • Time-oriented- Must have a target date or time period for reaching the intended outcome. Develop Business Goals, Objectives, and Related Strategies- Prioritizing Objectives • Prioritizing Objectives • Prioritizing plays an essential role in creating effective objectives. • The team must determine which objectives have the highest priority, based on the facility’s assets, Overall business needs, and The current assessment of its operations. • Short-term: immediate needs of the facility and the facility’s long-term goals. • The annual business plan for the entire facility will include objectives for each department’s core business areas. Develop Business Goals, Objectives, and Related Strategies- Defining Strategies • Defining Strategies • Strategies are specific action plans or tasks that must be completed to accomplish the objectives. • Attention must turn to the strategies that will help achieve those objectives. Develop Business Goals, Objectives, and Related Strategies- Defining Strategies • Strategies fall into the following three categories: • Financial Strategies- affects the facility’s income or expenses without significant changes • Operational Strategies- changes the day-to-day work of the facility and its staff. • Promotional Strategies- changes the way the facility’s product is positioned in the market. • It is important to involve the appropriate staff. Develop Business Goals, Objectives, and Related Strategies- Monitoring Results • Strategies cannot simply be set in motion and then ignored. • The monitoring process changes depending on whether the objective and strategy are short-term or long-term. Historical Data Historical Data Sources • Historical Data • Financial • Qualitative • Prior Year • Budget • Zero Base Budget • Competition Facility Profiles Facility Profiles • A facility profile is based on a set of descriptive data about the facility type, geographic locale, customers, golf trends, economic conditions, play value, and related amenities. • This wealth of information is continually analyzed and used during both short-term and long-term business planning processes; it allows facilities to take advantage of opportunities when/if they arise and be prepared for potential threats. Facility Profiles- Facility Information • Detailed Information at their fingertips • Course architect, number of holes, yardage, type of course (par 3, etc.) • Course ownership (Club members, military, university, resort, etc.) • Course assess (public, semi-private, private, etc.) • Fee Structure (Green fees, initiation, dues, and how the fee structure compares to area as high, moderate, low) • Amenities at the facility other than golf (restaurant, snack bar, aquatics, tennis, health and fitness, etc.) Play Mix Analysis Play Mix Analysis Rounds Type 18 Hole rounds 9 Hole rounds Tournament Rounds Comp Rounds Junior Rounds Inside vs. Outside Factors In Regards to Planning INSIDE VS. OUTSIDE FACTORS Internal Factors External Factors • Facility Characteristics • Market • Customers • Customer Services • Competition • Merchandise • Vendors • Financial Resources • National Economic Trends • Staff Resources • Regulatory Trends • Trends in the Golf Industry • Local Weather The Product Life Cycle Stages and Applications The Product Life Cycle -Stages and Applications • Research and Development • Stage 1 Innovators • Introduction • Stage 2 Early Adopters • Growth • Stage 3 Early Majority • Maturity • Stage 4 Late Majority • Decline • Stage 5 Laggards The 80/20 Principle The 80/20 Principle • The 80/20 Principle • 80 percent of sales come from 20 percent of buyers. The 4 (6) P’s of Marketing The 4 (6) P’s of Marketing • The 4 P’s of Marketing • Product/Service [2] • Place/Distribution [3] • Price/Dues and Fees {Demand} [4] • Promotion {Social Media’s} [5] • Mr. Bruns’s 2 additional P’s of Marketing • People {Target Market}[1] • Profit [6] A + I + E = S A= Attitude {Positive or Negative} I= Intelligence {You must apply yourself} E= Effort { You must try} Success!


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