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PGA PGM 3040 Week 6 Notes

by: Erika Hallmark

PGA PGM 3040 Week 6 Notes PGM 3040 002 D

Erika Hallmark
Methodist University
GPA 3.0

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About this Document

Lessons 1-4 brief overview
PGM Business Planning/Cat Fleet Management
Robert Bruns
Class Notes
PGA, business
25 ?




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This 5 page Class Notes was uploaded by Erika Hallmark on Saturday October 1, 2016. The Class Notes belongs to PGM 3040 002 D at Methodist University taught by Robert Bruns in Fall 2016. Since its upload, it has received 3 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
PGM Business Planning ______________________________________________________ __________________ Equation to Reflect Upon! A +I+E=S Asset + Intelligence + Effort = Success The Business Planning Model starts with a definition of: Marketing – All those business related activities aimed at facilitating exchanges between buyers and seller that result in mutual satisfaction 6 Ps of Marking 1. People 2. Product Service 3. Place/ Distribution 4. Price/Dues/fees 5. Promotion 6. Profit Definition of Marketing! 1. Key Elements:  Business related activities o 4p’s – Product, Price, Place, Promotion o Bruns Version 6p’s – 4 + People and Profit 2. Facilitating Exchange  Both have something to offer of value  Buyer and Seller  Mutual Satisfaction o Buyer gets value, utility or prestige o Seller receives payment 3. Purpose  Create a sound foundation for making sound business decisions  Learn to ask “What if, Why and It Depends” before answering most questions  Create a “ Critical Thinking Mindset” Vision Statement Vision - Is a catalyst that ignites a business to move towards a seemingly ambitious dream, and helps motivate staff to transform that dream into reality. Vision Statement – helps define a business’s culture and core values, and encourages staff and stakeholders to embrace them. Facility Profile  Is based on a set of descriptive data about the facility type, geographic locale, customers, competitors, golf trends, economic conditions, play value and related amenities. Historical Data  Can get from other clubs  Past experiences and records Mission Statement  Concise  Believable  Realistic  Relevant  Evolving Mission Statement - is a brief statement of a facility’s purpose A successful and effective mission statement includes  Concise – the mission statement should be clearly and briefly stated  Believable - the mission statement should be honest, sincere, and easily understood.  Realistic – the mission statement reflects the true purpose and type of the facility.  Relevant - the mission statement should be incorporated into the staff’s daily work environment, integrated clearly with facility’s policies and procedures, and always be present in the operation of the entire organization.  Evolving – the mission statement is not static. It should be revisited annually and revised over time to reflect changes at the facility and in the overall market. SWOT (Internal vs. External) SWOT  Strengths  Weakness  Opportunities  Threats Internal – is what you can control  Strengths  Weakness External – is what you can’t control  Opportunities  Threats Inside vs. Outside Factors with regards to Planning Inside Factors Location Ownership Outside Factors  Economy  Competition “Good” Business Objectives Long-term Goals  More complex and take several years or multiple business cycles to achieve.  More likely to evolve or be revisited Short-term Goals  Can be achieved within a fiscal year or less Smart Goals  Specific – objectives must specifically state an intention to be fulfilled.  Meaningful – objectives should support the facility’s mission and help the facility work toward its long-term.  Achievable – is the objective tied to actions and behaviors that management and staff can actively work towards.  Realistic – Objectives should be asked 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 – any sound objective must have a target date or time period for reaching the intended outcome. The 80/20 Principle  80% of sales come from 20% of Buyers Define Business  Assess Current Dev. Goals, Prepare Monitor State of Business Objectives & Forecasts Performance  strategies  & Budgets    Private  Cost vs. Smart Rev+++ GOOD vs.  Public Revenue 1. Specific -Exp BAD 2. Measure  Resort  SWOT ++  Semi/Public/ Analysis 3. Attention Why is it good Private 4. Real or bad???  Gov’t 5. Time Orient.  Semi struggles the most 1. Introduction 2. Growth 3. Maturity 4. Declin e


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