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Chapter 5 notes Business

by: Maayan Notetaker

Chapter 5 notes Business Business Management 101

Maayan Notetaker

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About this Document

These notes contain all vocabulary and highlighting from chapter 5 of the book.
Business Management in a Global Environment
Dr. Judith Ryba
Class Notes
business, Management, Chapter 5, Business management 101, intro, notes
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This 2 page Class Notes was uploaded by Maayan Notetaker on Tuesday October 4, 2016. The Class Notes belongs to Business Management 101 at Yeshiva University taught by Dr. Judith Ryba in Fall 2016. Since its upload, it has received 7 views. For similar materials see Business Management in a Global Environment in Business at Yeshiva University.

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Date Created: 10/04/16
Chapter 5: Planning ● What determines success according to positive psychology? ○ IQ 25%, Optimism 25%, network 25%, challenge as opportunity 25% ---> importance of decision making Why do managers style use the planning ● Planning is one of 4 functions of management - 1st function process? ● Planning: process of setting objectives and identifying how to achieve them - helps managers solve problems ○ Define objectives/ choose destination (vision statement- often in mission statement ) ■ DNA of org = mission statement (who,what,how,why) - determines beliefs and values of company - for stakeholders ○ Evaluate alternative routes ○ Make a plan by deciding route to be taken ○ Implement plan ● SWOT analysis ○ S - strengths - internal environment ○ W - weaknesses - internal environment ○ O - opportunities - external environment ○ T - threats - external environment ○ Harley Davidson example ■ S: employees involvement, loyalty of customers, largest motorcycle manufacturer in the US (5.5 B$, 350,000 units sold/year), strong brand, diversification of products ■ W: don't target full market segment (women, hispanic, black), find right segmentation of customers (grouping) ● Group segmentation - dividing competitors/customers into groups ■ O: sponsors, options for growth within different Different types of market (market not saturated) orientations ■ T: perception of danger, lifestyle of minority, increased competition, ● Forecasting - tries to predict the future ● Plan - set of intended actions for accomplishing goals ● What does planning improve? ○ Focus, action orientation, coordination, control, & time management ● Objectives - specific results one wishes to achieve ● Action oriented- keeping a results driven sense of direction ● Priority oriented - making sure the most important things get What types of plans first attention to managers use? ● Advantage oriented - ensuring that all resources are used to best advantage ● Change oriented - anticipating problems and opportunities so they can be best dealt with ● Complacency trap - being lulled into inaction by current successes or failures ● Hierarchy of objectives - lower-level objectives help to accomplish higher level ones ● short range plans- usually cover a year or less (6 months-1yr) ● Midterm plans/long range/tactical - 1-2 years- how to achieve goals ● long-term plans - three years or more (3-5 years) - it is hard to accurately predict things more than 5 years from now- because What are some our environment changes so rapidly useful planning tools ● Strategic:identifies long-term directions for the organization and techniques? ○ Vision - clarifies the purpose of organization and expresses what it hopes to be in the future ● Tactical decisions - long range planning - how one acieves goals ● Operational-sets out ways to implement a strategic plan with a budget (*see below for definition) - short term planning ● Functional- identifies how different parts of an enterprise will contribute to accomplishing strategic plans ● Organizational policies and procedures are plans ○ Procedure: rule precisely describes actions to take in specific situation ● Budgets: plans that commit resources to activities - used in operational decision making ○ Zero-based budget: allocates resources as if budget was brand new ● Contingency planning - creates backup plans for when things go wrong (alternative courses of action) ● Scenario planning - crafts plans for alternative future conditions and figures how to best deal with them ● Benchmarking - identifies best practices used by others by using external comparisons to gain insight for planning ○ Best practices: methods that lead to superior performance ● Participatory planning - improves implementation capacities by including the persons who will be affected by plans and those who will be asked to implement them ● Goal setting - helps align plans and activities throughout an org ● Stretch goals - performance targets that we have to work extra hard and stretch to reach


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