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is defined as setting goals and deciding how to achieve them.

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Planning

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is coping with uncertainty by formulating future courses of action to achieve specified results

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Planning

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It helps a company achieve goals

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Why is planning important?

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business plan

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One important type of a plan is a

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a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success

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Business plan

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which outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected

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The business model,

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The firm's expected revenues and expenses, A desctiption of the industry the firm is entering

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Which of the following would be included in a firm's business model?

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is a large-scale action plan that sets the direction for an organization

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A strategy is a large-scale action plan that sets the direction for an organization

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a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals

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Strategic management is

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top manager, middle managers, and first-line managers- in the formulation, implementation, and execution of strategies and strategic goals to advance the purposses of the organization.

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Strategic management is a process that involves managers from all parts of the organization

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1. Establish the mission and vision 2. Assess the current reality 3. Formulate the grand strategy and strategic, tactical, ; operational plans 4. Implement the strategy 5. Maintain strategic control

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Planning and strategic management

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1. Provide direction and momentum 2. encourage new ideas, and above all 3. develop a sustainable competitive advantage

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An organization should adopt planning and strategic management for three reasons

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"What is our reason for being?", it further expresses the purpose of the organization

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Mission statement

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"What do we want to become?" - a long-term goal describing "what" an organization wants to become. It is a clear sense of the future and the actions needed to get there.

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Vision statement

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Done by top manager for the next 1-5 years -; Goals -; Action Plans they determine what the organizations long-term goals should be for the next 1-5 years with the resources they expect to have available.

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Strategic planning

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Done by middle manager for the next 6-24 months -; Goals -; Action Plans they determine what contributions their departments or similar work units can make with their given resources during the next 6-24 months.

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Tactical planning:

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Done by first-line managers for the next 1-52 weeks -; Goals -; Action Plans they determine how to accomplish specific tasks with available resources within the next 1-52 weeks Three types of goals: Strategic, Tactical, Operational Also like planning, goals are arranged in a hierarchy known as a means-end chain because in the chain of management (operational, tactical, strategic) the accomplishment of low-level goals is the means leading to the accomplishment of high-level goals or ends.

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Operational Planning

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are set by and for top management and focus on objectives for the organization as a whole

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Strategic goals

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are set by and for middle managers and focus on the actions needed to achieve strategic goals

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Tactical goals:

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are set by and for first-line managers and are concerned with short-term matters associated with realizing tactical goals.

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Operational goals:

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Top Managers, Middle Managers, First-line managers

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As a company undertakes strategic management, which three groups should be involved?

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defines the course of action needed to achieve the stated goal, such as a marketing plan or sales plan, product plan

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Action Plan

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which is typically designed for a one-year period, defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flow and market share

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The operating plan,

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Policies, Procedures, ; Rules:

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Standing Plans

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are plans developed for activities that occur repeatedly over a period of time Standing plans consist of policies, procedures, and rules

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Standing plans

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is a standing plan that outlines the general response to a designated problem or situation - A broad statement that gives managers a general idea about what is allowable for employees who use bad language, but gives no specifics

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A policy

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is a standing plan that outlines the response to particular problems or circumstances

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A procedure or standard operation procedure

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is a standing plan that designates specific required action, allows no room for interpretation.

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A rule

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Programs ; Projects

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Single-Use Plans

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are plans developed for activities that are not likely to be repeated in the future. Such plans can be programs or projects.

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Single-use plans

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is a single-use plan encompassing a range of projects or activities

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Program

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is a single-use plan of less scope and complexity than a program

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Project

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is one that is Specific, Measurable, Attainable, Results-Oriented and has Target dates

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SMART Goal

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Goals should be stated in specific rather than vague terms.

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Specific

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there should be some way to measure the degree to which a goal has been reached.

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Meausurable or quantifiable that is,

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Goals should be challenging, of course, but above all they should be realistic and attainable. It may be best to set goals that are quite ambitious so as to challenge people to meet high standards.

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Attainable:

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scope of time, equipment and financial support available.

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Goals should be achievable within the

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only a few goals should be chose- say, five for any work unit, and they should be results-oriented they should support the organization's vision.

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Results-Oriented:

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Goals should specify the target dates or deadline dates when they are to be attained. 3-6 months, by which this goals is to be achieved.

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Target Goals:

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is a four-step process in which 1) managers and employees jointly set objectives for the employee, 2) managers develop action plans, 3) managers and employees periodically review the employee's performance, and 4) the manager makes a performance appraisal and rewards the employee according to results.

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Management by Objectives (MBO)

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has spread largely because of the appeal of its emphasis on converting general objectives into specific ones for all memebers of an organization

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MBO was first suggested by Peter Drucker in 1954, and

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rather than to control subordinates.

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The purpose of the MBO is to motivate

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Improvement objectives, Express performance to be accomplished in a specific way for a specific area.Personal development Objectives, Express personal goals to be realized, Maintenance Objectives, Express the intention to mainatin performance at previously established levels

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Three types of objectives used in MBO:

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Express performance to be accomplished in a specific way for a specific area.Personal development

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Improvement objectives

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Express personal goals to be realized

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Objectives

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Express the intention to mainatin performance at previously established levels

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Maintenance Objectives

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stretch goal

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A music teacher asked her students to set a really hard goal, such as increasing your practice time by 10 hours per week, which would cause her students to stretch beyond what they think is possible, this is known as a(n) ____. mission statement stretch goal strategic goal MBO plan growing goal

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planning

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Setting goals and deciding how to achieve them is the definition of ____. focusing organizing regulating controlling planning

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provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage

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An organization should adopt planning and strategic management to ____. decrease costs and increase synergy keep employees happy, encourage new ideas, and decrease costs provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage develop MBO, encourage new ideas, and increase profits provide encourage new ideas, and increase organization diversity

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mission statement

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Quality Vacuum has been manufacturing excellent vacuum cleaners for over 50 years. In the employee break room is a banner that reads, "We will always provide the highest-quality vacuums at the lowest cost to our customers and always give honest, winning customer service, thereby earning a fair profit for our stakeholders." This statement is Quality Vacuum's ____. heart pact objective statement vision statement code of ethics mission statement

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vision statement

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A declaration that expresses what the organization should become and where it wants to go strategically is its ____. vision statement objectives statement code of ethics management code mission statement

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operational goal

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Donna is the service desk coordinator in a department store, and she has set a goal this month of finishing her daily office work quicker so she can assist at the Service Desk earlier in the morning. She knows this will also help decrease theft, which will assist the company in achieving its goal of decreasing costs. Donna's goal of finishing her office work quicker is a(n) _____. strategic plan strategic goal operational goal tactical plan operating plan

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