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Chapter 5. Foundations of Planning (strategic management process (internal…
Chapter 5.
Foundations of Planning
reasons for planning
reduce the impact of change
minimize waste and redundancy
provide direction
set the standards to facilitate control
strategic management process
internal analysis
strengths
weaknesses
formulate strategies
external analysis
opportunities
threats
implement strategies
identifying the organization's current mission, goals, and strategies
evaluate results
strategic weapons
innovation
quality
employee skills and loyalty
social media
customer service
big data
organizational strategies
corporate strategy
stability strategy
renewal strategy
retrenchment strategy
turnaround strategy
growth strategy
vertical integration
horizontal integration
concentration
diversification
competitive strategy
cost leadership strategy
differentiation strategy
focus strategy
stuck in the middle
functional strategy
setting goals
characteristics of well-written goals
clear as to a time frame
challenging yet attainable
measurable and quantifiable
written down
written in terms of outcomes rather than action
communicated to all necessary organizational members
management by objectives (MBO)
participative decision making
an explicit time period
goal specificity
performance feedback
traditional goal setting
steps in setting goals
make sure goals are well-written and then communicate them to all who need to know
determine the goals individually or with input from others
build in feedback mechanisms to assess goal progress
evaluate available resources
review the organization's mission and employees' key job tasks
link rewards to goal attainment
types of plans
specificity
specific plans
directional plans
frequency of use
single-use plan
standing plans
time frame
long-term plans
short-term plans
breadth
strategic plans
tactical plans
developing plans
contingency factors in planning
degree of environmental uncertainty
length of future commitments
organizational level
approaches to planning