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Mgmt Activities Planning - Coggle Diagram
Mgmt Activities Planning
Types of planning **
Operational Plan
Under 1 year, set by every management level, plans for day-to-day running of a business. E.g. creating a worldwide marketing campaign for the launch of a new product.
Contingency Plan
Under 1 year, set by every management level, plans for unforeseen events or emergencies. E.g. electrical failures or supplier delays.
Tactical Plan
1-2 years, set by middle management, breaks down strategic plan into several short term plans. E.g. launching new products and product features.
Manpower Plan
Under 1 year, set by human resource management, ensures the firm has the correct amount of employees with all necessary skills and qualifications. E.g. filling worldwide job vacancies via online applications.
Strategic Plan
1-5 years, set by senior management, breaks down mission statement into long term plans. E.g. being ranked as one of the top 5 firms in an industry.
Mission Statement
a visionary statement containing the company values and goals (to be achieved over the lifetime of the company). It sets out the reasons why the business exists, and describes the motivation behind the company e.g. to be market leader
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Planning is the setting down of specific goals and objectives and the putting in place of strategies that allow you to achieve the stated goals and objectives of the business.
Plans give business purpose and direction and reduce risk and uncertainty.
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SWOT Analysis
A management technique used to evaluate/analyse a business when devising a strategy or making a plan. It is used to assess a business in terms of its:
Opportunities (EXTERNAL) enable firms to grow and increase profits. Should be taken advantage of when presented. e.g. a competing firm closing down.
Weaknesses (INTERNAL) make it harder for businesses to achieve their objectives, can put firms at disadvantages competitively. Should be fixed as soon as possible. e.g. poor customer service, remedied via employee training
Strengths (INTERNAL) what give the business a competitive advantage over their competitors. Should exploit. e.g. a strong USP. / A skilled team etc
Threats (EXTERNAL) serve as obstacles that may reduce profits or market share. Plans should be put in place to overcome these obstacles. e.g. a competing firm expanding into new markets.
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