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1. Planning and Goal Setting Goals and the Planning Process For an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound plans. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges. Mission, Goals, and Plans Why Managers Set Goals Types of Goals Types of Plans The Organization's Mission . Purpose . Premises . Values . Directions Strategic goals Strategic plans Tactical goals Tactical plans Operational goals Operational plans . The first step in planning is to define the mission, which states the organization's purpose, premises, values, and directions. . Next, the manager determines the strategic goals. These give rise to the strategic plans to achieve those goals. . The strategic goals and plans determine the tactical goals. Together with the strategic plans, the tactical goals are inputs to the tactical plans. . Tactical goals and plans in turn determine the operational goals. Then together with the tactical plans, the operational goals become inputs to the operational plans.1. Planning and Goal Setting Goals and the Planning Process For an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound plans. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges. Mission, Goals, and Plans Why Managers Set Goals Types of Goals Types of Plans Goals serve four purposes in organizations: - To serve as a \"compass," giving people a single path at to direct their activity 0 To be an input to sound planning, which in turn will inform future goal setting - To motivate employees. To be motivational, a goal should be specic and somewhat challenging, and people should be rewarded if they attain the goal. 0 To assist with evaluation and control of organizational performance. Performance is measured against the goal, and adjustments may be made to improve performance or modify the goal. 1. Planning and Goal Setting Goals and the Planning Process For an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound plans. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges. Mission, Goals, and Plans Why Managers Set Goals Types of Goals Types of Plans All managers should be involved in goal setting at the level appropriate for their scope of responsibility. Goals are broad at the top of the organization and get more specific lower on the chain of command. There are four general levels of goals: - The mission is the organization's unique purpose that distinguishes it from other organizations. . Strategic goals are set by top management to guide top managers' performance. They are broad in scope (e.g., to increase market share by 10 percent each year for the next three years). . Tactical goals are set by and for middle managers. They state how to achieve the strategic goals (e.g., to increase market share, we will add desirable features to our products each year for the next three years). . Operational goals (objectives) are set by and for lower-level managers and address shorter-term actions needed to meet the tactical goals (e.g., to add desirable features, we will research and design new features for two products each quarter this year). 1. Planning and Goal Setting Goals and the Planning Process For an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound plans. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges. Mission, Goals, and Plans Why Managers Set Goals Types of Goals Types of Plans As with goals, different kinds of plans are made at different levels of the organization: - Strategic plans lay out the allocation of resources, priorities, and action steps needed to achieve strategic goals. These plans are made by top managers. Planning discussions center on issues such as scope, resource deployment, competitive advantage, and synergy. - Tactical plans support tactical goals and are made by upper and middle management. Whereas strategic plans are primarily about deciding what the organization should do, tactical plans are more about getting things done. Tactical plans tend to have shorter time frames than do strategic plans. - Operational plans are made to achieve operational goals, and they are developed by middle and lowerlevel managers. These plans are relatively short-term and small in scope. Select the terms that best complete the following sentences. The goals that are directly based on the strategic goals and plans are the tactical goals Y . Operational plans are directly based on the mission and strategic goals V . Select the correct responses to the following question. which of the following are functions that goals serve in organizations? Check all that apply. C] To provide multiple alternative courses of action To help managers make effective plans C] To help managers evaluate the organization's performance To motivate employees to achieve desired results Select the correct response for the following question. Which of the following describes strategic goals? These goals are set by lower-level managers, are specific in scope, and have short time frames. 0 These goals are set by middle managers, are focused on how to achieve broad goals, and have medium time frames. 0 These goals are set by top management, are broad in scope, and have long time frames. 0 These goals establish the organization's purpose and describe how the organization is different from others. Select the terms that best complete the following sentences. The goals that are directly based on the strategic goals and plans are the tactical goals Y . Operational plans are directly based on the mission and strate- ic strategic goals mission Select the correct responses to the following question. operational goals tactical goals which of the following are functions that goals serve in organizations? Ch C] To provide multiple alternative courses of action To help managers make effective plans C] To help managers evaluate the organization's performance To motivate employees to achieve desired results Select the correct response for the following question. Which of the following describes strategic goals? These goals are set by lower-level managers, are specific in scope, and have short time frames. 0 These goals are set by middle managers, are focused on how to achieve broad goals, and have medium time frames. 0 These goals are set by top management, are broad in scope, and have long time frames. 0 These goals establish the organization's purpose and describe how the organization is different from others. Select the terms that best complete the following sentences. The goals that are directly based on the strategic goals and plans are the tactical goals Y . Operational plans are directly based on the mission and strategic goals V . strategic plans and operational goals Select the correct responses to the followin- strategic plans and tactical plans which of the following are functions that go mission and strategic goals C] To provide multiple alternative co tactical plans and operational goals To help managers make effective plans C] To help managers evaluate the organization's performance To motivate employees to achieve desired results Select the correct response for the following question. Which of the following describes strategic goals? These goals are set by lower-level managers, are specific in scope, and have short time frames. 0 These goals are set by middle managers, are focused on how to achieve broad goals, and have medium time frames. 0 These goals are set by top management, are broad in scope, and have long time frames. 0 These goals establish the organization's purpose and describe how the organization is different from others. Select the word that best completes each of the following sentences. When middle- and lower-level managers develop operational Y plans, they primarily discuss what their work groups will do in the short term. 0 These goals establish the organization'- -escribe how the organization is different from others. When middle- and lower-level managers develop operational V plans, they primarily discuss what their work groups will do in the short term. Select the word that best completes each of the ces. 2. Strategy Strategic Management For an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound strategies. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges. Components of Strategy Strategy at the Business Level and Corporate Level Strategy Formulation and Implementation An organization's strategy is a comprehensive plan that describes the set of alternatives from which an organization chooses as it seeks to achieve its goals. An effective strategy aligns the organization with its environment and positions it to achieve strategic goals. Strategic management is a thorough, ongoing process for developing and implementing strategies. An effective strategy addresses three areas: . A distinctive competence is something the organization does very wellbetter than its competitors. For example, if a technology company designs software with a better user interface (U1) than competing software, it has a distinctive competence in UI. . The scope of an organization's strategy describes the types of markets in which the organization will compete. A company, for example, might choose to manufacture casual sports attire; manufacture sports equipment; or manufacture sports attire and equipment, and operate sports arenas. Those are all different scopes of strategy. . Resource deployment is how the organization will allocate various resources across the businesses competing in different markets. A financial services company might choose to invest more in retirement planning, invest less in mortgage lending, and withdraw completely from brickandmortar retail banking. 2. Strategy Strategic Management For an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound strategies. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges. Components of Strategy Strategy at the Business Level and Corporate Level Strategy Formulation and Implementation Business-level strategy concerns how the organization competes in a given industry or market. Many organizations limit themselves to one businesslevel strategy. Organizations that are active in multiple industries and markets also need a corporate-level strategy, which identifies and prioritizes the industries and markets of interest. 2. Strategy Strategic Management For an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound strategies. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges. Components of Strategy Strategy at the Business Level and Corporate Level Strategy Formulation and Implementation When managers decide what the organization's strategy is, they are engaged in strategy formulation. Strategy implementation refers to the methods used to execute the strategy. When managers know the organizational goals they want to support, the process of formulating and implementing strategy is systematic and planned, and the result is a deliberate strategy. Select the terms that best complete the following sentences. A strategy is V when it aligns the organization with its environment and supports achievement of its goals. Select the terms that best complete the following sentences. If a company delivers new products to market faster than any of its competitors, this ability is a Y of the company. Select the correct response for the following question. What are managers focusing on when they execute a strategy? 0 Strategy formulation 0 Strategy implementation Select the terms that best complete the following sentences. A strategy is V when it aligns the organization with its environment and supports achievement of its goals. socially responsible Select the ter the following sentences. emergent If a company effective to market faster than any of its competitors, this ability is a Y of the company. ineffective Select the cor ' - ollo wing question. What are managers focusing on when they execute a strategy? 0 Strategy formulation 0 Strategy implementation Select the terms that best complete the following sentences. A strategy is V when it aligns the organization with its environment and supports achievement of its goals. Select the terms that best complete the following sentences. If a company delivers new products to market faster than any of its competitors, this ability is a Y of the company. market system Select the correct response for the following question. physical resource What are managers focusing on when they execute a strategy? business strategy 0 Strategy formulation distinctive competence 0 Strategy implementation 3. SWOT Analysis SWOT Analysis Managers often choose to start strategy formulation with a SWOT analysis, which identifies the organization's internal strengths and weaknesses, as well as its external opportunities and threats. Using SWOT to Formulate Effective Strategies Organizational Strengths Organizational Weaknesses Opportunities and Threats Strategies are most effective when they exploit an organization's opportunities and strengths, neutralize its threats, and work around or fix its weaknesses. Mission An organization's fundamental purpose SWOT Analysis To formulate strategies that support the mission Internal Analysis External Analysis Strengths Opportunities distinctive competencies) Weaknesses Threats Good Strategies Those that support the mission and . exploit opportunities and strengths . neutralize threats . avoid weaknesses3. SWOT Analysis SWOT Analysis Managers often choose to start strategy formulation with a SWOT analysis, which identifies the organization's internal strengths and weaknesses, as well as its external opportunities and threats. Using SWOT to Formulate Effective Strategies Organizational Strengths Organizational Weaknesses Opportunities and Threats Organizational strengths are skills and capabilities that allow an organization to formulate and implement its strategies. Distinctive competencies are possessed by only one or a few organizations, and they give the organizations that have them a competitive advantage. For example, if a technology company employs several engineers who are innovative leaders in certain kinds of development, this ability to innovate is a distinctive competency of that company. 3. SWOT Analysis SWOT Analysis Managers often choose to start strategy formulation with a SWOT analysis, which identifies the organization's internal strengths and weaknesses, as well as its external opportunities and threats. Using SWOT to Formulate Effective Strategies Organizational Strengths Organizational Weaknesses Opportunities and Threats Organizational weaknesses are skills and capabilities that do not allow an organization to use effective strategies. An organization may take two approaches to address a weakness: - Invest resources to reduce the weakness or turn it into a strength. - Change its mission so that the weakness is no longer relevant. 3. SWOT Analysis SWOT Analysis Managers often choose to start strategy formulation with a SWOT analysis, which identifies the organization's internal strengths and weaknesses, as well as its external opportunities and threats. Using SWOT to Formulate Effective Strategies Organizational Strengths Organizational Weaknesses Opportunities and Threats An analysis of the external environment will identify opportunities and threats. v Organizational opportunities are aspects of the environment that may allow the organization to achieve greater performance. - Organizational threats are aspects of the environment that make achieving high performance more difficult. The table gives examples of different factors considered in a SWOT analysis. Identify whether each factor is a strength, weakness/ opportunity, or threat. Example Strength Weakness Opportunity Threat Only one supplier of materials O O O O A favorable regulatory environment for the organization's industry O O O 0 Providing excellent customer service 0 O O 0 Select the correct responses to the following question. Which of the following decisions can be an effective way for a manager to address an organizational weakness? Check all that apply. [:1 Imitate a successful competitor. [3 Change the organization's mission so the organization no longer needs to rely on the weakness. D Conduct a SWOT analysis. [3 Use resources to fix the weakness. 4. Business-Level Strategy Formulating Strategies at the Business Level Managers often use Porter's generic strategies or the product life cycle as a framework for formulating businesslevel strategies. Porter's Generic Strategies The Product Life Cycle Model Michael Porter states that at the business level, organizations may pursue a differentiation, overall cost leadership, or focus strategy. Each is applicable to a wide range of competitive situations. - With a differentiation strategy, an organization makes products or services of high quality to distinguish them from those of its competitors. Customers are willing to pay more for these products/services. Advertising that highlights features of a product/service is aimed at creating a perception of high quality, and thus differentiation, among consumers. - An organization that pursues an overall cost leadership strategy seeks to reduce costs so it can charge lower prices than its competitors and still make a profit. Advertising that highlights low prices is communicating this strategy to consumers. - If an organization adopts a focus strategy, it concentrates on a particular region, product, or customer group. Within that area, the organization may pursue either a differentiation strategy or an overall cost leadership strategy. Sales volume changes over the lifetime of a product or service. This product life cycle can be thought of as having four stages. Managers can adopt different strategies for different businesses based on their stage in the life cycle. ~.3,;n Stages IHZ'DCUEEOF Growth Matsr :3 Dec ne Sula volume .'Jw I Tim! - When a successful product or service is introducedthe introduction stagedemand begins to grow. The organization needs to focus on increasing production while maintaining quality. Managers are hiring more employees and managing inventory and cash flow. - In the growth stage, sales continue to grow while other firms enter the market. In addition to ensuring a good customer experience through quality and reliable delivery, organizations may seek to differentiate their product/service from those of competitors. - After a period of growth, demand for the product or service stabilizes, and fewer new firms enter the market. This is the maturity stage. Since there is limited opportunity for growth in this business, the company begins to look for ways to cut costs and to innovate elsewhere. - At some point, demand for a product or service will begin to decline, and the business enters the decline stage. An organization with a welldifferentiated product or low costs may continue to perform well, even as the overall market shrinks. Organizations that do not anticipate this stage may become unprofitable. Select the correct response for each of the following questions. If an organization is following Porter's focus strategy, what should its managers decide to do? 0 Make nofrills products at low cost and advertise low prices. O Make products with desirable features and advertise these features. O Determine what a subset of customers desires and tailor a product to them. The table lists features of several stages of the product life cycle. For each row, select the stage that is described. Description Type of Manager Managers focus on stabilizing quality and reliable delivery of the product or service. Y Sales level off, and few new competitors enter the market. Y Managers hire more employees and manage inventory and cash flow as demand Y increases. Select the correct response for each of the following questions. If an organization is following Porter's focus strategy, what should its managers decide to do? O Make nofrills products at low cost and advertise low prices. O Make products with desirable features and advertise these features. O Determine what a subset of customers desires and tailor a product to them. Maturity The table lists features of several stages of the product life cycle. For each row, select the stage Decline Introduction _ _ Growth Description Managers focus on stabilizing quality and reliable delivery of the product or service. 4 Sales level off, and few new competitors enter the market. 4 Managers hire more employees and manage inventory and cash flow as demand increases. 5. Corporate-Level Strategy Diversication 10f2 Formulating Corporate-Level Strategies When a large organization is engaged in multiple businesses, industries, and/or markets, managers decide which opportunities the organization will pursue and how to manage the various lines of business. These decisions are expressed in the corporate strategy. Diversification is the number and diversity of businesses in which an organization is engaged. Different organizations opt for different amounts and types of diversification in the products or services they offer or the markets they serve. Different Levels of Diversification Related Diversification Unrelated Diversification When an organization operates multiple businesses, the different businesses or sets of related businesses are called strategic business units (SBUS). A company with a large number of businesses with little relationship to each other has high diversication. A firm with a small number of businesses or businesses that are closely related has low diversication. A company has the least amount of diversification when it has a single-product strategy, providing just one product or service, often in a single market. Because the organization specializes in its one offering, it can become very good at making and selling it. However, if customer demand for the product wanes, the company is in trouble. Diversification makes organizations more resilient, because even if some businesses do worse when the environment changes, others may be unaffected or even do better. Select the term that best completes the following sentence. An organization that sells only one product or service is using V strategy. Select the correct responses to the following question. which of the following are advantages of related diversification? Check all that apply. C] Ability for more than one business to share some functions, reducing costs [3 Reduced risk if any one business suffers a downturn C] Ability to become very good at making and selling a product C] Ability to leverage strengths across more than one business Select the term that best completes the following sentence. An organization that sells only one product or service is using V strategy. a single-product Select the correct responses to the following question. a strategic business unit (SBU) which of the following are advantages of related diversificatio a related diversification C] Ability for more than one business to share some functions, reducing costs C] Reduced risk if any one business suffers a downturn C] Ability to become very good at making and selling a product C] Ability to leverage strengths across more than one business 6. Tactical Planning Tactical Planning Whereas strategy focuses on resources, environment, and mission, tactics focus primarily on people and action. A sound strategy will fail without good tactical planning to implement it. Developing and Executing Tactical Plans To develop tactical plans, managers . . . - Consider carefully the strategic plans and tactical goals that those tactical plans will support. - Identify all the resources, including time and people, needed to implement the tactical plans. To execute tactical plans, managers . . . - Continually evaluate how well the plan is helping the organization achieve the relevant goal. 0 Provide resources to the people carrying out the plan. - Coordinate activities in different parts of the organization so people don't work at cross-purposes. - Monitor the progress of the plan's implementation. Select the word that best completes the following sentence. When a manager provides employees with resources and coordinates their activities, the manager is V the plan. The table lists three management activities associated with tactical plans. Indicate whether each task is part of developing a tactical plan or part of executing a tactical plan. Management Activity Develop or Execute? Identify which people will be needed to perform the steps of the plan V Integrate the activities of different people and work groups V Understanding the organization's tactical goals V Select the word that best completes the following sentence. When a manager provides employees with resources and coordinates their activities, the manager is V the plan. developing The table lists three management activities associated with tactical plans. Indicate whether each task -ioping a tactical plan or part of executing executing a tactical plan. Management Activity Develop or Execute? Identify which people will be needed to perform the steps of the plan V Integrate the activities of different people and work groups V Understanding the organization's tactical goals V Select the word that best completes the following sentence. When a manager provides employees with resources and coordinates their activities, the manager is V the plan. The table lists three management activities associated with tactical plans. Indicate whether each task is part of developing a tactical plan or part of executing a tactical plan. Execute the plan Develop the plan Management Activity Identify which people will be needed to perform the steps of the plan Integrate the activities of different people and work groups 444 Understanding the organization's tactical goals 7. Operational Planning Types of Operational Plans 1of2 Operational Planning Derived from tactical plans, operational plans are developed to achieve operational goals. This is where \"the rubber meets the road.\" All the goal setting and planning that has taken place at higher levels can be ineffective without sound operational plans. Operational plans can be classified in two ways: . Standing plans are developed to carry out activities that the organization needs to perform repeatedly. - Single-use plans are developed to address situations that probably will not occur again. Standing Plans Single-Use Plans Types of standing plans include the following: - A policy states how the organization will respond to a given situation. As an example, a public library might have a policy to acquire every book that wins a major literary award. - A standard operating procedure (SOP) outlines the steps to be followed under certain circumstances. For example, the library might have an SOP that addresses how donated books are evaluated and processed. - Rules and regulations describe exactly how specific activities must be carried out. For instance, the library might have a rule that requires librarians to maintain a wait list for patrons who wish to check out a popular book. Standing Plans Single-Use Plans Types of singleuse plans include these: - A program is a plan for a large number of activities. For example, a company may develop a program for launching a new product. - A project is smaller in scope and less complex than and may even be a part of a program. For example, a project would develop the web pages that allow customers to learn about and purchase the new product. Select the term that best complete the following sentence. An operational plan designed for activities employees will probably not need to perform again is a v plan. Match each example with the type of operational plan it illustrates. Standard operating Description Policy procedure (SOP) Rule/ Regulation Program Project A statement defining how an organization handles employee 0 O O O O sick days A list of the steps a customer service representative should follow when a customer presents a complaint A requirement that an employee who uses more than five sick days in six months be given a warning A single-use plan outlining the many activities involved in _ _ _ > O O O O 0 Implementing a new technology throughout the organization A single-use plan to update the employee handbook as one of many activities that will occur during the acquisition of another 0 O O O 0 company Select the term that best complete the following sentence. An operational plan designed for activities employees will probably not need to perform again is a plan. standing Match each example with the type of operational plan it illustrates. contingency Standard opera Description single-use Policy procedure (SO Regulation Program Project A statement defining how an organization handles employee O O O sick days O O A list of the steps a customer service representative should O O O follow when a customer presents a complaint O O A requirement that an employee who uses more than five sick O O O O O days in six months be given a warning A single-use plan outlining the many activities involved in O O O O implementing a new technology throughout the organization O A single-use plan to update the employee handbook as one of many activities that will occur during the acquisition of another O O O O O company