What is planning?

Setting objectives and determining how to best accomplish them

Starts the management process

What are objectives?

Creating good objectives

Good objectives should fit the SMART criteria

Specific

Measurable

Attainable (Audience-Specific)

Realistic

Timely

Steps in the Planning Process

1.Define your objectives(using the SMART criteria)

2. Today vs. Objectives

Whatstrengthswork in your favour?

Whatweaknesseshold you back?

3. Try toanticipate future events

Generate alternative "scenarios" for what may happen in the future?

How willthese "scenarios" help or hinder your progress?

Steps in the Planning Process

1.Analyze and choose among action alternatives

List and carefullyevaluate the possible actionsthat may be taken

Choose thealternative most likely to accomplish your objectives

2.Implement the plan and evaluate results

The Toothpaste Case Study

You have just been hired as an Assistant Product Manager for a consumer products company.It is your job toplan and implement a marketing planfor the toothpaste product line.The company currently has a very successful toothpaste on the market called "SMILE".The target market for this product is families.It currently has a market share of 27% The COO has just announced that the Research and Development Department has just invented a new toothpaste that is designed for use by children.The new product works exceptionally well on growing teeth and decreases cavities by 10%.

Using the steps in the planning process, plan out amarketing campaignfor this new toothpaste.

Benefits of Planning

Focus- sets goals, sets priorities, determines the needs of the customer, provides a unified direction?

Ability to adapt- deals with changing situations, helps cope in a changing economy?

Increased coordination- sets a series of objectives, lower level objectives support higher level objectives?

Benefits of Planning

Improved control - identify and measure results

Improved time management - sets priorities for employees' time

Motivates Staff - people will work harder to achieve a goal?

What types of plans do managers use?

Short-range plans

Less than one year

Examplehire a new shift

Long-range plans

Greater than one year

Examplelaunch a new product?

What types of plans do managers use?

Strategic plans

Extensive, long range plans

Created by upper management

Provides the overall direction of the company

Examplelaunching a product into another country?

What types of plans do managers use?

Operational plans

What needs to be done inspecific areasto implement the strategic plan?

Production plans

Financial plans

Facilities plans

Marketing plans

Human resources plans

Examplehiring employees in the new country?

What types of plans do managers use?

Single-Use Plans

Used only once?

Created for unique situations?

Standing-Use Plans

Designed to be used again and again?

Examples:

Policiesbroad guidelines to assist in making decisions?

Rules and Proceduresdetailed plans that state actions to be taken in specific situations?

Budgetsdetermines how money is to be spent on specific projects?

How to make your plan work?

Participative Planning

Include all the people impacted by a decision in the planning process

Increases understanding, commitment and creativity?

Benchmarking

Using external comparisons to understanding what is occurring in your company?

Exampleif your competitor lost 15% in sales, you gain perspective on your company losing 2% in sales?

How to make your plan work?

Contingency Planning

Planning for alternative courses of action should your plan fail or situations change?

Worst case scenario planning?