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Questions and Answers
What is the primary purpose of environmental scanning?
Which of the following is NOT a part of the general environment?
What is the primary purpose of competitive intelligence?
What is an example of digital tools for data analysis and processing?
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Where can managers gather information about competitors?
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What is an example of a potential application of Virtual Reality?
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What is the purpose of business intelligence?
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Where can managers gather information about customers?
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What is the primary purpose of gathering information about the general environment?
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What is an example of a specific environment?
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Study Notes
What is Planning?
- Planning is a management function that involves setting goals, establishing strategies, and developing plans to integrate and coordinate work activities.
- It provides direction and reduces uncertainty.
Goals and Plans
- Goals are desired outcomes or targets.
- Plans are documents that outline how goals are going to be met.
- Real objectives are what the organization actually pursues, while stated objectives are official statements of what the organization wants the public to believe.
Types of Plans
- Strategic plans apply to the entire organization and establish its overall goals.
- Long-term plans have a time frame beyond three years.
- Operational plans encompass a particular area of the organization.
- Short-term plans cover one year or less.
- Directional plans are flexible and set out general guidelines.
- Specific plans are clearly defined and leave no room for interpretation.
- Single-used plans are designed to meet the needs of a unique situation.
- Standing plans provide guidance for activities performed repeatedly.
Contingency Factors in Planning
- Degree of environmental uncertainty affects planning.
- Level in the organization affects planning.
- Length of future commitments affects planning.
Planning in the Organizational Hierarchy
- Strategic planning is done by top management.
- Operational planning is done by first-level managers.
- Middle-level managers are involved in both strategic and operational planning.
Approaches to Setting Objectives
- Traditional objective-setting involves top management setting objectives that flow down through the organization.
- Management by Objectives (MBO) involves setting mutually agreed-upon goals and using them to evaluate employee performance.
- MBO involves setting objectives that cascade down through the organization and are translated into operational objectives at each level.
Planning Effectively in a Dynamic Environment
- Involve employees in planning to ensure they understand and can implement the plan.
- Plan for uncertainties by developing specific but flexible plans.
Environmental Scanning
- Environmental scanning involves screening information to detect emerging trends.
- It involves scanning the general environment (political, economic, social, technological) and the specific environment (industry, competitors, suppliers, customers).
- Competitive intelligence involves gathering information about competitors to anticipate their actions.
- Digital tools such as business intelligence, virtual reality, and social media can be used for environmental scanning and data analysis.
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Description
Learn about the management function of planning, including setting goals and developing strategies to achieve them. Understand the difference between real and stated objectives.
