Podcast
Questions and Answers
What is the primary purpose of environmental scanning?
What is the primary purpose of environmental scanning?
Which of the following is NOT a part of the general environment?
Which of the following is NOT a part of the general environment?
What is the primary purpose of competitive intelligence?
What is the primary purpose of competitive intelligence?
What is an example of digital tools for data analysis and processing?
What is an example of digital tools for data analysis and processing?
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Where can managers gather information about competitors?
Where can managers gather information about competitors?
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What is an example of a potential application of Virtual Reality?
What is an example of a potential application of Virtual Reality?
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What is the purpose of business intelligence?
What is the purpose of business intelligence?
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Where can managers gather information about customers?
Where can managers gather information about customers?
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What is the primary purpose of gathering information about the general environment?
What is the primary purpose of gathering information about the general environment?
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What is an example of a specific environment?
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.
