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Questions and Answers
What is the most fundamental management function?
Planning
Planning and controlling are inseparable.
True
What type of plan is used at the top management level?
The process of determining how specific tasks can best be accomplished is known as ______.
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What should a vision be?
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Which company's vision statement is 'To bring inspiration and innovation to every athlete in the world'?
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What does Coca-Cola's vision statement focus on?
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Amazon's vision is to be earth's most customer-centric company.
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Which of the following vision statements belongs to Ford?
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Study Notes
Essentials of Planning and Decision-Making
- Planning is the foundational management function that determines how to achieve goals and objectives.
- It requires a rational, innovative approach to close the gap between current states and desired futures.
Relationship Between Planning and Controlling
- Planning and controlling are interdependent, often referred to as the “Siamese Twins of Management.”
- Control is ineffective without prior plans as it establishes whether objectives are being met based on pre-defined goals.
Levels of Planning
- Top Management: Engages in strategic planning, focusing on major organizational goals and resource allocation strategies.
- Middle Management: Develops intermediate planning, assessing subunits' contributions with available resources.
- Lower Management: Undertakes operational planning to determine how specific tasks can be effectively completed within resource constraints.
Types of Plans
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Vision: A long-term perspective of desired outcomes, guiding the direction, purpose, and identity of the organization.
- Should be specific, measurable, attainable, realistic, and time-bound.
- Involves strategic thinking about the organization's future.
Purpose of Developing a Vision
- Provides long-term direction and a strong identity.
- Engages the organization in a sense of purpose by defining who they are and where they are heading.
Vision Statements of Notable Companies
- Coca-Cola: Aims to deliver a portfolio of beverage brands that satisfy consumer desires and needs.
- Nike: Seeks to inspire and innovate for every athlete globally.
- Amazon: Aspires to be the most customer-centric company, providing a comprehensive online shopping experience.
- Ford: Strives to be the leading consumer automotive company for products and services.
- Unilever: Aims to positively impact over 2 billion lives daily through their diverse products.
- Sony: Committed to being a leading manufacturer in audio, video, and communications technology.
- Medical City: Focuses on shaping health perceptions and improving access to health services in the Philippines.
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Description
This quiz explores the fundamental aspects of planning and decision-making in management. It focuses on the rational approaches to selecting goals and objectives, as well as the managerial innovations that drive effective planning. Test your understanding of how planning bridges the gap between current positions and future aspirations.
