Podcast
Questions and Answers
What are the two key components of planning?
What are the two key components of planning?
Defining goals and establishing strategies.
Why is analysing the external environment important for planning?
Why is analysing the external environment important for planning?
The external environment of an organisation is constantly changing, and it is important to be aware of these changes in order to plan effectively.
Which of the following are considered advantages of planning? (Select all that apply)
Which of the following are considered advantages of planning? (Select all that apply)
What are some examples of changes in the external environment that can influence an organisation's planning? (Select all that apply)
What are some examples of changes in the external environment that can influence an organisation's planning? (Select all that apply)
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Which of the following are factors considered in the micro-environment of an organization? (Select all that apply)
Which of the following are factors considered in the micro-environment of an organization? (Select all that apply)
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Which tool helps analyse the competitive environment of an organization, as outlined by Porter's five forces model?
Which tool helps analyse the competitive environment of an organization, as outlined by Porter's five forces model?
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Which tool helps analyse the broader macro-environment of an organization?
Which tool helps analyse the broader macro-environment of an organization?
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What are the two main categories of plans?
What are the two main categories of plans?
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Strategic plans are typically short-term and focus on specific tasks.
Strategic plans are typically short-term and focus on specific tasks.
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Operational plans focus on the organization's overall objectives.
Operational plans focus on the organization's overall objectives.
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What are the five steps of the Strategic Management Process?
What are the five steps of the Strategic Management Process?
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What is SWOT analysis?
What is SWOT analysis?
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The Strategic Management Process is a one-time process that organizations perform at the beginning of their operations.
The Strategic Management Process is a one-time process that organizations perform at the beginning of their operations.
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Study Notes
Planning Overview
- The presentation is about Planning, delivered by Harry Kogetsidis at the University of Nicosia, School of Business.
- The lecture covers what planning is, why analyzing the external environment is crucial, how to analyze it, and the basic steps of planning.
What is Planning?
- Planning involves defining goals and establishing strategies, encompassing both desired outcomes and the methods to achieve them.
Advantages of Planning
- Planning provides direction.
- It reduces uncertainty and wasteful or overlapping activities.
- Planning helps effectively utilize resources and establish standards for monitoring progress.
The External Environment
- Planning is vital because the external environment of an organization is constantly changing.
- These changes include market trends, technological advancements, new competitors, government policies, weather events, and financial crises.
Analyzing the External Environment
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A circular diagram illustrates the external environment with sections for general (macro) environment including political, economic, socio-cultural factors; and the competitive (micro) environment including suppliers, buyers/customers, business processes, people, structure, technology, stakeholders, finance, objectives, culture, power, substitutes and competitors.
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Porter's Five Forces model is mentioned as a tool for analyzing the competitive environment.
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PESTEL analysis is a tool to examine the broader macro-environment examining political, economic, socio-cultural, technological, environmental, and legal factors.
Types of Plans
- Strategic plans apply across the entire organization, establishing long-term objectives.
- Operational plans detail how to achieve these overall objectives, with a shorter timeframe.
The Strategic Management Process
- The strategic management process involves steps senior management takes to develop an organization's strategy, consisting of strategic planning, implementation, and evaluation.
- A diagram shows the sequence of these steps, beginning with identifying the organization's current mission, goals, and strategies; followed by a SWOT analysis involving external (opportunities and threats) and internal (strengths and weaknesses) analysis. This combined analysis is the core of a SWOT analysis.
- The next steps are formulating strategies, implementing the strategies, and evaluating the results.
Steps in the Strategic Management Process
- Step 1: Identify the organization's current mission, goals, and strategies.
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Step 2 (a & b): External and internal analysis.
- External analysis identifies the opportunities and threats in the external environment, using tools such as Porter's Five Forces and PESTEL analysis to analyze factors like political, economic, social, technological, environmental and legal aspects.
- Internal analysis identifies the organization's strengths and weaknesses, examining internal capabilities and resources.
- Step 3: Formulate strategies.
- Step 4: Implement the strategies.
- Step 5: Evaluate results.
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Description
This quiz covers key concepts from Harry Kogetsidis' presentation on planning at the University of Nicosia. It discusses the definition of planning, the importance of analyzing the external environment, and the advantages and steps involved in effective planning. Test your understanding of these essential planning principles.
