©Prentice Hall, 2001Chapter 31 The Foundations of Planning A Book Review A Book Review A Book Review

©Prentice Hall, 2001Chapter 32 Learning Objectives Define planning Explain the potential benefits of planning Identify the potential drawbacks of planning Compare strategic and tactical plans Compare directional and specific plans

©Prentice Hall, 2001Chapter 33 Learning Objectives Discuss Management by Objectives Outline the strategic management process Describe the four grand strategies Explain SWOT analysis Learn how entrepreneurs and bureaucratic managers approach strategy

©Prentice Hall, 2001Chapter 34 Reduce the Impact of Change Reduce the Impact of Change ProvideDirectionProvideDirection Minimize Waste or Redundancy Minimize Waste or Redundancy Set Control Standards Standards Reasons for Planning Reasons

©Prentice Hall, 2001Chapter 35 ArgumentsAgainstStrategicPlanning Rigid Assumptions of Stability Intuition and Creativity EnvironmentalTurbulence Focus on Today’s Competition Preoccupation with Current Success

©Prentice Hall, 2001Chapter 36 Does Planning Improve Performance? Financial results Environmental concerns Quality and implementation

©Prentice Hall, 2001Chapter 37 Objectives Time Frame Scope How Do Strategic and Tactical Plans Differ?

©Prentice Hall, 2001Chapter 38 The Time Frame of Planning Short-TermPlansLong-TermPlans

©Prentice Hall, 2001Chapter 39 Specific Plans Directional Plans Clear General Low High Flexibility Objectives

©Prentice Hall, 2001Chapter 310 Single-Use and Standing Plans UniqueSituationsOngoingOperations

©Prentice Hall, 2001Chapter 311 OrganizationalObjectives DivisionalObjectives DepartmentalObjectives IndividualObjectives What Is Management by Objectives?

©Prentice Hall, 2001Chapter 312 Common MBO Elements GoalSpecificity Explicit Time Period Participative Decision Making PerformanceFeedback

©Prentice Hall, 2001Chapter 313 GoalDifficulty Does MBO Work? Does MBO Work? GoalSpecificity TopManagementParticipation

©Prentice Hall, 2001Chapter 314 Setting Employee Objectives Identify key job tasks Set specific hard goals Let employees participate Prioritize goals Build in feedback Reward goal attainment

©Prentice Hall, 2001Chapter 315 The Downside of Objectives Quality of Products Quantity of Products IndividualEffort Team Focus PotentialImprovementContinuousImprovement

©Prentice Hall, 2001Chapter 316 Set Mission, Objectives, and Strategies Formulate Strategies Analyze the Environment Identify Opportunities and Threats Analyze Resources Identify Strengths and Weaknesses Reassess Mission and Objectives Implement Strategies Evaluate Results The Strategic Management Process

©Prentice Hall, 2001Chapter 317 Starting the Strategic Management Process StrategiesObjectivesMission

©Prentice Hall, 2001Chapter 318 CompetitiveIntelligenceCompetitiveIntelligence EnvironmentalScanningEnvironmentalScanning Analyzing the Environment Analyzing the Environment

©Prentice Hall, 2001Chapter 319 SWOTAnalysis WeaknessesThreats Opportunities Strengths

©Prentice Hall, 2001Chapter 320 Identifying Opportunities Opportunities in the Environment Opportunities in the Environment Organization’s Resources Organization’s Resources Organization’s Opportunities

©Prentice Hall, 2001Chapter 321 Retrenchment CombinationCombination The Grand Strategies StabilityStabilityGrowthGrowth

©Prentice Hall, 2001Chapter 322 Determining A Competitive Strategy DifferentiationDifferentiationCostLeadershipCostLeadership FocusFocus

©Prentice Hall, 2001Chapter 323 Implementation Evaluation What Happens After Strategies Are Formulated?

©Prentice Hall, 2001Chapter 324 Benchmarking Quality As A Strategic Weapon ISO 9000 Six Sigma

©Prentice Hall, 2001Chapter 325 The Entrepreneurial Personality OtherImportantFactorsThreeCriticalFactorsCommonPersonalityTraits

©Prentice Hall, 2001Chapter 326 Comparing Entrepreneurs and Traditional Managers Traditional Rewards Short-Term Goals Delegate/Supervise Low Avoidance Primary Motivation Time Orientation Activity Risk Propensity View of Failure/Errors Personal Rewards Long-Term Goals Direct Involvement Moderate Acceptance EntrepreneursManagersCharacteristics