Welcome to AB140 Introduction to Management Unit 3 Seminar – Planning

Agenda General Questions and Announcements Unit 2 Questions Review of what is due in Unit 3 Planning Steps / Q & A Different Levels of Planning / Q & A SWOT Analysis Conclusion of Seminar

Unit 2 RECAP Open Systems Macro and Competitive Environments Substitutes and Complements Management Theories

Unit 2 Questions

Assignment Questions and Answers There are three graded assignments in Unit 3: 1. Discussion Assignment-40 points 2. Dropbox Assignment-40 points 3. Review Quiz-20 points Reading: Chapter 4 pp. 72–83

Unit 3 Discussion You are introduced as part of your reading assignment to the business case study, Sandwich Blitz, Inc. which we will continue to consider at various times throughout this course. Refer back to the description of the company and to your textbook reading on “Levels of Planning” which is on pp. 75–77. After completing the readings, in your judgment, what are some considerations that Jack and Jenny must have at each of the three levels (strategic, tactical, and operational) of planning for Sandwich Blitz, Inc? Be sure to address each of the three levels. Post by Saturday! Must be at least 100 words Spelling and grammar count!

Unit 3 Participation Two responses to your classmates on separate days. Must be substantial -Just saying “I agree” will not receive credit -Posts must enhance and advance the discussion -Utilize the readings and research -Messages need to be on-topic

Unit 3 Assignment After reading the scenario and the readings in the text for Unit 3, what do you think are the strengths, weaknesses, opportunities, and threats (SWOT) that the business faces if Jack and Jenny commit to a large- scale expansion of their business? Be sure to identify at least one strength, one weakness, one opportunity, and one threat that apply to the scenario. Write your assessment in paragraph form, using Microsoft Word in at least 100 words. This should be free of spelling and punctuation errors. Due Tuesday!

Unit 3 Review Complete readings and video before attempting the review May be completed during the Unit only! Due Tuesday! Reviews close at midnight!

Unit 3 Questions

Unit 3 Outcomes During this unit we will: 1.Identify the basic steps in any planning process. 2.Explain the relationship between strategic planning, tactical planning, and operational planning. 3.Interpret the elements of a basic SWOT analysis.

The Planning Function “A good leader knows how to serve and give their employees what they need. Never be afraid to say that you don’t know something: just make sure that your find the answer and get back to the person.” (Non-profit manager, p.71) “Be confident about yourself and your job without being overzealous. Treat everyone with respect, and they will respect you as a manager.” (Art manager, p.71)

Steps in the Planning Process Analyze the Situation Generate Alternative Goals and Plans Evaluate Goals and Plans Select Goals and Plans Implement the Goals and Plans Monitor and Control Performance

Step 1. Analyze the Situation Situational Analysis: Step 1: Within the constraints of time and resources, gather, interpret and summarize all relevant information of the issue or problem at hand. Step 2: Examine past events, current conditions, and try to forecast future trends. Step 3: Within the context of the business as an open system, apply the analysis to the unit in question. Step 4: Examine the issue or problem within the context of the different environmental situations (External and Internal). Step 5: Produce an outcome that identifies and examines the assumptions, problems, and issues.

Step 2. Generate Alternative Goals and Plans Goals: The end the result the manager seeks. These must be: -Specific -Measurable -Attainable -Relevant -Time-bound SMART

Step 2. Generate Alternative Goals and Plans (Continued) Plans: Specific actions or ways the manager will use to achieve the goals. These may be: -Single-use Plans -Standing Plans -Contingency Plans

Step 3. Evaluate Goals and Plans Advantages Disadvantages Priorities

Step 4. Select Goals and Plans -Remember we want goals to be: -Specific -Measurable -Attainable -Relevant -Time-bound Then we select the goals that are appropriate and feasible goals and plans.

Step 5. Implement the Goals and Plans Proper implementation is key to success. Good implementations assure that: -All managers and employees understand the goals and plans and their roles in the implementation -Managers and employees are sufficiently motivated to make it work -Correctly linked to other systems and parts of the organization.

Step 6. Monitor and Control Performance Proper monitoring and control is essential for successful implementation. Actual performance of the new plans and goals must be measured against standards of expected performance. Corrective action must be taken to ensure performance or the measurement criteria must be readjusted. You may have noticed by now that the steps in the Planning Process look very much like POLC!

Unit 3 Questions

Levels of Planning and Goals: Strategic Strategic Goals: Major long-term targets or results relating to the firm’s long-term survival, value, and growth. These are set by the firm’s highest level of management. Strategic Plans: Action plans to support the strategic goals. These usually cover the entire firm and are implemented by top management.

Levels of Planning and Goals: Tactical Tactical Planning: Translates the broad strategic goals and plans into specific goals and plans usually for a specific area of the firm such as department or division. These often involve middle level management and are not as long-range as the strategic goals and plans.

Levels of Planning and Goals: Operational Operational Planning: Shorter-range plans that address specific procedures and processes to ensure success of the tactical goals and plans and in turn, success of the strategic goals and plans. This usually occurs at lower levels of the organization and often involves first-level managers (supervisors).

Levels of Planning Strategic 3-7 years Tactical 1-2 years Operational < 1 year

Integrating the Plans Strategic, tactical and operational plans must align with one another The plans must be: -Consistent -Mutually supportive -Focused on a common purpose and direction

Unit 3 Questions

SWOT Analysis The SWOT analysis is a useful strategic planning tool. It allows the user to visualize the strengths, weaknesses, opportunities and threats facing the business.

Components of the SWOT: Strengths and Weaknesses Strengths and Weaknesses: Refer to internal resources of the firm; what the firm does especially well and in what areas the firm is weaker.

Components of the SWOT: Opportunities and Threats Opportunities and Threats: Refer to those elements in the external environment that could represent a competitive opportunity or pose a competitive risk for the firm.

SWOT Analysis Illustrated: InternalStrengths:Weaknesses: ExternalOpportunities:Threats:

Unit 3 Questions

See you next week! After this seminar has concluded, there will be a recording in the archives located in the seminar room. It may be selected by date.

Thank You for Joining Me! Thanks for attending!