MGMT 320 1st Edition Lecture 17Outline of Last Lecture I. Steps of planninga. Determine possible strategies/goals/plansOutline of Current Lecture I. Steps of planninga. Goals & plansII. Stephen C. HarperCurrent LectureMGMT 320 – planning 41. Steps of Planning (continued)i. Goals & Plans1. Strategic: long term & generala. Higher level managers2. Tactical: in major areas of the businessa. Mid-level managers3. Operational: specific & measurablea. Low level managersb. Evaluate goals & plansi. How does each fit with the mission? The environment? The company’s resources?c. Select goals & plansd. Monitor & control2. Stephen C Harpera. Anticipatory managementThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.i. See opportunities1. Develop scenarios a. Offensive = growthi. Products, markets, management techniques, technologyb. Defensive – do not get blindsided by detrimental situationsc. Inquiries lead to insightsd. “Those who are most successful anticipate, those who are less successful respond.”ii. Accelerate quickly1. Shorten the time between ideas & action, initiation & results2. look for greater processes & technology, not just productsiii. Dodge obstacles1. Do not grow faster than your management 2. You must see obstacles and/or increase agility3. Keys to seeing obstacles & increasing agility:a. Scenario planningb. Have a clear mission that keeps focusc. Teach people to be entrepreneuriald. Timing initiatives – defensivei. Dropping a productii. Exit a marketiii. Divest the venturee. Timing initiatives – offensivei. Introducing productsii. Introducing processesiii. Entering new marketsf. A manager’s job is to teach people how to navigate around obstacles, not to remove the
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