MNGT 361 Chapter Notes - Chapter 4: Competitive Intelligence, Customer Service, Cost Leadership

• School: Towson University
• Department: Management
• Course: MNGT 361
• Professor: Mc Culloh

Document Summary

Planning- establishes the basis for all the other things managers do as they organize, lead, and control. Reasons for planning: planning coordinates effort- it gives direction to both managers and non-managerial employees so each knows what he or she must contribute- individually and as a group- to reach the organization"s goals. Planning stimulates intra- and inter- department coordination of activities, which fosters teamwork and cooperation: planning forces managers to look ahead- anticipate change, consider the impact of change, and develop appropriate responses. Criticisms of formal planning: create rigidity, replace intuition and creativity, focus managers" attention on today"s competition, not tomorrow"s survival, reinforce success, which may lead to failure. The importance of strategic management: has positive impact on org performance, prepares managers to cope with changing situations, guides managers to examine relevant factors in planning future action. Steps in the strategic management process: strategy planning, evaluation.