MNGT 3810 Lecture Notes - Lecture 4: Industrial Espionage, Market Environment, Vertical Integration
13 Sep 2018
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Document Summary
What is planning: the primary function of management. Reasons for planning: establishes a coordinated effort by fostering teamwork in an organization, planning reduces uncertainty because in the event of something happening, planning gives direction, reduces overlap and wasteful activities. Establishes goals and standards to facilitate control in the company. Criticism of formal planning: may create rigidity, ca(cid:374)"t replace intuition and creativity, fo(cid:272)uses atte(cid:374)tio(cid:374) o(cid:374) today"s su(cid:272)(cid:272)ess, (cid:374)ot to(cid:373)orro(cid:449)"s sur(cid:448)i(cid:448)al, reinforces success, which may lead to failure. Formal planning and organizational performance: higher profits, higher return on assets. Strategic management: (cid:449)hat (cid:373)a(cid:374)agers do to de(cid:448)elop a(cid:374) orga(cid:374)izatio(cid:374)"s strategies. It has a positive impact on organizational performance. It prepares managers to cope with changing situations. It guides managers to examine relevant factors in planning future action. Identify the organizations mission, goals, and strategies: purpose for the organizations; help establish performance criteria, good mission statement: customers, competitions, core beliefs, sustainability/ green, public image, technology, external analysis, competition.
