MAN 3025 Midterm: Exam 2 MAN3025 Chapters 5-10
22 Mar 2017
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Document Summary
Business model: describes a firm"s position, operations, competitive advantage, marketing strategy, method of financing, and expected revenues and expenses the outline of how an organization will deliver its value proposition. Reasons for planning: planning helps you check your progress, planning helps you coordinate activities, planning helps you be forward-thinking, planning helps you deal with uncertainty. Advantages of planning: planning provides direction and momentum, planning encourages innovation/new ideas, planning develops and maintains a competitive advantage, sets standard performance. Disadvantages of planning: planning is time consuming, plans go obsolete quickly, can create false sense of security, hinder intuition and creativity. Fundamentals of planning: mission statement, vision statement. Where does the company want to go: strategic planning, tactical planning. Ceo"s, presidents, vice presidents, general managers, and division heads. Supervise lower-level employees and ensure tactical plans are being properly implemented: operational planning. Direct the tasks of non managerial employees and ensure that operational plans are properly implemented.
