MKT 100 Chapter Notes - Chapter 6: Personal Development, Specific Performance, Operating Budget

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fernando Pardo

Document Summary

Planning: process of setting objectives and determining how to accomplish them. Objectives are specific results that one wishes to achieve. A plan is a statement of intended means for accomplishing objectives. The planning process: define your objectives, determine where you stand vis- -vis objectives evaluate current accomplishments relative to the desired results. Know your strengths and weaknesses in reaching objective: develop premises regarding future conditions anticipate future results, analyze alternatives and make a plan list and evaluate possible actions. Implement the plan and evaluate results- take action and carefully measure your progress towards results. Benefits of planning: planning improves focus and flexibility, planning improves action orientation, complacency trap is being carried along by the flow of events, planning improves coordination and control. Intermediate range plans cover one to two years into the future. Short range plans look one year or less into the future.