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Chapter 8

Chapter 8. The Manager as a Planner and Strategist. Planning and Strategy. Planning Identifying and selecting appropriate goals and courses of action. Strategy The cluster of decisions and actions that managers take to help reach those goals. Three Steps in Planning. The Planning Process.

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Chapter 8

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  1. Chapter 8 The Manager as a Planner and Strategist

  2. Planning and Strategy • Planning • Identifying and selecting appropriate goals and courses of action • Strategy • The cluster of decisions and actions that managers take to help reach those goals MGMT 321 – Chapter 8

  3. Three Steps in Planning MGMT 321 – Chapter 8

  4. The Planning Process • To perform the planning task, managers: • Establish where an organization is at the present time • Determine its desired future state • Decide how to move it forward to reach that future state MGMT 321 – Chapter 8

  5. Why Planning is Important • Gives a sense of direction and purpose • Encourages managers to participate in decision making • Helps coordinate managers of the different functions and divisions • Can be used to control managers • Provides unity and continuity MGMT 321 – Chapter 8

  6. Levels and Types of Planning MGMT 321 – Chapter 8

  7. Types of Plans • Standing Plans • Use in programmed decision situations • Single-Use Plans • Developed for a one-time, non-programmed issue • Scenario (Contingency) Planning • Generating multiple forecasts of future conditions followed by an analysis of how to effectively respond to those conditions MGMT 321 – Chapter 8

  8. Mission Statements An organization’s overriding purpose MGMT 321 – Chapter 8

  9. Determining the Organization’s Mission and Goals • Defining the Business • Who are our customers? • What customer needs are being satisfied? • How are we satisfying customer needs • Establishing Major Goals • Provides the organization with a sense of direction • Encourages higher levels of performance • Goals must be challenging but realistic with a definite period in which they are to be achieved MGMT 321 – Chapter 8

  10. Planning and Strategy Formulation MGMT 321 – Chapter 8

  11. The Five Forces MGMT 321 – Chapter 8

  12. The Five Forces • Hypercompetition • industries that are characterized by permanent, ongoing, intense, competition brought about by advancing technology or changing customer tastes and fads and fashions MGMT 321 – Chapter 8

  13. Business-Level Strategies • Low-Cost • Differentiation • “Stuck in the Middle” • Focused Low-Cost • Focused Differentiation MGMT 321 – Chapter 8

  14. Corporate-Level Strategies • Concentration in Single Business • Developing new kinds of products or expanding its locations • Appropriate when managers see the need to reduce the size to increase performance • Vertical integration • A company expands its business operations either: • Backward into a new industry that produces inputs or • Forward into a new industry that uses, distributes, or sells the company’s products MGMT 321 – Chapter 8

  15. Stages in a Vertical Value Chain MGMT 321 – Chapter 8

  16. Corporate-Level Strategies • Diversification • Expanding a company’s operations into a new industry • Related Diversification • Entering a new industry and establishing a new business division that is linked to a company’s existing divisions • Synergy • When the value created by two divisions cooperating is greater than the value created independently • Unrelated Diversification • Establishing divisions or buying companies in new industries not linked to a company’s existing divisions MGMT 321 – Chapter 8

  17. Corporate-Level Strategies • International Expansion • To what extent do we customize products and marketing for different national conditions? • Global strategy • Undertaking very little customization to suit the specific needs of customers in different countries. • Multi-domestic strategy • Customizing products and marketing strategies to specific national conditions MGMT 321 – Chapter 8

  18. International Expansion • Exporting • Importing • Strategic alliance • Joint venture • Licensing • Franchising • Wholly owned subsidiary MGMT 321 – Chapter 8

  19. Functional-Level Strategies • A plan that indicates how a function intends to achieve its goals • Seeks to have each department add value to a good or service • Value of a good or service is added through: • Lowering the costs of providing the products • Adding new value by differentiating • Must fit with business level strategies MGMT 321 – Chapter 8

  20. Planning and Implementing Strategy • Allocate implementation responsibility to the appropriate individuals or groups • Draft detailed action plans for implementation • Establish a timetable for implementation • Allocate appropriate resources • Hold specific groups or individuals responsible for the attainment of goals MGMT 321 – Chapter 8

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