About This Chapter
Planning and Controls as Management Functions - Chapter Summary and Learning Objectives
Managers must take a variety of factors into consideration before making business decisions, including a company's own strengths and weaknesses as well as outside political, legal and economic aspects. Topics covered in this chapter can familiarize you with some of the analytical tools managers use to assess these areas. Types of planning strategies and the significance of clear goal-setting are also discussed. Once you've finished this chapter, you should be familiar with the following:
- Different types of organizational planning
- Components of successful strategic management
- The importance of setting goals
- Factors affecting international marketing and expansion
|Planning as a Function of Management||Explains the purposes and advantages of planning as well as barriers to successful planning.|
|Types of Planning: Strategic, Tactical, Operational & Contingency Planning||Shows how different types of planning can help an organization reach its goals.|
|What is a SWOT Analysis?||Illustrates how this decision-making tool is used to analyze a company's internal and external environments.|
|Company Mission Statements: Definition & Examples||Explains the components of a mission statement and provides examples of successful mission statements.|
|The Strategic Management Process||Outlines steps of strategic management, such as environmental scanning, strategy implementation and evaluation.|
|International Expansion||Offers a high-level explanation of macroeconomics issues relating to the availability of capital, consumer demand for products, and the opportunity for growth and their relationships to unemployment and inflation rates, among others.|
|Breaking Into Foreign Markets: International Marketing Strategies||Describes the different methods a company can use to expand internationally, including trade agreements, franchising, licensing, joint ventures, outsourcing and off-shoring.|
|Five Principles of Total Quality Management (TQM)||Explains principles designed to ensure product quality, meet customer expectations, identify areas for improvement and encourage teamwork.|
|Setting Department Goals||Explores the importance of department level goals set by senior management and outlines how the SMART method can be used to evaluate them.|
|Controlling as a Function of Management||Describes a manager's responsibility to prevent or mitigate any deviations from organizational goals or standards.|
|Management By Exception: Definition, Principle & Examples||Discusses the advantages and disadvantages of the control method of 'management by exception.'|
|Reviewing Goal Achievement||Outlines strategies for measuring results against business goals.|
1. Planning as a Function of Management
In this lesson, you will learn the role of planning as a function of management. Discover the advantages of and barriers to planning, and how it is used to achieve organizational goals.
2. Types of Planning: Strategic, Tactical, Operational & Contingency Planning
This lesson will explain the four types of planning used by managers, including strategic, tactical, operational and contingency planning. Terms, such as single-use plans, continuing plans, policy, procedure and rule, will also be defined.
3. What is a SWOT Analysis?
In the business world, as in many other places, decisions aren't made lightly. Rather, management spends a long time considering the pros and cons of every choice. This lesson will teach you about one of the key ways they do that, the SWOT analysis.
4. Company Mission Statements: Definition & Examples
This lesson explains the role of a mission statement in an organization. Learn the definition of a mission statement, how they are created and how they are used.
5. The Strategic Management Process
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
6. Different Types of Business Strategies
Businesses are in business to make money. In order to accomplish this objective, a business may employ different business strategies in order to win over customers and generate profit. In this lesson, you'll learn about some of the common strategies.
7. Macroeconomic Issues in Business
Businesses ignore general economic issues, such as inflation, interest rates and unemployment, at their own peril. In this lesson, you'll learn about some key economic issues important for businesses to track. A short quiz follows.
8. International Business Expansion Methods
Oftentimes, the best opportunities for a business are not at home but abroad. In this lesson, you'll learn about different methods of taking advantage of the international market. You'll also have a chance to take a short quiz after the lesson.
9. Breaking Into Foreign Markets: International Marketing Strategies
Companies look to international markets to increase their sales and profits. Market managers must decide on the mode of entry into a foreign market. The options, ranging from least to most risky, are exporting, licensing, franchising, contract manufacturing, joint ventures and direct investments.
10. Five Principles of Total Quality Management (TQM)
Total quality management (TQM) is achieved and becomes part of the overall organizational culture when the five principles - produce quality work the first time, focus on the customer, have a strategic approach to improvement, improve continuously and encourage mutual respect and teamwork - are practiced by all employees.
11. Setting Business Department Goals
Setting goals is an important part of organizational management. In this lesson, we'll look at a method that departments can use to develop goals that fit into the overall vision of their organization. A short quiz follows the lesson.
12. Controlling as a Function of Management
In this lesson, we will explore the role of controlling as a function of management and its use of various control mechanisms to reach organizational goals.
13. Management By Exception: Definition and Limitations
Sometimes things go as planned, and sometimes they don't. In this lesson, you'll learn about management by exception, including how it works and its advantages and disadvantages. You'll also have an opportunity to take a short quiz.
14. Reviewing Goal Achievement: Comparing Results to Set Goals
Progress towards goals must be monitored and reviewed to determine whether you're on the right track. In this lesson, you'll learn about comparing results against a standard to determine goal achievement.
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