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
Planning is one of the primary managerial functions and it leads to other managerial functions such as organizing, controlling, and staffing. Learn about planning as a managerial function, the benefits of planning, and the barriers that interfere with planning.
2. Types of Planning: Strategic, Tactical, Operational & Contingency Planning
Businesses use different types of plans such as strategic, tactical, operational, and contingency plans to achieve organizational goals. Discover the differences between these four types of planning and the advantages of using them.
3. What is a SWOT Analysis?
When creating a marketing plan, a business mission statement and a situational analysis are essential to understanding the organization's objective and current environment. Explore SWOT analysis--known as strengths, weaknesses, opportunities, and threats-- and how it is used in analyzing an organization's situation and selling proposition.
4. Company Mission Statements: Definition & Examples
A company's mission statement is used to inform people about their products and services, purpose, culture, goals, legacy, and competitive advantage. Learn more about how to effectively create a mission statement, and explore examples of well-known company mission statements.
5. The Strategic Management Process
Strategic management (planning) begins with environmental scanning: examining political, economical, sociocultural, technological, environmental, and legal factors. This lesson explores the development, implementation, and evaluation of a strategy.
6. Different Types of Business Strategies
A business may employ different business strategies (or plans) to achieve its organizational goals. Define a business strategy and learn about its different types, including cost, differentiation, and focus strategies.
7. Macroeconomic Issues in Business
Macroeconomic issues in business are factors and decisions that are influenced by the performance of the nation's overall economy. Learn about the impacts of the unemployment rate, inflation, economic output, interest rate, and technology on functional economies. and why business leaders pay attention to macroeconomic issues.
8. International Business Expansion Methods
Businesses sometimes want to expand to serve on an international scale. Understand expansion methods such as trade agreements, licensing, franchising, joint ventures, outsourcing, and offshoring.
9. Breaking Into Foreign Markets: International Marketing Strategies
Understand what it takes to break into foreign markets using international marketing strategies. Learn about the six methods that are used to enter foreign markets from exporting to direct investment.
10. Total Quality Management (TQM): Definition, Principles & Examples
Total quality management becomes part of an overall organizational culture when five principles are practiced by all employees. Explore the definition of total quality management, what its five principles are, and how it works interdepartmentally.
11. Setting Business Department Goals
When setting business department goals, specific goal-setting methods already employed by successful corporations can be used. Learn about defining goals and objectives through the concept of the SMART goal system.
12. Controlling as a Function of Management
Controlling is an important management function that helps organizations achieve success. Learn about controlling, including the steps in the controlling process, and how to use the steps to help an organization achieve its collective goals.
13. Management By Exception: Definition and Limitations
Management by exception implies that managers only intervene when something deviates from what was previously planned. Learn the definition, advantages, and limitations of this management style, explore the crucial tool for this system, and grasp this concept through an example.
14. Reviewing Goal Achievement: Comparing Results to Set Goals
Progress towards goals should be monitored and reviewed to determine if efforts are on the right track. Learn about comparing results against a standard to determine goal achievement and explore the process of review and assessment of those results.
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