Planning: The Foundation of Successful Management

Name: Yem sotheavik
ID: 60180686
Course: Bus201 (morning)
Chapter5-Planning: The Foundation of Successful Management
1. What are planning, strategy, and strategic management?

 Planning is the act or process of making or carrying out plans specifically the
establishment of goals, policies, and procedures for a social or economic unit.
 Strategy is refers to basic directional decisions, that is, to purposes and missions.
Strategy consists of the important actions necessary to realize these directions.
 Strategic management is the comprehensive collection of ongoing activities
and processes that organizations use to systematically coordinate and
align resources and actions with mission, vision and strategy throughout
an organization. Strategic management activities transform the static plan into
a system that provides strategic performance feedback to decision making and
enables the plan to evolve and grow as requirements and other circumstances
change. Strategy Execution is basically synonymous with Strategy Management
and amounts to the systematic implementation of a strategy.
2. Why are they important?

 Strategic management provides overall direction by developing plans and policies
designed to achieve objectives and then allocating resources to implement the
plans. Ultimately, strategic management is for organisations to gain a competitive
edge over their competitors.
 The reason why having a strategy is so important is because it gives business time
to get a sense of how they are preforming, what their capabilities are, and if these
capabilities are able to help them grow.
 Planning helps to critically assess the goal to see if it's realistic. It facilitates
decision making and allows setting a time frame by predicting when the company
can achieve its goal.
3. What is the difference between a mission and a vision, a mission statement and a
vision statement?
 A mission is defined as an organization’s purpose or reason for being and
determining the mission is the responsibility of top management and the board of
directors.
 A vision is a long-term goal describing what an organization wants to become
and it is clear sense of the future and the actions needed to get there.
 Mission Statement. We believe that childhood is a celebration, and the colorful

prints and cute characters we design are inspired by the joy and love children
bring into our lives. We celebrate childhood by supporting babies, children and
families with thoughtful designs, quality materials and construction, and
convenient shopping options. You can count on Carter’s to take care of the little
details so that you are free to focus on what really matters: celebrating your little
one – and the hugs, cuddles, giggles and babbles that light up our lives.
 Vision Statement. Our vision statement encompasses our values and beliefs. We
strive to conduct our business in a manner that reflects this vision: “At Carter’s,
we embrace creative leadership, innovative teamwork and a winning spirit to be
the best for the benefit of our customers, our consumers, our employees and our
shareholders.”
4. What are three types of planning?
 the three types of planning
 Strategic planning-they determine what the organization’s long-term goals
should be for the next one to five years with the resources they expect to
have available.
 Tactical planning-they determine what contributions their departments or
similar work units can make with their given resources during the next 6-
24 months.
 Operational planning-they determine how to accomplish specific task with
available resources within the next 1-52 weeks
5. What are two types of goals?
 The two types of goals
 Long-term goals are generally referred to as strategic goals and they tend
to span one to five years and focus on achieving the strategies identified in
a company’s strategic plan.
 Short-term goals are sometimes referred to as tactical goals, operational
goals, or just plain goals and they generally span 12 months and are
connected to strategic goals in a hierarchy known as a means end chain.
6. What are different kinds of plans?
 There are different kinds of plans
 Standing Plans: Policies, Procedures, and Rules Standing plans are plans
developed for activities that occur repeatedly over a period of time.
 A policy is a standing plan that outlines the general response to a designated
problem or situation.
 A procedure (or standard operating procedure) is a standing plan that outlines
the response to particular problems or circumstances.
 A rule is a standing plan that designates specific required action.
 Single-Use Plans: Programs and Projects Single-use plans are plans developed for
activities that are not likely to be repeated in the future.
 A program is a single-use plan encompassing a range of projector activities.
 A project is a single-use plan of less scope and complexity than a program.
7. What are SMART goals?

 The smart goals are
o Specific
o Measurable
o Achievable
o Relevant
o time-based
8. What is management by objectives?

 Management by objectives is a strategic management model that aims to improve
the performance of an organization by clearly defining objectives that are agreed
to by both management and employees. According to the theory, having a say in
goal setting and action plans encourages participation and commitment among
employees, as well as aligning objectives across the organization.
9. What three things have to happen for MBO to be successful?
 Top Management Must Be Committed
 It Must Be Applied Organizationwide
 Objectives Must "Cascade."
10. Explain the planning/control cycle.

 Has two planning steps 1and 2 and 2 control steps 3 and 4
1) Make the plan
2) Carry out the plan
3) Control the direction by comparing results with the plan
4) Control the direction by taking corrective action in two ways—namely
a) by correcting deviations in the plan being carried out
b) by improving future plans.

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Name: Yem sotheavik

1. What are planning, strategy, and strategic management?

2. Why are they important?

 Mission Statement. We believe that childhood is a celebration, and the colorful

7. What are SMART goals?

8. What is management by objectives?

10. Explain the planning/control cycle.

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