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Welcome to MT140

Welcome to MT140. Unit 3 Seminar – Planning. Introduction to Management. This seminar is being recorded. Instructor Contact Information. Professor: Dr. Janis McFaul Home/ Office Phone: 248-449-8319 Email: jmcfaul@kaplan.edu

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Welcome to MT140

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  1. Welcome to MT140 Unit 3 Seminar – Planning Introduction to Management This seminar is being recorded

  2. Instructor Contact Information Professor: Dr. Janis McFaul Home/ Office Phone: 248-449-8319 Email: jmcfaul@kaplan.edu Office Hours: Monday-Friday from 10:00 a.m. – 4:00 p.m. or by appointment Kaplan Technical Support: 1-866-348-1196 You don’t need to wait until office hours to contact me! I check my email several times a day and I welcome your telephone calls! If you have a question, don’t wait! Ask immediately.

  3. Agenda General Questions and Announcements Introduction Planning Steps / Q & A Different Levels of Planning / Q & A SWOT Analysis Conclusion of Seminar

  4. Unit 2 Review The Business is an Open System It receives inputs of resources from its environment It processes this input It produces output in the form of goods or services.

  5. Unit 2 Review (Continued) In the process, the business is changed by its environment and in turn, the environment is altered by the business. External Environment – Made up of entities outside of the business. Internal Environment – Made up of the business itself. Macroenvironment – That part of the External environment specific to a particular business.

  6. Any questions ?

  7. Unit 3 Objectives • During this unit we will: • Identify the basic steps in any planning process. • Explain the relationship between strategic planning, tactical planning, and operational planning. • Interpret the elements of a basic SWOT analysis.

  8. Let’s start with the basics! • Businesses are usually started as a result of an individual’s or a group’s VISION. • This vision represents a realistic but optimistic view of the future that is built on the work of today! • This vision becomes documented in the firm’s Mission Statement that defines why the business exists and what it seeks to accomplish. • To accomplish the firm’s mission, specific broad long-range and shorter-range targets are identified. These are the GOALS and OBJECTIVES of the firm. This is the process of PLANNING!

  9. Let’s start with the basics! (Continued) • The entire organization should have a strategic plan in support of the strategic goal(s) for the organization. • Each successive level within the business organization will have a corresponding set of goals and objectives in support of the overall strategic goals. • Goals and objectives can become outdated and no longer reflect reality within the business or within the external environment. While these are slow to change, they still should be reviewed by top management to ensure their relevance to the current environment.

  10. Mission Statements • Disney’s Mission Statement: "The mission of The Walt Disney Company is to be one of the world's leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world." • Starbuck’s Mission Statement: “To inspire and nurture the human spirit— one person, one cup, and one neighborhood at a time.” • EBay’s Mission Statement: "eBay's mission is to provide a global trading platform where practically anyone can trade practically anything." • Google’s Mission Statement: “to organize the world's information and make it universally accessible and useful.”

  11. Key Concepts • Planning is one of the four primary functions of management. • Planning involves a systematic process of making decisions about goals and activities that will be carried out by individuals, groups, and the organization. • Successful management depends on an accurate and thorough evaluation of the organization’s environment.

  12. The Planning Process Step 1.Analyze the Situation • Situational Analysis: • Step 1: Within the constraints of time and resources, gather, interpret and summarize all relevant information of the issue or problem at hand. • Step 2: Examine past events, current conditions, and try to forecast future trends. • Step 3: Within the context of the business as an open system, apply the analysis to the unit in question. • Step 4: Examine the issue or problem within the context of the different environmental situations (External and Internal). • Step 5: Produce an outcome that identifies and examines the assumptions, problems, and issues.

  13. The Planning Process Step 2.Generate Alternative Goals and Plans • Goals: The end the result the manager seeks. These must be: • Specific • Measurable • Attainable • Relevant • Time-bound

  14. The Planning Process Step 2.Generate Alternative Goals and Plans(Continued) • Plans: Specific actions or means the manager will use to achieve the goals. These may be: • Single-use Plans • Standing Plans • Contingency Plans

  15. Step 4.Select Goals and Plans Step 3.Evaluate Goals and Plans • What might be a good example of a management goal? Remember we want it to be: • Specific • Measurable • Attainable • Relevant • Time-bound

  16. The Planning Process Step 5.Implement the Goals and Plans • Proper implementation is key to success. Good implementations assure that: • All managers and employees understand the goals and plans and their roles in the implementation • Managers and employees are sufficiently motivated to make it work • Correctly linked to other systems and parts of the organization.

  17. The Planning Process Step 6.Monitor and Control Performance • Proper monitoring and control is essential for successful implementation. • Actual performance of the new plans and goals must be measured against standards of expected performance. • Corrective action must be taken to ensure performance or the measurement criteria must be readjusted. • You may have noticed by now that the steps in the Planning Process look very much like POLC!

  18. Levels of Planning and Goals • Strategic Goals: Major long-term targets or results relating to the firm’s long-term survival, value, and growth. These are set by the firm’s highest level of management. • Strategic Plans: Action plans to support the strategic goals. These usually cover the entire firm and are implemented by top management.

  19. Levels of Planning and GoalsContinued • Tactical Planning: Translates the broad strategic goals and plans into specific goals and plans usually for a specific area of the firm such as department or division. These often involve middle level management and are not as long-range as the strategic goals and plans.

  20. Levels of Planning and GoalsContinued • Operational Planning: Shorter-range plans that address specific procedures and processes to ensure success of the tactical goals and plans and in turn, success of the strategic goals and plans. This usually occurs at lower levels of the organization and often involves first-level managers (supervisors). • All levels of planning must be consistent and in agreement to be successful! It is a hierarchical process!

  21. SWOT Analysis • The SWOT Analysis is a useful strategic planning tool. It allows the user to visualize the strengths, weaknesses, opportunities and threats facing the business. • Strengths and Weaknesses: Refer to internal resources of the firm; what the firm does especially well and in what areas the firm is weaker. • Opportunities and Threats: Refer to those elements in the macroenvironment and the competitive environment that could represent a competitive opportunity or pose a competitive risk for the firm.

  22. SWOT Analysis Illustrated:

  23. Any questions ?

  24. HOMEWORK REVIEW – WEEK 3 READING • This week's required reading is from Chapter 4 in the Bateman and Snell text pp. 72-83. Click the Chapter 4 icon above for an electronic version of Chapter 4. I would read all of chapter four for the most robust learning! • In this unit, you are introduced as part of your reading assignment to a business case study, Sandwich Blitz, Inc. which we will continue to consider at various times throughout this course.

  25. HOMEWORK REVIEW – WEEK 3 DISCUSSION QUESTION • You are introduced as part of your reading assignment to the business case study, Sandwich Blitz, Inc. which we will continue to consider at various times throughout this course. • Refer back to the description of the company and to your textbook reading on �Levels of Planning�which is covered on pages 75-77. • After completing the readings, in your judgment, what are some considerations that Jack and Jenny must have at each of the three levels (strategic, tactical, and operational) of planning for Sandwich Blitz, Inc?Be sure to address each of the three levels.

  26. HOMEWORK REVIEW – WEEK 3 DISCUSSION QUESTION To earn 100% - you must quote you textbook! From your syllabus: Clarity and Organization of Writing (20%) of your post will be measured on the following criteria: Posts were organized and  logical No spelling or grammatical errors References were used and cited properly

  27. HOMEWORK REVIEW – WEEK 3 ASSIGNMENT MT140 Unit 3 Assignment This week's assignment consists of reading a scenario about Sandwich Blitz, Inc. and writing about what strengths, weaknesses, opportunities, and threats (SWOT) that the business faces if Jack and Jenny commit to a large-scale expansion of their business. Assignment Instructions • Jack and Jenny have recently discussed the future of Sandwich Blitz. Jenny has noted the emergence of two new franchise operations that offer food and beverages similar to that of Sandwich Blitz. Although these have not yet entered the Atlanta market, she feels that this is only a matter of time. The company has the resources to open two additional locations if good places in Atlanta can be found. The recent economic downturn has adversely affected the occupancy rates in the larger office parks that have historically been good locations for their shops. They could always look at other cities but have never considered this. Jack and Jenny are wondering if they expand again, should it be a small expansion or should they try something on a larger scale. • After watching the scenario, reading the summary above and the readings in the text for Unit 3, what do you think are the strengths, weaknesses, opportunities, and threats (SWOT) that the business faces if Jack and Jenny commit to a large-scale expansion of their business? Be sure to identify at least one strength, one weakness, one opportunity, and one threat that apply to the scenario.

  28. HOMEWORK REVIEW – WEEK 3 ASSIGNMENT MT140 Unit 3 Assignment Submit Assignment 3 to the Dropbox • Draft your Assignment paper of at least several paragraphs or more in MS Word format. Be sure your paper is well written in paragraph form, with correct spelling, grammar, and punctuation. Name your file according to the Kaplan file-naming convention. Submit your Assignment to the correct unit Dropbox for grading before the close of the unit as an attachment. • 1.           Go to the Dropbox to submit your saved file.    • 2.           Click the link that says 'Submit an Assignment'. • 3.           In the 'Submit to Basket' menu, select Unit 3: Assignment. • 4.           In the optional 'Comments' field, type any additional information you wish your instructor to see. • 5.           Click the button that says 'Add Attachments'. • 6.           Follow the steps listed to complete attaching your file. • You will be able to come back to the Dropbox and view your graded work or in the Gradebook after your instructor evaluates it.

  29. HOMEWORK REVIEW – WEEK 3 REVIEW QUIZ MT140 Unit 3 Assignment Tips for success… • Understand what step in the planning process is sometimes skipped • Know how to handle contingency plan to the overall planning process • Define what the first step in the planning process is

  30. See you next week! After this seminar has concluded, there will be a recording in the archives located in the seminar room. It may be selected by date.

  31. Thank You for Joining Me This Evening! Good Night All!

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