Week 4

Chapter 5- Managerial Planning and Goal Setting

v  Organizational planning involves defining goals and developing plans with which to achieve them. An organization exists for a single, overriding purpose knows as its mission- the basis for strategic goals and plans.

Example: Target Mission Statement

“Our mission is to make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More. Pay Less.^® brand promise.

To support our mission, we are guided by our commitments to great value, the community, diversity and the environment.”

v  Today planning is decentralized and people throughout the organization are involved in establishing dynamic plans that can meet rapidly changing needs in the environment

v  Strategic management begins with an evaluation of the organization’s current mission, goals, and strategy.

v  This evaluation is followed by situation analysis (SWOT), which examines opportunities and threats in the external environment, as well as strengths and weaknesses within the organization.

SWOT ANALYSIS MODEL

Week 5

Chapter 6- Managerial Decision Making

Ø  The study of decision making is important because it decribes how managers make succesful strategic and operational decisions.

                                           Decision making process

Ø  Another factor affecting decision making is the manager’s personal decision style.

Ø  The four major styles are directive, analytical, conceptual, and behavioral.

Ø  Managers rely on information technology for the efficient management and control of operations.

Ø  Information technology and e-business have transformed management and contribute to enhanced collaboration and knowledge sharing.

Ø  Collaborative work systems allow groups of managers or employees to share information, collaborate electronically, and have access to computer-based support data for group decision making and problem solving.

Ø  New IT tools, including blogs, wikis, social networking, and peer-to-peer file sharing, extend the power of the organization’s collaborative systems.