Management, Part 2
This week, we will continue exploring answers to key management-related questions: How do you plan for an undefined future? How do you set stretch goals? What are the components of an effective strategic management process? How do firms compete? How does my firm compare? Why innovate? What is a balanced scorecard? Finding the answers to such questions will be especially helpful with managerial planning, organizing, and strategic thinking.
After completing this lesson, you should be able to:
- Describe the importance of planning and what planning activities can assist in future organizational success
- Explain the aspects and differences between vertical and horizontal organization structure
- Define goals and plans and explain the relationship between them
- Define the differences between single and standing plans
- Define the components of strategic management and discuss the levels of strategy
- Describe Michael Porter’s competitive strategies
- Describe the management process and SWOT analysis for evaluating the company’s strengths, weaknesses, opportunities and threats
- Know what the BCG matrix is and how it is applied to organizational diversification
- Know what related, unrelated, vertical and horizontal diversifications are
- Discuss and apply the various forms of innovation
- Determine when to explore and when to exploit
- Define control mechanisms of a corporation
- Identify the 4 perspectives of the balanced scorecard approach
Professor's Notes
Managerial Planning and Goal Setting
All other management functions stem from planning. In this lecture, we will explore how to plan and set goals that allow an organization to achieve a desired future state. We will examine different levels of plans and goals including setting stretch goals and planning for a turbulent environment.
Strategic Thinking
In this lecture, we will examine the strategic management process including how to use such tools as SWOT analysis and the BCG matrix. We will also discuss how thinking strategically impacts performance and financial success.
Diversification
This lecture describes how to formulate a corporate-level diversification strategy with a focus on using Porter's five forces to develop a business-level strategy.
Innovation
Why innovate? In this lecture, we will discuss the importance of innovation in the organizational setting and different ways that firms can innovate and remain competitive. This will include a look at how creativity and change impact innovation.
Control
In this lecture, we will define what organizational control is and examine some methods of monitoring control. We will discuss what a balanced scorecard is and the various budgets and financial statements managers use for control.
Read Textbook
BUS 5602: Essentials of Business Development 2
Management
- Chapter 7: Managerial Planning and Goal Setting
- Chapter 8: Strategy Formulation and Execution
- Chapter 11: Managing Change and Innovation
- Chapter 19 – Managing Quality and Performance
Read Case
"Crown, Cork & Seal in 1989"
Use the Harvard Business Case, “Crown, Cork & Seal in 1989" as the basis for answering the following questions:
- Using the consolidated financial data for Crown, Cork and Seal, identify and post trends you think are both positive and negative for the company.
- If you were Avery, what strategy would you pursue to position Crown, Cork and Seal for the future and why?
Post your replies to this week's discussion board
Due Sunday, 11:59 PM, ET
Business Plan Project
Click the Submit Assignment button below to upload your completed business plan template by Sunday, 11:59 p.m. ET
Quiz 3
- 23 multiple choice questions
- Time limit: 120 minutes
- Due by Sunday at 11:59 p.m. ET