Goals
In simple words, define the word goal
A desired future circumstance that a company or organization attempt to realize
In simple words, define the word plan
A detailed proposal for doing or achieving something
______ is at the top of an organization's hierarchy
Mission Statement
A desired future circumstance or condition that an organization wants to realize
Goal
A new spa just opened in Brooklyn. Name 2 goals they can have in place for the first two months
Participating in 1-2 community event a month to get their name out there
Running ads on social media platforms and compare them to each other to see which one generates more business
Securing at least 50 regulars by promoting specials and deals
Goals can be alined with _________ (hint: it shows how specific goals and plans in each area are linked)
Strategy map
What does a strategic plan do?
Strategic plans lay out the action steps by which the company intends to attain strategic goals
Managers use operational goals to direct employees and ________
Resources
A method whereby managers and employees define goals for every department, projects, and person and use them to monitor performance
Management by Objective
You work at a hotel and your boss tells you he wants to increase sales of the rooms by 30% during the slow season to make up for the money lost in a lawsuit last year. What is wrong with this goal?
It is not realistic
Name at least 3 characteristics of an effective goal
specific and measurable
have a defined time period
cover key result areas
challenging but realistic
linked to reward
Name 2 benefits of planning
provide a source of motivation and commitment
Resource allocation
A guide to action
Set a standard of performance
Amazon's Hope to create the first e-reader with built-in cellular access so customers did not have to connect to a computer is an example of a _______
Stretch Goal
Reasonable yet highly ambitious goals that are clear, compelling, and imaginative that often motivate employees
Stretch Goals
Anne provides eyelash extension services. She works alone and from home. Originally, she started this business off of providing services to friends and family but her new goal is to expand her clientele beyond friends and family. Name a few steps she could take to reach her goal
Create a professional Instagram for her services
Create a website listing her services
Asking clients for referrals (their friends and family)
A broad statement describing where the organization wants to be in the future is called a _____
Strategic Goal
Name the 3 stages of Crisis Planning
Prevention
Building relationship
Detecting signals from the enviorment
The NFL's personal conduct policy is an example of a ________
Standing plan
Management approach that focuses people on the methods and processes used to attain results rather than on the results themselves
Management by means
An online dating startup has been struggling for its first few years. The CEO finally understands the importance of marketing and wants the number of users to go from 2k to 10k within the next year. This company starts handing out stationaries and clothes with their logos, pay for advertising on all social media platforms, and advertisements in magazines and subways in major cities around the US. A year later, the start-up has failed and filed for bankruptcy. What could be something the CEO not taken into consideration into his plan?
- They did not take the cost of advertising into consideration.
- They came up with a strategy too quickly and did not take time to plan or set goals
Strategic Goals apply to _____ Management
Tactical Goals apply to _____ Management (Major divisions, functions
Operational Goals apply to _____ Management (Departments, Individuals)
Strategic Goals apply to Senior Management
Tactical Goals apply to Middle Management (Major divisions, functions
Operational Goals apply to Lower Management (Departments, Individuals)
Name the 4 levels of Goals and Plans
Mission Statement
Strategic Goal
Tactical Goal
Operational Goal
Tactical plans define what major departments and organizational subunits will do to implement the organization’s _________
Strategic plans
Specific, measurable results that are expected from departments, workgroups, and individuals
Operational goals
A new coffee shop is opened in town. They serve all sorts of coffee, breakfast food, and snacks. Their target market is people in a rush and on the go and pride themselves on fast service. What is an example of a possible mission statement?
To give quick and quality service.