Management, Loose-Leaf Version
13th Edition
ISBN: 9781305969308
Author: Richard L. Daft
Publisher: South-Western College Pub
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Question
Chapter 7, Problem 5DQ
Summary Introduction
To determine:
If developing a comprehensive plan is not necessary to acquire a start-up funding.
Introduction:
Planning is a process of making the plan before executing any work. The process of planning includes identification of goals and objectives, formulation of strategies, creating the means required and implementation and monitoring.
The First step of planning is to establish a strategic goal. The strategic goal is a statement defining where the company wants to be in the future. The strategic goal represents the whole organization's goal rather than to the goal of a division or department. After setting the strategic goal, the organization prepares its strategic plans. Strategic plans define the action steps by which the company intends to attain strategic goals. Strategic plans are actually the blueprint that defines the organizational activities and allocations required for meeting long terms targets.
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Students have asked these similar questions
These are some of the purposes that a business plan has. Describe how each goal contributes to the overall success of the business.
Eliminate risks.
Obtain funding for a business venture by luring potential partners, investors, and bankers.
Demonstrate the potential financial return that it could generate.
Most planning involves strategies for growth. But
is growth always the right direction to pursue? Can
you think of some organizations that should have
contraction rather than expansion as their objective?
Do you know of any organizations that have actually
planned to get smaller rather than larger to increase
their success?
From the perspective of an investor, what is the most or least important element of a business plan, and why? To say this another way, what is the first or last section of the plan that you would read? Discuss one or the other.
Chapter 7 Solutions
Management, Loose-Leaf Version
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Similar questions
- Good planning forces entrepreneurs to anticipate several things for his business. What are they?arrow_forwardPlanning is the compass that guides us through the intricate terrain of our goals and ambitions. It is the deliberate act of envisioning the future and crafting a blueprint to turn aspirations into reality. In essence, planning is the bridge between dreams and accomplishments. It involves breaking down overarching objectives into manageable tasks, allocating resources judiciously, and anticipating potential hurdles along the way. Whether orchestrating a career path, embarking on a new business venture, or even mapping out personal development goals, effective planning serves as a strategic tool for success. It prompts us to ask: What key factors should be considered when formulating a plan, and how can adaptability be incorporated to navigate unforeseen challenges?arrow_forwardIf you have your own business, how would you consider that your business is in good direction towards your goals and objectives. Cite a dramatic scenario that will describe the word good direction.arrow_forward
- For Disney, pleasing the customer and making a profit takes careful planning. What other types of industries could benefit from a flexible planning process such as Disney’s?arrow_forwardPlanning is a vital aspect of achieving goals and objectives effectively. It involves setting specific targets, outlining the steps needed to reach those targets, allocating resources efficiently, and establishing timelines for completion. Whether it's for personal endeavors or organizational strategies, planning provides a roadmap for success, helping to minimize risks and uncertainties along the way. Effective planning enables individuals and businesses to adapt to changing circumstances, anticipate challenges, and capitalize on opportunities Question: How do you prioritize tasks when creating a plan to ensure efficient utilization of resources?arrow_forwardPlanning is a fundamental process that plays a pivotal role in achieving both personal and professional objectives. It involves the systematic organization of ideas, resources, and actions to navigate towards a desired outcome. Whether it's a project, a career path, or a life goal, effective planning sets the roadmap for success. It allows individuals and organizations to anticipate challenges, allocate resources efficiently, and stay focused on the end goal. Without a well-thought-out plan, individuals may find themselves navigating through uncertainty and facing unnecessary obstacles. Planning not only helps in setting clear objectives but also in identifying the steps required to reach them. It provides a structured approach that enhances decision-making and reduces the likelihood of haphazard actions that may lead to setbacks. One key aspect of planning is adaptability. While a plan provides a roadmap, the ability to adapt to unforeseen circumstances is crucial, Flexibility allows…arrow_forward
- Why does a company needs financial objectives? A) to convince shareholders that top management is acting in their interests. B) because without adequate profitability and financial strength, the company's ultimate survival is jeopardized. C) to indicate to employees that financial objectives always take precedence over strategic objectives. D) to translate the company's business model into action items. E) to overtake key competitors on such important measures as net profit margins and return on investment.arrow_forwardcompose one paragraph to the question: Is it appropriate to exaggerate within your business plan (the idea, numbers, plans)? Be sure to support your arguments and cite your sources.arrow_forwardImagine yourself as a entrepreneur / founder of a business . You want to expand the business and you need capital to that do . Your potential investors need to know about , Write a paragraph on each of the following points : • You ( and your related / relevant experience ) • Your product and it's market ( source of supply , level of demand etc ) • Your business idea • The reward they might obtain from investing in your business ( financial reward , prestige etc .arrow_forward
- If successful companies like Pizza Hut have been started without a business plan, why does the author claim they are so important?arrow_forwardWhat aspects of financial planning would have helped the company?arrow_forwardWhen doing a strategic analysis of a company's financial situation, it is important to take into consideration A) only the financial situation of the focal company, without comparing it to competitors. B) the footnotes in the financial statements that may reveal hidden risks and assumptions. C) trends in the company's financial ratios and how they compare to industry figures D) top management's rationalization for the company's past financial performance E) how outside investors evaluate the company's financial healtharrow_forward
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