Roy, an entrepreneur, has worked for years on developing his business idea and on ensuring a good implementation of his strategy. However, years into the business, Roy discovered that the profit he set to reach, in 5 years-time, is not attainable and is disappointed with the results. What is benchmarking? How can Roy make use of this concept when planning and setting goals?

Roy, an entrepreneur, has worked for years on developing his business idea and on ensuring a good implementation of his strategy. However, years into the business, Roy discovered that the profit he set to reach, in 5 years-time, is not attainable and is disappointed with the results. What is benchmarking? How can Roy make use of this concept when planning and setting goals?

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter17: Organizational Planning And Controlling

Section17.2: The Planning Process

Problem 2CC: What is the difference between goal, domain, and hybrid planning?

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What is the difference between goal, domain, and hybrid planning?
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Roy, an entrepreneur, has worked for years on developing his business idea and on ensuring a good implementation of his strategy. However, years into the business, Roy discovered that the profit he set to reach, in 5 years-time, is not attainable and is disappointed with the results. a) Illustrate - Draw the planning-controlling link. b) Discuss in detail the controlling process (steps 1, 2, and 3). c) What went wrong? And what action should be taken? – Part of step 3. d) What type of control did Roy use? And what type should he use in the mere future? e) What is benchmarking? How can Roy make use of this concept when planning and setting goals?
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