Management (MindTap Course List)
12th Edition
ISBN: 9781285861982
Author: Richard L. Daft
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
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.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A new business venture must develop a comprehensive business plan to borrow money to get started. Companies such as FedEx and Nike say they did not follow the original plan closely. Does that mean that developing the plan was a waste of time for these eventually successful companies?
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?
Chapter 7 Solutions
Management (MindTap Course List)
Knowledge Booster
Similar questions
- 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.arrow_forwardGood planning forces entrepreneurs to anticipate several things for his business. What are they?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_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
- You need to pick a company for your strategic renewal analysis. It should be a company that has room for improvement - don't pick a company that's doing really well. It should either be a public company or a company that we know about or can easily learn about. That's so that when you post ideas later in the course it's easy for your group to provide feedback. I strongly recommend you do not do your own company (students tend to be too granular with their own company.) If you have questions about which firm to choose, reach out to me. This deliverable is just a paragraph. List the company and tell me why you choose itarrow_forwardWhat aspects of financial planning would have helped the company?arrow_forwardIf successful companies like Pizza Hut have been started without a business plan, why does the author claim they are so important?arrow_forward
- Which aspects of a business plan should be kept up dated?arrow_forwardConsider this statement: “Japanese corporations typically involve many more organizational levels and people in the development of implementation plans than do U.S. corporations.” Is this type of strategy always appropriate? Does the company you work for (or a company where you have worked in the past) employ this type of strategy at the implementation stage? Explain. If the answer is no, would your company (or a company where you had worked in the past) benefit from implementing such a participative strategy? Elaborate on your response. Alternatively, or in addition, you may research an actual corporation to further develop your response.arrow_forwardYou plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
