Bundle: Management, Loose-leaf Version, 12th + MindTap Management, 1 term (6 months) Printed Access Card
12th Edition
ISBN: 9781305617346
Author: Richard L. Daft
Publisher: Cengage Learning
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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
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
Bundle: Management, Loose-leaf Version, 12th + MindTap Management, 1 term (6 months) Printed Access Card
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