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6. List ONE example of vision and mission statement. (2 marks)

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6. List ONE example of vision and mission statement. (2 marks)

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Answer:

One example of a vision statement is IKEA’s vision, which is "To create a better everyday life for the many people." This vision reflects IKEA’s long-term aspiration to improve the quality of life for its customers on a broad scale. In contrast, an example of a mission statement is Tesla’s mission, which is "To accelerate the world’s transition to sustainable energy." This mission highlights Tesla’s immediate purpose and commitment to advancing sustainable energy solutions. Both statements illustrate the distinct purposes of vision and mission statements in guiding an organization’s strategic direction and operational focus.

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8. Differentiate with example the 3 levels of planning. (6 marks)

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8. Differentiate with example the 3 levels of planning. (6 marks)

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Starting at top

-There are four ways by which an organization can set its mission:

-Targeting- sets a clear, specific target and aims right for it (Example: increase sales by 50% in six months)

-The common-enemy mission- try to beat the performance of its corporate competitor (Example: Maxis VS Celcom, Petronas VS Shell)

-The role-model mission- matches the practices and characteristic of successful organization (Example: Hicom imitates Japan Technology for its automotive industry)

-The internal-transformation mission- aims to achieve dramatic changes in order to remain competitive in its markets. (Example: MAS had restructure its own management strategy such as selling company asset, and rebranding its service)

Bending in the middle

-Middle manager responsible for developing and executing tactical or operational planning to accomplish an organization’s mission.

-Tactical plan specific how an organization intends to utilize its resources and budgets to achieve specific goals within its missions.

-Tactical plan focus on directing an organization’s behaviour, efforts and attention over a span of 6 months – 2 years.

-Developed by middle levels managers who may consult lower-level managers before making commitments to top level management.

Ending at the bottom

-Lower-level management is responsible for developing and carrying out operational plans, which are the day-to-day plan for producing or delivering an organization’s products or services.

-Operational plan direct the behaviour, efforts and priorities of operative employees over durations ranging from 30 days to 6months.

-There are 2 types of plan: standing and single use plan.

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Standing Plan

Used repeatedly to handle frequently recurring events (unlike single-use plans). There are three types of standing plans:

Policies: indicate a general course of action that org manager could take in

response to a particular event.

Procedures: step by step instructions

Rules and regulations: Guideline of set of rules Single Use Plans

❖ Deal with unique, one-time only events (they are created, executed and then never used again).

❖ There are two main types of single-use plans:

1) Programs

• Plan for attaining a one-time goal

• Large in scope :combine many related project

• Example: On going customer loyalty strategy.

2) Projects

• Plan that coordinates a set of limited-scope tasks or activities (single focus)

• Do not need to be divided into several components in order to reach an important non-recurring

goal

• Often one part of a larger program

• Example: developing and implementing promotion plan

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Management by objective is a process through which specific goals are set collaboratively for an organisation as a whole. They are jointly determined by subordinates and their superiors. The goals are used as a basis for planning, managing organisational activities, evaluating and rewarding contributions. They are considerable used among managers and subordinates in setting goals . Management techniques are used at all various levels to develop and execute tactical plans for organisations. The elements for MBO are such goal specificity, participative decision making, explicit time period and lastly performance feedback. There are 6 steps in the MBO process, for instance, developing overall organisational goals, establishing specific goals, formulating action plans, implementing and maintaining self control, reviewing progress periodically and appraising performance.

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-Providing direction

Help organizations members to coordinate their activities to accomplish the goals

-Reduce uncertainty

Help manager to look ahead, anticipate change, considering the impact of change and develop responses.

- Minimise waste and redundancy

Help in eliminated the inefficiencies in the organization

-Establishes the goals or standards

Help measure work effort

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1. Define planning

Planning is a management function which involves the setting of goals and deciding how best to achieve them

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Targeting sets a clear, specific target and aims right for it  (Example: increase sale by 50% in six months)

The common enemy mission is to try to beat the performance of its corporate competitor (Example: Maxis VS Celcom, Petronas VS Shell)

The role model mission matches the practices and characteristic of successful organization (Example: Hicom imitates Japan Technology for its automotive industry)

The internal transformation mission aims to achieve dramatic changes in order to remain competitive in its markets. (Example: MAS had restructure its own management strategy such as selling company asset, and rebranding its service)

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Answer :

Forecasting

﻿Used to predict future events and to facilitate decision-making.

﻿It is an important planning technique for organizations

﻿Two approaches:

Quantitative approach - mathematical and statistical tools and a series of past data to predict future outcome.

Qualitative approach - customer's evaluation as well as judgement and opinions of knowledgeable people or expert to anticipate future outcomes.

SWOT Analysis

﻿Study of the internal and external environmental factors

﻿The organization's internal environmental factors can be classified as strength (S) or weakness (W).

﻿The external environmental factors can be classified as opportunities (0) and threats (T).

﻿It is useful in matching the organization's resources and abilities to the environment in which it operates.

PEST Analysis

﻿Identified external forces that affect the organization.

﻿Political, economics, social, technology and legal (PESTLE)

﻿Information is collected by monitoring and forecasting changes in the various sectors of the environment that have been identified.

Benchmarking

﻿The best practices among competitors or non-competitors that lead to their superior performance, or a process where an organization learns how to be the best in one or more areas by analyzing in detail the practices of the organizations.

﻿Comparing and learns from the best organization

﻿There are 4 steps in benchmarking:

Step 1:A benchmarking team is formed

Step2:Gathering and collecting internal and external information of data.

Step3: Identify performance gap

Stepprepare and implement action plan

Budgeting and scheduling

﻿Often used to allocate organizational resources.

﻿Budgeting: numerical plans for allocating resources to specific activities and they are prepared for revenues, expenses, and large capital expenditures that are applicable to a wide variety of organizations.

﻿It is also seen as the process of preparing a detailed statement of financial results that are expected for a given time period in the future