Saudi Electronic University Forever 21 Management Questions

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Week 3 (PPT3)
CHAPTER 5
Planning
The Foundation of
Successful Management
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LEARNING OBJECTIVES
5-1 Discuss the role of strategic management.
5-2 Compare mission, vision, and value statements.
5-3 Discuss the types and purposes of goals and
plans.
5-4 Describe SMART goals and their implementation.
5-5 Outline the planning/control cycle.
5-6 Describe how to develop the career readiness
competency of proactive learning orientation.
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MANAGE U: START YOUR CAREER OFF RIGHT BY
PLANNING 1
SETTING GOALS AND MAKING A PLAN
1. Identify your options.
2. Explore conditions in your target field.
3. Create your action plan.
4. Track your progress.
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MANAGE U: START YOUR CAREER OFF RIGHT BY
PLANNING 2
STAYING RESILIENT DURING THE
PROCESS:
1.
Know that it takes time to find a job,
especially one that’s a good fit for both you
and the company that hires you.
2.
Create a budget to be sure your income
will cover your day-to-day expenses.
3.
Avoid making any major financial
commitments until you’ve actually landed
your target job and have a steady
paycheck.
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PLANNING AND STRATEGY
Planning, Strategy, and Strategic
Management
Why Planning and Strategic
Management are Important
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PLANNING, STRATEGY, AND STRATEGIC
MANAGEMENT
Planning: Coping with Uncertainty
Strategy: Setting Long-Term Direction
Strategic Management: Involving All
Managers in Strategy
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PLANNING AND STRATEGIC MANAGEMENT
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WHY PLANNING AND STRATEGIC MANAGEMENT
ARE IMPORTANT
Providing Direction and Momentum
Encouraging New Ideas
Developing a Sustainable Competitive
Advantage
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DEVELOPING A SUSTAINABLE COMPETITIVE
ADVANTAGE
Competitive
advantage:
• The ability of an
organization to
produce goods or
services more
effectively than its
competitors do,
thereby outperforming
them.
Sustainable
competitive advantage:
• Occurs when an
organization is able to
get and stay ahead in
four areas:
1.In being responsive to
customers
2.In innovating
3.In quality
4.In effectiveness
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FUNDAMENTALS OF PLANNING
Mission, Vision, and Values Statements
Three Types of Planning for Three Levels of
Management: Strategic, Tactical, and
Operational
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MAKING PLANS
Figure 5.2
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MISSION, VALUES, AND VALUES STATEMENTS
The Mission Statement:
“What Is Our Reason for Being?”
The Vision Statement:
“What Do We Want to Become?”
The Values Statement:
“What Values Do We Want to Emphasize?”
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THREE TYPES OF PLANNING FOR THREE LEVELS OF
MANAGEMENT: STRATEGIC, TACTICAL, AND
OPERATIONAL
Figure 5.3
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GOALS AND PLANS
Long-Term and Short-Term Goals
The Operating Plan and Action Plan
Plans Are Great, but . . .
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LONG-TERM AND SHORT-TERM GOALS
• A goal, also known as an objective, is a
specific commitment to achieve a
measurable result within a stated period of
time.
• Long-term goals are generally referred to
as strategic goals.
• Short-term goals are sometimes referred to
as tactical or operational goals, or just plain
goals.
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THE OPERATING AND ACTION PLANS
Operating Plan:
• A plan that breaks long-term output into shortterm targets or goals
• Turns strategic plans into actionable short-term
goals and action plans
Action Plan:
• Defines the course of action (the tactics) needed
to achieve a stated goal
• Contains a project date for completing the
desired activities for each tactic
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PLANS ARE GREAT, BUT…
•
Unless plans are effectively executed, they won’t
be worth more than the paper they are written
on.
•
A well-executed plan can spur growth and create
a competitive advantage.
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PROMOTING CONSISTENCIES IN GOALS: SMART
GOALS, MANAGEMENT BY OBJECTIVES, AND GOAL
CASCADING
SMART Goals
Management by Objectives: The Four-Step
Process for Motivating Employees
Cascading Goals: Making Lower-Level Goals
Align with Top Goals
The Importance of Deadlines
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SMART GOALS 1
Specific:
Goals should be stated in specific terms.
Measurable:
Goals should be measurable or quantifiable.
Attainable:
Goals should be realistic.
Results-oriented:
Goals should support the organization’s vision.
Target Date:
Goals should have deadline dates for attainment.
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SMART GOALS 2
SMART GOAL
NOT-SO-SMART GOAL
Increase sales revenue by
15% across by the end of the
quarter.
Increase sales revenue.
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SMART GOALS 3
Figure 5.4
Source: Adapted from E.A.
Locke and G.P. Latham, A
Theory of Goal Setting and Task
Performance (Englewood Cliffs,
NJ: Prentice Hall, 1990).
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MANAGEMENT BY OBJECTIVES: THE FOUR-STEP
PROCESS FOR MOTIVATING EMPLOYEES
•
•
•
•
Jointly set objectives.
Develop an action plan.
Periodically review performance.
Give performance appraisal and rewards.
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IT IS BEST TO CASCADE GOALS
ORGANIZATIONWIDE
Top management and middle management
must be committed.
The goals must be applied organization wide.
Goals must cascade—be linked consistently
down through the organization.
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THE IMPORTANCE OF DEADLINES
•
Deadlines can help concentrate the mind.
•
Deadlines help you ignore extraneous matters in
favor of what’s important.
•
Deadlines provide a mechanism for giving
ourselves feedback.
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THE PLANNING/CONTROL CYCLE
Figure 5.5
Source: Robert Kreitner, Management, 8th edition.
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CAREER CORNER: MANAGING YOUR CAREER
READINESS
Becoming More Proactive
Keeping an Open Mind and Suspending
Judgement
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CAREER CORNER: CAREER READINESS
COMPETENCIES
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BECOMING MORE PROACTIVE
•
Focus on solutions rather than problems.
•
Take initiative and rely on yourself.
•
Set realistic goals and don’t overpromise.
•
Participate and contribute to personal and
professional conversations.
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KEEPING AN OPEN MIND AND SUSPENDING
JUDGEMENTS
Step 1: Make a list of your current tasks, projects,
or commitments at school or work.
Step 2: For each task listed in step one, identify the
key moments it would be important to be openminded and suspend judgment.
Step 3: For each of these moments, think of how
you might apply the four key skills of being open
minded.
•
•
•
•
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Question your beliefs.
Pause and seek feedback.
Watch for communication blocks.
Check the accuracy of your past judgments and predictions.
End of Main Content
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السعودية
lipoprosto
الجامعة )
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
وزارة التعليم
المملكة العربية السعودية
الجامعة السعودية الإلكترونية
SAUDI ELEC
VIVERSITY
“ELECTRON
College of Administrative and Financial Sciences
Assignment Purposes/Learning Outcomes:
After completion of Assignment-1 students will able to understand the
LO 1.1: State the concept of management functions, roles, skills of a manager and the different
theories of management.
Assignment-1
Please read the case “Fast Fashion – Was Forever 21 Fast Enough?” given on Page number 42,
Chapter 1- “The Exceptional Manager” available in your textbook/e-textbook “Management: A
Practical Introduction” 10th edition by Angelo Kinicki, & Denise B. Soignet and answer the
following questions:
QUESTIONS
Q1. What is the underlying problem in this case from the perspective of Forever 21’s customers and
creditors? (2 Marks)
Q2. Why do you think Forever 21 ended up in this situation? (2 Marks)
Q3. Did Forever 21 operate more from a principle of efficiency or effectiveness? Explain your rationale.
(2 Marks)
Q4. Which of the three skills that exceptional managers need did the Changs most lack? Explain your
answer. (2 Marks)
Q5. What would you have done differently if you had been a senior executive at Forever 21? (2 Marks)
ANSWERS:
1.
=
2.
3.
4.
5.
السعودية
الإلكترونية
الجامعة الدر
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
المملكة العربية السعودية
وزارة التعليم
الجامعة السعودية الإلكترونية
SAUDIEL
ALISHININA
ELECTRONICI
College of Administrative and Financial Sciences
Assignment 1 MGT101 (2nd Term 2021-2022)
Deadline: 12/03/2022 @ 23:59
(To be posted/released to students on BB anytime in Week 3)
Course Name: Principles of Management
Student’s Name:
Course Code: MGT101
Student’s ID Number:
Semester: 2nd
CRN: 22527
Academic Year: 1442/1443 H, 2nd Term
For Instructor’s Use only
Instructor’s Name: Dr. Sager Alharthi
Students’ Grade: /10
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
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This assignment is an individual assignment.
Due date for Assignment 1 is 12/03/2022
The Assignment must be submitted only in WORD format via allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be reduced
for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted.
Minimum (200 words to answer each question).
Avoid plagiarism, the work should be in your own copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
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