Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 7.2, Problem 7.2AQ
Summary Introduction
To determine: The changes occurred in the preference of the customer.
Introduction:
Managers have to consider all the environmental factors during planning. Managers are responsible for the management of any business. Management refers to the process of planning, organizing, leading, and controlling people and resources in order to accomplish organizational goals.
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in this chapter, we talked about how firms do strategic,functional, and operational planning. Yet some firmsseem to be successful without formal planning. Doyou think planning is essential to a firm~ success? Howmight planning hurt an organization? Under what circumstances do you believe that formal planning is andis not important to an organization?
How do you think planning in today’s organizations compares to planning 25 years ago? Do you think planning becomes more important or less important in a world where everything is changing fast and crises are a regular part of organizational life?Why?
Chapter 7 Solutions
Understanding Business
Ch. 7.1 - Prob. 7.1AQCh. 7.2 - Prob. 7.2AQCh. 7.2 - Prob. 1TPCh. 7.2 - Prob. 2TPCh. 7.2 - Prob. 3TPCh. 7.3 - Prob. 7.3AQCh. 7.3 - Prob. 4TPCh. 7.3 - Prob. 5TPCh. 7.3 - Prob. 6TPCh. 7.3 - Prob. 7TP
Ch. 7.5 - Prob. 7.5AQCh. 7.5 - Prob. 7.5BQCh. 7.5 - Prob. 7.5CQCh. 7.5 - Prob. 1MEDCh. 7.6 - Prob. 7.6AQCh. 7.6 - Prob. 8TPCh. 7.6 - Prob. 9TPCh. 7.6 - Prob. 10TPCh. 7 - Prob. 1CECh. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Prob. 5CECh. 7 - Prob. 1CTCh. 7 - Prob. 2CTCh. 7 - Prob. 3CTCh. 7 - Prob. 4CTCh. 7 - Prob. 1DCSCh. 7 - Prob. 2DCSCh. 7 - Prob. 3DCSCh. 7 - Prob. 4DCSCh. 7 - Prob. 5DCSCh. 7 - Prob. 1PPTCh. 7 - Prob. 2PPTCh. 7 - Prob. 3PPTCh. 7 - Prob. 1VCCh. 7 - Prob. 2VCCh. 7 - Prob. 3VC
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Similar questions
- How do you think planning in today’s organizations compares to planning 25 years ago? Do you think planning becomes more important or less important in a world where everything is changing quickly and crises are a regular part of organizational life? Why or why not?arrow_forwardHow does planning affect an organization in terms of performance? In terms of eliminating change? Are these effects altered if the planning proves to be inaccurate?arrow_forwardWhat is the importance of planning in achieving organizational goals and objectives? How can effective planning help organizations to stay competitive in today's business environment?arrow_forward
- How do you think planning in today’s organizations compares to planning 25 years ago? Do you think that planning becomes more or less important in a world where everything is changing so quickly? What strategic and operational plans could the university you at which you are taking this management course adopt to compete for students in the marketplace? Would these plans depend on the university’s goals?arrow_forwardAs seen in the case study, effective and efficient planning in a dynamic environment means developing plans that are specific but flexible and being able to change direction if environmental conditions necessitate it. Advise the management team of Massmart on the contemporary issues and factors they must consider during the planning process.arrow_forwardManagement How can managers balance the need for detailed planning with the need for flexibility and adaptability in an increasingly dynamic and uncertain business environment?arrow_forward
- What are the challenges and limitations of the planning process in a rapidly changing business environment? How can organizations adapt to these challenges?arrow_forwardThe process of planning changes and evolves over time, just like all aspects of effective management. Think of an organization with which you are fairly familiar, such as your employer or your college or university. Then choose one of the four planning approaches listed below, and explain how the organization could effectively use the chosen planning approach to improve its performance in a turbulent environment. Decentralized planning Stretch goals Performance dashboards Intelligence teamsarrow_forwardHow do you think planning in today’s organizations compares to planning 25 years ago? Do you think that planning becomes more or less important in a world where everything is changing so quickly?arrow_forward
- 1. Explain the suitability of scenario planning in a highly volatile and turbulent business environment. 2. Explain THREE corporate-level strategies of a organization to decide the future direction of the businessarrow_forwardWill planning become more or less important to managers in the future? Why?Where do you want to be in five years? Do you have specific five years goal? Establish three goals that you want to achieve in five years. Make sure these goals are specific, challenging & measurable. (It can be personal, academic or professional goal)What type of planning will you do to achieve those goals?arrow_forwardPlanning is the cornerstone of human progress, a deliberate process that transforms dreams into tangible realities. It involves envisioning a desired future state and charting a course of action to reach it, drawing upon a blend of foresight, analysis, and resource allocation. From the intricacies of personal finance to the complexities of urban development, planning permeates every aspect of our lives, guiding decision-making and shaping outcomes. At its core, planning is about setting goals, identifying obstacles, and devising strategies to overcome them. It requires a keen understanding of both internal and external factors that influence the path forward, as well as the flexibility to adapt to changing circumstances. From the drafting of a business plan to the scheduling of daily tasks, effective planning is essential for maximizing efficiency and productivity. Moreover, planning fosters accountability and responsibility, providing a framework for evaluating progress and making…arrow_forward
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