Question

2. Using criteria for effective goal-setting come up with a stretch goal for some aspect of your own life. How do you determine whether it makes sense to pursue a stretch goal?

3. Using Porter's model of generic strategies describe competitive strategy of your company. How does adoption of this strategy impact priorities of the company? How this strategy is translated into operational and tactical plans? (Hint: do not confuse the model of generic competitive strategies with FIVE competitive forces).

4. What is the difference between single-use and standing plans? Give examples of both categories

5. Give an example of a procedure that is used in your company. Is it efficient? Does it have drawbacks? How to overcome them?

be thorough thanks +1 for good answers

Answer 1

• 4.Some of the plans are in the form of standing plans while others are single use plans. Single use plans are used only once and not over and over again whereas, repeat use plans are used again and again. For example, objectives, policies, strategies, rules, procedures etc., are standing plans because once formulated, they will be used for a long period and repeatedly. On the other hand, programmes and budgets are single use plans because once these are achieved, these are to be formulated again.
• Standing plans are made to be used time and again. These plans are formulated to guide managerial decisions and actions on problems which are recurring in nature. Standing plans are also called ‘repeated use’ plans because these provide guidelines for actions to be taken in future. These plans provide unity and uniformity of efforts in meeting repetitive situations arising at various levels of the enterprise.
• Standing plans are formed after a lot of thinking, discussions and arguments. Whenever decisions are needed to be taken, these plans help in quick decision making. These plans are great labour saving devices as they provide frames of references for tackling recurring situations.
• Senior executives are able to delegate their work to subordinates since procedures, rules, regulations etc. have been laid down for taking necessary decisions.
• These plans help in achieving goals even if these are vague, complex or multi-dimensional. The policies, methods, rules, procedures etc. provide ready frames of reference whenever some difficulty arises in taking decisions.
• Standing Use Plans are made for a long duration of time. For example – Objectives of organization, Policy of organization etc.Examples, include policies for employee interaction, procedures for reporting internal issues in the company and regulations in terms of what is allowable and what is prohibited in the business.
• Single-use plans are also referred to as ‘specific plans’ since these are meant to solve a particular problem. These plans are formulated to handle non-repetitive and unique problem. These plans cannot be used again and again; these become obsolete after achieving their purpose.
• Single Use Plans are made for a very short duration of time. For example – Programs of organization, Budgets of organization.
• Examples of a single use plan that could be employed by a business might be an advertising campaign for a new product launch or an integration plan for a recent acquisition.
• Due to time limit,remaining questions can be asked as another question,they will be answered,thankyou for your cooperation