Question

This activity is important because, as a manager, you must be able to use the skills of planning, especially goal setting and strategic management.

Planning is one of the major functions of management and includes both setting goals and deciding how to achieve them. An organization should adopt planning and strategic management for three reasons: They can (1) provide direction and momentum, (2) encourage new ideas, and, above all (3) develop a sustainable competitive advantage.
Logan, the founder of an electric car company (Dunamis Motors) is a very ambitious, energetic person who is passionate about his ideas. He has competitors in the automobile business who are expanding to motorcycles and self-driving car technology. Yet, Logan wants to gain a competitive edge by manufacturing electric yachts. He is meeting with his strategic analyst and creative director to pitch this idea, and things are not going well. How is he handling the situation and what should they be doing? What would you do?
The goal of this exercise is to demonstrate your understanding of planning.
1-Based on what you’ve learned about establishing major goals, which of the following would be an example of the most complete goal for the electric yachts?
Multiple Choice
a- Dunamis Motors will sell five-thousand electric yachts by the end of this week.
b -Dunamis Motors will sell five electric yachts by the end of this calendar year.
c- Dunamis Motors will sell as many electric yachts as possible by the end of this calendar year.
d- Dunamis Motors will sell five electric yachts.
e- Dunamis Motors will implement a plan to sell five electric yachts by the end of this calendar yea

Answer 1

The most complete goal provided for Dunamis Motors regarding electric yacht sales is: e- Dunamis Motors will implement a plan to sell five electric yachts by the end of this calendar year, meeting the SMART criteria and establishing a clear, achievable target within a specific timeframe.

Step-by-step explanation:

When establishing major goals for an organization like Dunamis Motors, which plans to venture into manufacturing electric yachts, creating SMART goals is crucial. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. A well-defined goal is more likely to lead to success and provides a clear focus.

In the provided options, the most complete goal aligning with the SMART criteria appears to be:

• e- Dunamis Motors will implement a plan to sell five electric yachts by the end of this calendar year.

This goal is specific (sell five electric yachts), measurable (sales can be counted), achievable and appropriate (with a suitable plan, a small number of high-value items such as yachts could be sold within a year), relevant to Logan's ambitions and the company's direction, and time-bound (by the end of the calendar year).

To excel in strategic management and planning, Logan's team would need to outline the steps required to reach this goal, consider the resources and actions necessary, and monitor progress throughout the year adjusting the strategy as needed. This approach provides clarity, momentum, and can generate innovative ideas that can contribute to developing a sustainable competitive advantage.