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Management Planning At Tyco Essay

1915 words - 8 pages

Among the important actions carried out by management, planning is the first function needed to lay out the foundation and goals a company will pursue. From a business standpoint, goals are set in association with what stands as the organizations overall mission. Tyco's mission statement notes, "We will increase the value of our company and our global portfolio of diversified brands by exceeding customers' expectations and achieving market leadership and operating excellence in every segment of our company." (Tyco.com, 2004, 1). The preeminent way of achieving such goals, calls for management to define the greater of strategic, tactical, operational, and contingency plans that would best serve the organization while keeping mind of the influencing legal, ethical, and social responsibilities. As those important factors, should weigh heavily upon the management overseeing all four of Tyco International divisions.Strategic PlanningPredominately handled by upper management, strategic plans involve the making of decisions regarding the organizations long-term goals. Referred to as strategic goals, they include establishing measures to observe company growth in profit, return on investments, market shares, productivity, quantity with quality, and customer satisfaction. Overall, these goals can range a period of up to three or more years to reach. In some cases, the pressures of survival could press an organization to achieve strategic goals in as little as a year and if fortunate enough, meet the goals with success. A good example of which Tyco International experienced during 2004, following a very rough year as the company strived to rise from the 2002 scandal involving its former Chief Executive Officer (CEO) Dennis Kozlowski and Chief Financial Officer (CFO) Mark Swartz. In a letter written for Tyco's 2003 Annual Report, the newest CEO Ed Breen wrote, "With our attention now squarely on 2004, the immediate challenge for out team is to continue to improve... Our strategic plan, which we began implementing in 2003, is to grow Tyco organically by increasing business volume, gaining market share and improving operating efficiency." (Breen, 2004, pg 8). In business, organic growth is a concept where a company seeks to grow by increasing the turnover of its existing business, in contrast to those companies that seek growth by acquiring other companies. Considering the company's past scandal, was this strategic plan the best choice to go with? As CEO Ed Breen put it in Tyco's 2004 Annual Report, "Thanks to our customers and our dedicated employees, we had a very good year in 2004. Our success was based on a simple strategy: to make operational excellence a core competency, to build a platform for sustainable organic growth, to invest in our people, and to hold ourselves to the highest ethical standards... To that end, I am extremely pleased to report that our sustained progress throughout the year resulted in Tyco meeting or exceeding all of our financial...

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