Extempore Speech has also become a tool to test CAT aspirant on assessing overall communication and personality so it is also equally important and crucial component of selection process.
We at MBARendezvous.com have started series of articles on "Extempore Speech" which will certainly help you to achieve mission CAT 2017
Today you will read Extempore Speech topic: Execution is more important than planning
Every work in this world - be it designing, creating or destroying involves a number of steps, the most important of which are- planning and execution. Planning is the process by which a team decides how a particular something is created. It involves everything- from brain storming and coming up with the idea to decisions regarding how the idea will be presented. On the other hand, the execution is the process of presenting the planned idea into a form which is tangible, which can be seen, heard and used by people. Planning and execution are a part of the larger process of production.
All that glitters in not gold but all that glitters often catch the eye and remain in sub conscience for a long time. This is precisely the reason why a lot of companies pay a lot of attention on the execution or the presentation of the product. It is quite likely that the corporate world around us lives by this presumed diktat. If one looks around, one can find details of how companies spend a great deal of time in execution. Take the example of popular media. Most of the daily soaps shown on the Indian television are based on more or less similar plots. However, the way of presentation of the story is different in every daily show and thus, each television serial, although being much like the others, seems different. Execution provides a fresh look to things. Another example is that of beauty or cosmetic products. Most of the fairness creams that we use are based on the same ingredients. However, each company produces its own range packed in a completely different style. Also, from time to time, the cosmetic companies change the look of the product to attract the attention of the consumers. All these examples insinuate to but one thing- execution is an extremely important task.
However, the question that we are answering here is- Is execution more important than planning? A few decades ago, the answer to this question would have been easy, simple and a straight yes. Planning was a much more important thing than execution. If you had planned a product or service in a right way and made it to be user friendly, it was enough of a guarantee that your product would be endorsed irrespective of the way of the execution. However, things have changed quite drastically. The fierce sales measures adopted by production houses and corporate communities have compromised planning and enhanced execution. A lot of impetus and onus is laid on execution because a good execution covers up any flaws in planning. The producers exploit the desires of the consumers to buy things that seem beautiful and perfect. Thus, everything, irrespective of how it is planned is packed beautifully.
Is execution more important than planning? Any product, irrespective of how well it is packed or produced, will not last for very long in the market if it not a good product in itself. A television show with an old tattered script but new presentation might attract the audience for a while but sooner or later, the audience will get bored of the same old story line and switch to new television shows. Similarly, a beauty cream packed in a beautiful bottle can compel a consumer to buy it once but not twice. Thus, in the long run, it is not the presentation but the planning and the quality produced and served which counts. Thus, for corporate houses with short term profits in mind, execution is more important than planning. However, for corporate houses which intend to stay in the market for a long term, planning is of imperative value and good planning (foundation for producing good quality products) cannot be compromised by good execution.
Execution is important too. To be able to attract new consumers and keep the current ones loyal to the product, it is important that the companies constantly change the look and design of the product to keep it interesting and chic to the consumers. However, in doing so, the quality of the product should not get downgraded. It can best be said that in the short run, execution is more important than planning. However, in the long run, good planning wins hands down over execution. Thus, the right marketing strategy is a balanced combination of thoughtful planning and intelligent & creative execution. Both planning and execution walk side by side in business.
It is rightly said that, “Successful Project Management: PLAN, EXECUTE, EVALUATE Sounds simple, but most projects aren't well planned nor are they evaluated well. The tendency is to jump right into execution and as soon as execution is completed (which usually isn't soon), move on to the next project without evaluating what happen on the present project and what could have been improved. Successful project management requires more front and back end resources (and less middle) than are usually allocated.”
Stay informed, Stay ahead and stay inspired with MBA Rendezvous