BUS 201 Chapter Notes - Chapter 6: Strategic Management, Situation Two, Cost Leadership
15 Aug 2016
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Lo 1 describe the four activities that constitute the management process. Management = the process of planning, organizing, leading, and controlling a business"s financial, physical, human, and information resources in order to achieve its goals. Efficiency = achieving the greatest level of output with a given amount of input. Planning = that portion of a manager"s job, concerned with determining what the business needs to do and the best way to achieve it. Strategic plans = reflect decisions about resource allocations, company priorities, and steps needed to meet strategic goals. Tactical plans = short-range plans concerned with implementing specific aspects of a company"s strategic plans contrasts strategic. Operational plans = setting short-term targets for daily, weekly, monthly performances. Organizing = portion of a manager"s job concerned with mobilizing necessary resources to complete a particular task. Leading (directing) = concerned w/ guiding & motivating employees to meet the firm"s objectives.
