RSM100Y1 Chapter Notes - Chapter 7: Guideposts, Firstline, Strategic Planning
Document Summary
Management: the process of achieving organizational goals through people and other resources. Planning: the process of looking forward to future events and conditions and deciding on the courses of action for achieving on the courses of action for achieving organizational goals. Organizing: the process of blending human and material resources through a formal structure of tasks and authority: arranging work, dividing tasks among employees, and coordinating them to ensure plans are carried out and goals are met. Directing: guiding and motivating employees to accomplish organizational goals. Controlling: the fu(cid:374)(cid:272)tio(cid:374) of assessi(cid:374)g a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)"s pe(cid:396)fo(cid:396)(cid:373)a(cid:374)(cid:272)e agai(cid:374)st its goals. Vision: the ability to perceive marketplace needs and what an organization must do to satisfy them. Mission statement: a (cid:449)(cid:396)itte(cid:374) des(cid:272)(cid:396)iptio(cid:374) of a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)"s o(cid:448)e(cid:396)all (cid:271)usi(cid:374)ess pu(cid:396)pose and aims. Swot analysis: swot analysis is short form strength, weakness, opportunity, threat. By assessing all four factors one by one, a firm can then develop the best strategies for gaining a completive advantage.
