BUS_AD 1500 Chapter Notes - Chapter 2: Swot Analysis, 18 Months, Decision-Making
8 Nov 2016
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Management: the interrelated tasks of planning, organizing, leading, and controlling in pursuit of organizational goals. 1/3 of people who take on new managerial positions fail within the first 18 months. Act as a liaison between groups inside & outside of the company. Rely on people down the chain to gather their information. As one progresses higher up in an organization, the more information they need to monitor, but the fewer details they need to know. Communicate info to employees, other managers, and stakeholders. Decisions made both on the spot and after analysis. Planning: develop strategies, establish goals and objectives, translate the goals into action. Strategic plans: outline the firm"s long-range (often 2-5 years) organizational goals and set a course of action the firm will pursue. Steps: define mission/vision/values, perform a swot analysis, develop forecasts, analyze competition, establish goals, develop action plan. Mission statement: brief expression of why the company exists.
