Class Notes (1,100,000)
CA (630,000)
McMaster (50,000)
COMMERCE (2,000)

COMMERCE 1B03 Lecture Notes - Swot Analysis, Pest Analysis, Problem Solving

Course Code
Rita Cossa

This preview shows pages 1-2. to view the full 6 pages of the document.
resources A general term that incorporates human resources, natural resources, and
financial resources
Today, management is becoming more progressive. Managers are educated to guide,
train, support, motivate, and coach employees rather than tell them what to do
What this means for you and other graduates of tomorrow is that successful management
will demand a new kind of person: a skilled communicator and team player as well as a
planner, coordinator, organizer, and supervisor.
management The process used to accomplish organizational goals through planning,
organizing, leading, and controlling people and other organizational resources.
The trend today is to have planning teams to help monitor the environment, find business
opportunities, and watch for challenges. Planning is a key management function because
the other management functions depend heavily on having a good plan.
planning A management function that includes anticipating trends and determining the
best strategies and tactics to achieve organizational goals and objectives.
organizing A management function that includes designing the structure of the
organization and creating conditions and systems in which everyone and everything work
together to achieve the organization's goals and objectives.
The trend is to empower employees, giving them as much freedom as possible to become
self-directed and self-motivated. This function was once known as directing; that is,
telling employees exactly what to do
leading Creating a vision for the organization and guiding, training, coaching, and
motivating others to work effectively to achieve the organization's goals and objectives.
controlling A management function that involves establishing clear standards to
determine whether or not an organization is progressing toward its goals and objectives,
rewarding people for doing a good job, and taking corrective action if they are not.
vision An encompassing explanation of why the organization exists and where it's trying
to head.
values A set of fundamental beliefs that guide a business in the decisions they make.
the organization's self-concept
company philosophy and goals
long-term survival

Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

customer needs
social responsibility
the nature of the company's product or service
mission statement An outline of the fundamental purposes of an organization.
goals The broad, long-term accomplishments an organization wishes to attain.
objectives Specific, short-term statements detailing how to achieve the organization's
This is an analysis of an organization's Strengths, Weaknesses, Opportunities, and
Threats—how can strengths be used and capitalized on, how can weaknesses be
improved, how can opportunities be exploited, and how can threats be mitigated.
These strengths and weaknesses are for the most part within the control of the
organization. They include elements that are referred to as PRIMO-F: people, resources,
innovation and ideas, marketing, operations, and finance.
Opportunities and threats include concepts referred to as PESTLE: political, economic,
social, technological, legal, and environmental
How can we get there from here? This is the most important part of planning. It takes
four forms: strategic, tactical, operational, and contingency.
SWOT analysis A planning tool used to analyze an organization's strengths, weaknesses,
opportunities, and threats.
At the strategic planning stage, the company decides which customers to serve, what
goods or services to sell, and the geographic areas in which the firm will compete
strategic planning The process of determining the major goals of the organization and
the policies and strategies for obtaining and using resources to achieve those goals.
tactical planning The process of developing detailed, short-term statements about what
is to be done, who is to do it, and how it is to be done.
operational planning The process of setting work standards and schedules necessary to
implement the company's tactical objectives.
contingency planning The process of preparing alternative courses of action that may be
used if the primary plans don't achieve the organization's objectives.
crisis planning Involves reacting to sudden changes in the environment.
You're Reading a Preview

Unlock to view full version