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Commerce - Chapter 12 Notes.doc

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McMaster University
Rita Cossa

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  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 goals. 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. Planning is a key management function because the other management functions depend on having good plans. Before we consider decision making, let us summarize some of the points in this chapter. A vision (“WHERE we are going…”), in combination with values (HOW we will treat our stakeholders…) …”), and the mission statement (“Our purpose IS …”), provides direction for the company. A company's objectives (WHAT we want to accomplish) are linked to its strategy (HOW we will accomplish the objectives). 1. Define the situation. 2. Describe and collect needed information. 3. Develop alternatives. 4. Develop agreement among those involved. 5. Decide which alternative is best. 6. Do what is indicated (begin implementation). 7. Determine whether the decision was a good one and follow up. decision making Choosing among two or more alternatives. problem solving The process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action. brainstorming Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas. PMI Listing all the pluses for a solution in one column, all the minuses in another, and the interesting in a third column After managers have planned a course of action, they must organize the firm to accomplish their goals. Operationally, organizing means allocating resources (such as funds for various departments), assigning tasks, and establishing procedures for accomplishing the organizationa
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