BUS 200 Lecture Notes - Lecture 6: Swot Analysis, Cost Leadership, People Skills

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What is management: the process of planning organizing, leading, and controlling the business resources effectively and efficiently to achieve objectives. Key elements: process, resources, effectively and efficiently, to achieve objectives. Planning (setting goals) organizing (structuring) leading( guiding and motivating) . Planning: activities of determining the firms objectives and developing an action plan to achieve these objectives, starts with analyzing the current situation. If (cid:455)es, set o(cid:271)je(cid:272)ti(cid:448)e to (cid:272)lose the gap a(cid:374)d : develop a plan to achieve desired situation. Types of planning: strategic planning, tactical planning, operational planning. Organizing: structuring the resources and activities to implement accomplish the objectives effectively and efficiently. Effectiveness: doing the right things, are we achieving our goals, co(cid:374)(cid:272)er(cid:374)ed (cid:449)ith the (cid:858)(cid:449)hat(cid:859) Efficiency: doing things right, are we producing with a minimum waste, expense, or unnecessary effort, co(cid:374)(cid:272)er(cid:374)ed (cid:449)ith the (cid:858)ho(cid:449)(cid:859) Leading/directing: guiding and motivating employees (subordinates) to meet objectives.

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