RSM100Y1 Chapter Notes - Chapter 6: Swot Analysis, Walmart, Chief Operating Officer
Document Summary
Rsm 100y chapter 6: managing the business enterprise. Mission statement: organizations statement of how it will achieve its purpose. Types of goals: long-term goals ----- 5 years+ Step 1: setting strategic goals (long term goals derived from mission statement) Step 2: swot analysis (internal = sw vs. Over the long term it determines the conservatism vs. riskyness of firm. Determines resource allocation/company priorities for step1: strategic goals. Short-range plans concerned with implementation specific aspects of strategic plans. Developed by lower management for short-term targets (daily, weekly, monthly) Corporate level determines type of business a company will be in/how they relate. Business level how the business will compete in their chosen line of products. Functional level identifies actions each part of a firm will take to achieve overall goal. Concentration: focus the company on one product or product line (eg. Growth: focus on internal activities to grow through market penetration (aggressively selling in current markets), product development, and geographic expansion.
