ADM 1300 Study Guide - Swot Analysis, Crisis Management, Equity Theory

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: All

Document Summary

Purposes of goal setting: provides direction, guidance, and motivation for all managers helps firms allocate resources helps to define corporate culture helps managers assess performance. Mission statement: organization"s statement of how it will achieve its purpose in the environment in which it conducts its business. Formulating strategy: creation of a broad program for defining and meeting an organization"s goals. Setting strategic goals (long term goals derived directly from a firm"s mission statement) Environmental analysis: process of scanning the environment for threats and opportunities. Organizational analysis: process of analyzing a firm"s strengths and weaknesses. Strategic plans: reflect decisions about resource allocations, company priorities, and steps needed to meet strategic goals. Tactical plans: short range plans concerned with implementing specific aspects. Operational plans: plan setting short term targets for daily weekly or monthly performance. Levels of strategies ii. iii: corporate level: identifies various businesses that a company will be in and how these businesses will relate to each other.