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ADM1300 chapters.doc

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University of Ottawa

ADM1300 chaptersChapter 1 Managing the business enterpriseSetting goals Purposes of goal settingprovides direction guidance and motivation for all managershelps firms allocate resourceshelps to define corporate culturehelps managers assess performanceKinds of goalsMission statement organizations statement of how it will achieve its purpose in the environment in which it conducts its businessLong term 5 yearsIntermediate 15 yearsShort term 1 yearFormulating strategy creation of a broad program for defining and meeting an organizations goalsSetting strategic goals long term goals derived directly from a firms mission statement SWOT analysisEnvironmental analysis process of scanning the environment for threats and opportunitiesOrganizational analysis process of analyzing a firms strengths and weaknessesA hierarchy of plansiStrategic plans reflect decisions about resource allocations company priorities and steps needed to meet strategic goalsiiTactical plans short range plans concerned with implementing specific aspects iiiOperational plans plan setting short term targets for daily weekly or monthly performancelevels of strategiesaCorporate level identifies various businesses that a company will be in and how these businesses will relate to each otherConcentration focusing on one productproduct lineGrowth marking penetration geographic expansion product developmentIntegration horizontal acquiring control of competitors vertical owning or controlling the inputs to the firms processes andor the channels thru which its distributedDiversification expanding into unrelated productsmarket segmentsInvestment reductionbBusiness level identifies the ways a business will compete in its chosen line of products or servicesCost leadership becoming the lowcost leader in the industryDifferentiation a firm seeks to be unique in its industry along some dimension that is valued by customersFocus selecting a market segment and serving the customers in that market niche better than competitorscFunctional strategies identify the basic courses of action that each department in the firm will pursue so that it contributes to the attainment of the business goalsContingency planning and crisis management
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