A+ Notes: Final Exam Summary

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Management (MGT)
Chris Bovaird

goalsobjectives that business hopes and plans to achieveLong term 5 intermediate 15 short term1direction guidance motivationallocate resourcescorporate cultureperf assessmentpurpose and how it will achieve should incl core values and ethicsmission statementstrategy formulationcreation of broad program to define and meetgoals incl response to new challenges and needsstrategic goalslong term goals derived directly from mission statementSWOT analysisenvironmental vs orgnal analysismatch orgn and environment ex take risk or notchoose meansscope of competitionhierarchy of plans strategicresource allocation priorities steps to meet strategic goals by top mgmttacticalhow to implement strategic plans uppermiddle mgmt ex how to increase salesdaily weekly monthly middlelow mgmtoperationalLevels of strategycorporate levelidentifies the various business company will be in and how businesses relate to each otherconcentrationgrowthinternal market penetration product development geographic expansion external vertical integration suppliersdistributorshorizontal competitiorsdiversificationexpand into new products or market segmentsrelated conglomerateinvestment reductionretrenchment reduce operations divestment sell off businessbusiness level competitiveidentifies way business competescost ldship differentiation focusfunctional levelbasic course of action for each departmentmgmtprocess of planning organizing leading controlling resources to achieve goalsplanningdetermine what business needs to do and best way to achieve1 Set goals objectiveswhat results are desried2 gap bw desiredactual3 planshow to achieve objectives4 implement plan5 evaluate compare desired and actualorganizingmobilizing necessary resources to complete taskleadingguiding and motivating employees to meet goalscontrollingmonitor perf if necessary adjust perf or standardsTypes of Mgrs seniorrespon for overall perf and effectiveness set long term goalsrespon for implementing senior mgrs decisionmiddlefirstlinesupervising work of employeesAreas marketing getting product to customerdevelop pricing promotion distribution of GSfinance planoversee financial resources incl investmentaccountingoperations creating the GSproduction inventory quality etchuman resources hiring training Skillstechnicalto perform specialized taskshuman relationsunderstanding and getting along with pplthink in the abstract analyze situationsprobable outcomes see beyond presentrecognize oppthreatconceptualdecision making1 define problemalternatives 2 evaluate alternativeschoose 3 implementevaluate ethical considerations
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