RSM100Y1 Study Guide - Crisis Management, Rolex, Vertical Integration

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All managers plan, organize, direct, and control day to day operations. Efficiency: achieving the greatest level of output with a given amount of input ( doing things right ) Effectiveness: achieving the organizational goals that have been set ( doing the right things ) Planning: process of determining the firm"s goals and developing a strategy for achieving them (has 5 steps: step 1. Goals are established for the organization: step 2. Managers identify whether a gap exists between the company"s desire and actual position: step 3. Managers develop plans to achieve the desired goal: step 4. Plans that have been decided upon are implemented: step 5. Goals indicate what results are desired, while plans indicate how these goals are to be achieved. Yahoo was created via this planning method. 20 shares) and the person who predicted correctly is rewarded with a small prize.