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Chapter 12

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Department
Commerce
Course
COMMERCE 1E03
Professor
Rita Cossa
Semester
Winter

Description
Final Exam Review Chapter 12 Resources A general term that incorporates human resources natural resources and financial resources Management The process used to accomplish organizational goals through planning organizing leading and controlling people and other organizational resources Functions of Management Planning Includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectivesVision an encompassing explanation of why the organization exists and where its trying to headValues A set of fundamental beliefs that guide a business in the decisions they makeVisions informs values whole values come alive through visions Mission Statement An outline of the fundamental purposes of an organization Goal the broad long term accomplishments an organization wishes to attain team effortObjective specific short term statements detailing how to achieve the organizations goals SWOT Analysis A planning tool used to analyze an organizations strengths weaknesses opportunities and threatsStrengths and weaknesses include elements such as PRIMOF people resources innovation marketing operations and financeOpportunities and threats include concepts such as PESTLE political economic social technological legal and environmental Four Forms of Planning strategic tactical operational and contingencyStrategic the process of determining major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals top managersTactical the process f developing detailed shortterm statements about what is to be done who is to do it and how it is to be done lower managers
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