BUS 201 Chapter Notes - Chapter 6: Tim Hortons, Strategic Management, Goal Setting

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Susan Christie- Bell

Document Summary

Managers who focus on effectiveness achieve efficiency but not the other. Planning: process of determining firm"s goals & developing a strategy to achieve those right way around plans it is a 5 step process. Managers: people who plan organize, lead, & control the operation of an organization. Regardless of the size & nature of an organization, management is necessary, managers are the most important resource. Management: process of planning, organization, leading, & controlling an enterprise"s financial, physical, human & information resources to achieve the company"s goals. 2 important points in management process: planning, organizing, leading, & controlling are interrelated. Managers are involved in all aspects of these activities: there"s a difference b/w management effectiveness & efficiency. Efficiency: achieving the most output with the given input. Doing things: goals are established, managers identify the gap existing b/w current & desired position, manager develop plan to achieve desired position, plans are implemented, plans are assessed for the effectiveness ex.