MCS 3040 Chapter Notes - Chapter 3-4: Debt Management Plan, Crisis Management

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

An organization must be able to analyze and evaluate its activities, forecast changes in the business environment and react effectively to unexpected developments. The central importance is the ability to strike the right balance between managing the present and planning the future. To meet the goal of producing a product or delivering a service the business must have a set of functions and systems in place; finance, marketing and hr. To ensure the smoothest operation it must deal effectively with the legal environment. As a result the risk of mitigating mistakes that are: Distracting in terms of time and effort. Harmful in terms of relationships and reputation. There are two approaches for a company when interacting with the law and legal issues: preventative and reactive. Preventative approach: thorough evaluation of the risks associated with the business" activities in order to minimize their impact. Emphasis on compliance with legal requirements and anticipated changes in the legal environment.