RSM100Y1 Chapter 7: RSM100Y1Y Chapter 7.docx
Document Summary
Management: process of achieving organizational goals through people and other resources. Three levels of firm"s management: top, middle, supervisory. Developing long-range plans, new products, purchase other companies, and enter new geographical market. Strategic planning: deciding on the primary objectives of an organization and then taking action and setting aside resources to achieve those objectives, focus as a whole. Vision mission statement: a written description of an organization"s overall business purpose and aims. Range of operations, the market it will serve, how different from competitors: assessing your competitive position, swot analysis. Strengths: state-of-the-art information systems, economies of scale, patent protection, sales team. Weaknesses: lack of managerial depth, logistics limitations, financing constraints because of debt load, dated production facilities. Opportunities: new technologies, strategic alliances with vendors, new markets, extension of existing products. Threats: changing buyer tastes, enhanced competition, sole sourcing, new government regulations, setting objectives for the organization. Set targets so that managers can plan for the organization"s hoped-for performance.
