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A snapshot of the summary - Business essentials
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5 Business Management
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5.1 The Management Process
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What are the three main components of planning?
It begins when managers determine the firm’s goals. Next, they develop a comprehensive strategy for achieving those goals. After a strategy is developed, they design tactical and operational plans for implementing the strategy. -
5.4 Strategic Management Setting Goals and Formulating Strategy
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What is a Intermediate Goal
Goal set for a period of one to five years into the future. -
5.5 Contingency Planning and Crisis Management
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What is Crisis Management?
An organization’s methods for dealing with emergencies. -
What is Contingency Planning?
Identifying aspects of a business or its environment that might entail changes in strategyc. -
What is a Strategic Goal goal
A goal derived directly from a firm’s mission statement -
6 Organising the Business
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6.2 The Building Blocks of Organisational Structure
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What are the steps to developing structure in a business?
1.Specialization - Determining who will do what
2 Departmentalization - Determining how people performing certain tasks can best
be grouped together
3 Establishment of a Decision-Making Hierarchy - Deciding who will be empowered to make which decisions and who will have authority over others -
What is a Proffit Center?
A separate company unit responsible for its own costs and profits. -
What is a Functional Departmentalisation?
Dividing an organization according to groups’ functions or activities. -
What is a Customer Departmentalization
Dividing an organization to offer products and meet needs for identifiable customer groups. -
What is a Geographic Departmentalisation?
Dividing an organization according to the areas of the country or the world served by a business.
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The following topics are covered in this summary
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management, organisation, authority
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authority, structure, organizational
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production, operations, activities
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production, physical, equipment
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production, schedule, steps
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process, value, chain
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organization, behaviour, behaviors
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theory, people, motivation
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job, method, increasing
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leadership, decision, settings
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sexual, job, environment
