MGMT105 2 21 UNIT 2 Basic Management Skills o Decision Making Skills Skills in defining problems and selecting the best courses of action o Time Management Skills Skills associated with the productive use of time Leading causes of wasted time POSSIBLE TEST QUESTION o Paperwork o Telephone Calls o Meetings o Emails SETTING THE GOALS AND FORMULATING STRATEGY STRATEGIC MANAGEMENT o Strategic Management Process of helping an organization maintain an effective alignment with its environment o Strategy Broad set of organizational plan for implementing the decisions made for achieving organizational goals SETTING BUSINESS GOALS o GOALS The means by which organizations and their managers measure success or failure at every level Objective that a business hopes and plans to achieve PURPOSES OF GOAL SETTING o Provides direction and guidance for managers at all levels o Helps firm allocate resources o Helps to define corporate culture o Helps managers assess performance KIND OF GOALS o MISSION STATEMENT POSSIBLE TEST QUESTION Organizations statement of how it will achieve its purpose in the environment in which it conducts its business o LONG TERM GOAL Goal set for an extended time typically 5 years or more into the future o INTERMEDIATE GOAL Goal set for a period of one to five years into the future o SHORT TERM GOAL Goal set for the very near future FORMULATING STRATEGY o SWOT ANALYSIS Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as past of strategy formulation TAMU SWOT ANALYSIS STRENGTHS TRADITION CULTURE COMMUNITY WEAKNESSES LOCATION OPPORTUNITIES ABILITY TO EXPAND OPENING TAMU CAMPUSES EVERYWHERE THREATS TEXAS UNIVERSITY TU LOSING STUDENTS TO OTHER COMPETING SCHOOLS APPLES STRENGTH Brand Recognition APPLES WEAKNESS Glass Breaking Limited Product APPLES OPPORTUNITY New Product APPLES THREAT Samsung Android A HIERARCHY OF PLANS o STRATEGIC PLAN LONG TERM Plan reflecting decisions about resource allocations company priorities and steps needed to meet strategic goals FOCUS ON THINGS YOU WANT TO DO IN THE LONG RUN o TACTICAL PLAN Generally short term plan concerned with implementing specific aspects of a company s strategic plans CONTINGENCY PLANNING AND CRISIS MANAGEMENT TEST QUESTIONS o CONTINGENCY PLANNING back up plan Identifying aspects of a business or its environment that might entail changes in strategy What is our backup plan if this doesn t work o CRISIS MANAGEMENT Organizations methods for dealing with emergencies The need for companies to identify how do I deal with this crisis MANAGEMENT AND THE CORPORATE CULTURE o CORPORATE CULTURE TEST QUESTION The shared experiences stories beliefs and norms that characterize an organization Helps define the work and business climate that exists in an organization THE AGGIES FIRST GAME IN THE SEC 02 21 2014 02 21 2014
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