Chapter 13 Terms and Concepts

Chapter 13 Terms and Concepts - Strategies—Specific...

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Julie Hawkins 2-21-08 INDE 64.1 Art Woolsey Chapter 13: Terms and Concepts Strategic Planning—A process for creating a specific written vision for a firm and for the future of that firm. Mission Statement—A philosophical statement of what the firm sees as its role in a profession. It contains broad statements of what the firm wishes to achieve. SWOT analysis—Used by firms to develop many kinds of plans. It stands for Strengths, Weaknesses, Opportunities, and Threats External Factors—The opportunities for, and threats to, the firm. Secondary Sources—Information that generally comes from existing materials, such as a magazine or newspaper article. Primary Sources—Information that provides specifics and comes from first-hand courses, such as a questionnaire. Goals—Broad statements, without regard to any time limit, about what a firm wishes to achieve.
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Unformatted text preview: Strategies—Specific actions that are part of a business or marketing plan for which define time limits within the year have been set for completing them. Tactics—Highly specific actions needed to accomplish goals and strategies. They are even more specific than strategies and are usually short-term. Budgeting—Involves annual managerial goals expressed in specific quantitative, usually monetary, terms. It encourages the manager to plan for the various events affecting the firm rather than to react to them. Zero-based Budgeting—Assumes that each year the managers of the firm start with a zero budget level and most justify all costs, as if the department or activity were starting new. It could also mean that the firm must accurately forecast revenues to cover and, of course, to exceed the amount of the expenses....
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This note was uploaded on 04/16/2008 for the course ENGL 101 taught by Professor Yourmom during the Spring '05 term at Sonoma.

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