BUSINESS 5 - 1 Managing the Business Enterprise
BUSINESS 5 - 2 Outline Setting Goals and Formulating Strategy The Management Process Types of Managers Basic Management Skills Management and the Corporate Culture
BUSINESS 5 - 3 Learning Objectives After reading this chapter, you should be able to: Explain the importance of setting goals and formulating strategies as the starting points of effective management. Describe the four activities that constitute the management process . Identify types of managers by level and area. Describe the five basic management skills . Describe the development and explain the importance of corporate culture .
BUSINESS 5 - 4 The starting point in effective management is setting goals
BUSINESS 5 - 5 Setting Goals and Formulating Strategy Goal Objective that a business hopes and plans to achieve Strategy Broad program underlying decision making process to assist managers in achieving company goals
BUSINESS 5 - 6 Setting Business Goals Goals are performance targets—the means by which organizations and their managers measure success or failure at every level.
BUSINESS 5 - 7 Purpose of Goal Setting Goal setting provides direction and guidance for managers at all levels. Goal setting helps firms allocate resources. Goal setting helps to define corporate culture. Goal setting helps managers assess performance.
BUSINESS 5 - 8 Kinds of Goals Goals differ from company to company, depending on the firm’s purpose and mission. Every enterprise has a purpose , or a reason for being. Businesses seek profits, universities seek to discover and transmit new knowledge, and government agencies seek to set and enforce public policy. Mission Statement Organization’s statement of how it will achieve its purpose in the environment in which it conducts its business
BUSINESS 5 - 9 Kinds of Goals Long-term Goals Goals set for an extended time, typically 5 years or more into the future Intermediate Goals Goals set for a period of 1 to 5 years into the future Short-term Goals Goals set for the very near future, typically less than 1 year Regardless of a company’s purpose and mission , every firm has:
BUSINESS 5 - 10 Formulating Strategy Strategy Formulation Creation of a broad program for defining and meeting an organization’s goals
BUSINESS 5 - 11 Strategy Formulation Set Strategic Goals Analyze the Organization Analyze the Environment Match the Organization and its Environment Formulate Strategy
BUSINESS 5 - 12 Setting Strategic Goals Strategic Goals Long-term goals derived directly from a firm’s mission statement
BUSINESS 5 - 13 Analyzing the Organization and Its Environment Environmental Analysis Process of scanning the business environment for threats and opportunities Organizational Analysis Process of analyzing a firm’s strengths and weaknesses
BUSINESS 5 - 14 Matching the Organization and Its Environment Matching environmental threats and opportunities against corporate strengths and weaknesses is the final step in strategy formulation.
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