MAN 1107 CH 7 VOCAB ALL

Plan

• enables you to take your business concept beyond the idea stage.
• aims to improve a firm's overall performance-compare to other organizations' practices and processes as to improve in efficiency and effectiveness

Organizing

• you have to organize things effectively to get the work done.
• all managers, define a problem, analyze possible solutions and select the best outcome

Leading

• motivate people well
• all managers, express yourself clearly and concisely

Controlling

• measure the results and compare them with the results that you laid out in your plans
• all managers, save time

strategic planning

• the process of establishing and overall course of action
• aspect so the business that are most likely to be adversely affected by change.

mission statement

• describes the purpose of your organization
• could benefit the company

core values

• the small set of guiding principles that you identify as crucial to your company
• could harm the company

SWOT

• environmental analysis is matching the strengths of your business with the opportunities available to it
• could influence the company in either a positive or a negative way

external factors

• could influence the company in either a positive or a negative way
• cover only a brief period

opportunities

• could benefit the company
• could influence the company in either a positive or a negative way