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CHAPTER 4: THE INTERNAL ASSESSMENT (MANAGEMENT (PLANNING (Synergy (Exist…
CHAPTER 4: THE INTERNAL ASSESSMENT
MANAGEMENT
PLANNING
The process by which determine whether to attempt a task, work out the most effective way of reaching desired obj, and prepares to overcome unexpected difficulties with adequate resourcces
Develop a mission
Forecasting future events ad trends
Establishing obj
Choosing strategies to persue
Synergy
Exist when everyone pulls together as a team that knows what it wants to achieve
ORGANIZING
To achieve coordinated effort by
define task&authority relationship
Determine who does what
determine who report whom
3 sequential activites
breaking down tasks into job
combining job to form department
Delegating authority
MOTIVATING
The process of influencing specific obj
4 components
leadeership
group dynamic
communication
organizational change
STAFFING
is called
HR mgt
Personnel mgt
recruiting, interviewing, testing, selecting, training, evaluating etc
CONTROLLING
include
establishing performance standards
Ensure actual operation confomr to planned operation
Taking corrective action
Steps
Establish performance standard
Measure ind&organizational performance
Compare actual&planned performance standard
Take corrective
MARKETING
Process of defining, anticipating, creating and fulfilling customer needs & wants for product&services
Function
Customer analysis
Customer analysis, consumer info, market positioning strategies,
Selling product & services
advertising, sales promotion, publicity, personal selling
Pricing
effected by major stakeholders (consumer, government, suppliers, distributors, competitors)
Distribution
warehousing. distribution channels, inventories level, transportation, retailing
Marketing research
Gather, record and analyse data
Opportunity analysis
assessing cost, benefits and risk
benefits > cost = opportunity
product/services planning
test marketing, brand positioning, quality, packaging
FINANCE/ACCOUNTING
Function
Investment, financing and dividend decision
Basic financing ratio
Liquidity ratio
Firm's ability to meet ST obligation (CR, QR)
Leverage ratio
Extent of debt financing (DTO,LTDOE,DTA)
Activity ratio
Effectiveness use of firm's resources (ITO,FATO,ARTO,ACP)
Profitability ratio
Effectiveness shown by returns of sales&investment (GPM,OPM,NPM,ROA,ROE)
Growth ratio
Firm's ability to maintain economic position (Sales, Net income)
PRODUCTION/OPERATION
A business consist of activities that transform all input into product&services
Function (decision)
Process
choice of tech, facility, layout, facility location etc)
Capacity
forecasting, facilities planning, scheduling
Inventory
managing raw material etc
Workforce
managing skilled, unskilled , managerial employee
Quality
ensuring high quality good &services
R&D
Function
Development of new product BEFORE competitors
Improving product quality
Improving manufacturing processes to reduce cost
Budget
Financing project as many as possible
Use % of sales method
Budgeting relative to competitors
How many successful new products are needed
MIS
Improve performance of an enterprise by improving the quality of managerial decisions