management-planning

planning-define the organization's objectives or goals, establish an overall strategy for achieving those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities.

planning-determining what the company needs to do and how best to get it done.

    ends- what is to be done; means- how it is to be done

reasons for planning-because of changes in the environment (ext. & int.)

                                 -managers engage in planning to

• provide direction
• set the standards to facilitate control
• reduce the impact of change
• minimize waste and redundancy

strategy formulation-creation of a broad program for defining and meeting an organization's goals.

strategic management process-9 steps

1. identify organization's current mission, objectives, and strategies.
2. analyze the environment
3. identify opportunities and threats
4. analyze the org's resources
5. identify strengths and weakness
6. reassess the org's mis and objs
7. formulate strags
8. implement strags
9. evaluate results

strategic goals-long-term goals derived directly from a firm's mission statement.

mission statement-organization's statement of how it will achieve its purpose in the environment in which it conducts its business. (9) 4 law office; 4 businesses.