MGT 300 Study Guide - Midterm Guide: Mothers Against Drunk Driving, Competitive Advantage, Strategic Human Resource Planning

• School: University of Alabama
• Department: Management
• Course: MGT 300
• Professor: Daniel Bachrach

Document Summary

Coping with uncertainty by formulating future courses of action to achieved specified results. Setting goals and deciding how to achieve them. A document that outlines a proposed firm"s goals, the strategy for achieving them, and the standards for measuring success: business plan, business model. Outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses. A large-scale action plan that sets the direction for an organization. Represents an (cid:498)educated guess(cid:499) about what must be done in the long term for the survival or the prosperity of the organization or its principal parts. A process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. Planning & strategic management: establish the mission and vision, assess the current reality, formulate the grand strategy & strategic, tactical, & operational plans, implement the strategy, maintain strategic control.