MGM101H5 Chapter Notes - Chapter 7: Strategic Planning, Pest Analysis, The Need
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
Chapter 7 notes developing a business strategy. One of the most important responsibiliies of senior management team. Long term success predicated on two principles: ability to deine and create a strategic direcion and market posiion for the organizaion (strategic plan, ability to execute the plan. Business strategy all about understanding what opportuniies exist in marketplace and which ones should be pursued. Based on this; managers decide upon path of acion to capitalize on opportunity chosen. Development of business strategy means making decisions and determining factors in areas: purpose, markets, products and services, resources, business system coniguraion, responsibility and accountability. Mission; deines organizaion"s purpose or reason for existence. Purpose; refers to mission of organizaion and vision its managers have for business: usually idenify broad goals around which company was formed. Mission statements + ethics, policies and statements = direcion and aciviies of business. Vision; forward thinking statement that deines what company wants to become and where it is going.
