MAN 3025 Chapter Notes - Chapter 4: Competitive Advantage, Strategic Planning, Strategic Management
Document Summary
Planning, strategy, and strategic management: planning: coping with uncertainty. Planning - setting goals and deciding how to achieve them or coping with uncertainty by formulating future courses of action to achieve specified results. Plan is a document that outlines how goals are going to be met (blueprint for action that describes what you need to do for your goals). Business plan- document that outlines a proposed firm"s goals, the strategy for achieving them, and the standards for measuring success. Business model- (basic idea behind your business) which outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses: strategy: setting long-term direction. Strategy (strategic plan)- sets the long-term goals (by educated guess) and direction for an organization. Strategy: grow the business organically means increase revenue from existing and new customers rather than from acquiring other companies: strategic management: involving all managers in strategy.
