BSM 100 Lecture Notes - Lecture 5: Strategic Management, Swot Analysis

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Strategy is a plan of action to reach a goal (vision) within a specific time period. In a nutshellto have an advantage over competitors. Strategy is dynamic, evolving reflective of the organization and the times that it is facing. Doesn"t look too far down the road (timely) Discipline(tight link to finances, resources, people to be hired or trained etc) Mission: the reason for an organization"s existence (identity). Google"s missionorganize the world"s information and make it universally accessible and useful. Test ofthemission: how closely organization"s stakeholders(customers, employees, community, suppliers, shareholders) identify with it. It describes a point in future and thus . Combines views of owners, management and other key stakeholders. A mbitious-aspiration creates inspirationunique to the organization (think like an. Mission (to raise and steward fundsto deliver breakthrough research, exemplary teaching, and compassionate care at the princess margaret, one of the top 5 cancer research centresin the world) S: what is your important product(s), why? (knowledge, skills, experience/history,