BUS 482 Lecture Notes - Lecture 3: Vision Statement, Reward System, Swot Analysis

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 482
• Professor: Brent Lyons

Document Summary

Definition: process that involves: describe organization"s destination, assess barriers, select approaches for moving forward. Goal of strategic planning: allocate resources to provide organization with competitive advantage. There was a good strategic planning in most of the organization, but there is no clear relationship between organizational level and individual level goals: there is a need to link the strategic planning with individual goals. Alignment of strategic plan with performance: critical to involve all levels of management (organizational strategic plan, critical to involve all unit head & department head (units strategic plan) Mission statement: the mission of the corporation is to operate as a high performing financial institution providing a wide range of profitable competitive and superior financial services in our market. Goals: to attract and retain an outstanding staff who are highly motivated and productive and who vigorously pursue revenue-generating and costs-reduction strategies.