MGM101H5 Lecture 1: MGM101 Notes (Swanston) - Whole Course
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Document Summary
Strategy is the development of plans and decisions that will guide long term performance and direction. Tactics is the immediate term actions take to meet short term objectives. Organizational inertia is the direction of an organization that affects decision making shifting risk propositions and inclination to innovate. Business must create a value proposition in the market and deliver goods or services based on organizational goals thereof. Good resource allocation, under uncertainty, towards objectives, and making situational decisions. Corporate gms -> business gms -> functional managers - >frontline managers. Activities (r&d, procurement, manufacturing, marketing, sales, customer service) Resources (assets, labour, capital, management value add (acumen)) Cost structures (cost of revenue, admin expenses, r&d expenses, interest) Portfolio of products and services (product lines, service lines, product offerings) Set strategic objectives & assess business model -> develop business plan -> execute. Business plan - > evaluate performance and profitability -> growth.
