MGM101H5 Lecture Notes - Lecture 8: Pest Analysis, Vision Statement, Swot Analysis
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Document Summary
Development of business strategy is one of the most important responsibilities of senior management team or owner. Organizations ability to evolve and grow is based on two fundamental principles: Defining and creating strategic plan for developing market position of organization. Executing core tactical initiatives of plan ensuring success of organization. Well defines and positioned strategy along with effective and efficient tactics leads to growth and profitability of business. Purpose: purpose refers to mission of organization and vision of managers or owners, mission is the fundamental purpose of business and its reason for existence. It defines the broad goals of business: vision statement is forward thinking statement defining what company wants to become and where it is going. Markets: markets refer to specific markets the business caters, harvesting strategies are required when the markets become unprofitable or marginally profitable and lacks future growth.
