Chapter 6 & 7

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Management (MGT)
Ingrid L.Stefanovic

Chapter 6 & 7 .ppt 01 Laurence, Hugh MGTA03, Lec. 03 Managing the Business Enterprise What Does a Manager Do? o Business Strategy o Program for Defining goals for the business Defining a way of meeting the goals o Creating and implementing a strategy is one of the key activities of business managers o Goals of the Business o Step back from day to day operations o Ask Where should this business be at some time in the future? N Short term goals 1 year or less N Medium term goals 1 to 5 years N Long term goals 5 years or more o The longer the term, the more senior the manager developing the strategy o Provide a benchmark against which to assess performance o Help managers decide how to allocate resources o Provide a focus for the efforts of all employees o Goals will become part of the corporate culture o Strategies o Where do I want to be at the end of the period I am considering? o Where am I now? o How do I get to where I want to be? o Developing a strategy Assessing how the goal applies in a particular context N What is the specific goal N What is the larger context or environment, and how does it offer opportunities and challenges N What assets does the business have in this environment N What are the challenges of the business in this environment What is the plan for reaching the specific goal? o Mission statement A general goal that applies to all specific strategies Everything we do is aimed at realizing the mission statement o Levels of strategy specific goals High or strategic level Middle or tactical level Low or operational level
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