MGTA01H3 Lecture : Chapter 6 Business Strategy.doc
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MGTA01H3 Full Course Notes
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Leadership- showing people how they should act, and how they can contribute. Strategy- determining the long term goals and objectives of the business and the actions necessary for carrying out those goals. General management, responsibility of senior management, responsibility of board and ceo. Mission- organizations overarching purpose is referred to as: mission . Establish goals -> analyze the environment-> analyze the organization-> choose how to compete->carry out the plan. Assessing position of individual firms within an industry. Level of success and profitability enjoyed by all firms within industry. Level of success and profitability enjoyed by individual firm in industry. Intense competition in industries with low growth, high fixed costs, large number of competitors. Competitive moves by one will have direct affect on others in the industry , inciting retaliation. Purchases represent high 1% of customers costs. Information on costs readily available few or no substitutes for product/service. Seller doesn"t derive large % of sales from buyer.