MGTA01H3 Lecture Notes - Walmart, Cost Leadership, Strategic Management
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
Chapter 6 and 7 managing the business enterprise. Work of manager: developing strategic and tactical plans, analyze their competitive environments and plan, organize, direct control day- to-day operations. Goals: objectives that a business hopes and plans to achieve. Commits tits resources on levels to achieving its goal: provides direction, guidance and motivation for all managers. Less potential for error: helps firms allocate resources. Allocates more to new projects with large sales potential than mature products with established but stagnant sales potential: define corporate culture, assess performance. Mission statement: an organization"s statement of how it will achieve its purpose in the environment in which it conducts its business. Include core value and its commitment to ethnical behavior. 2 forms can have same purpose but different missions. Long term goals: goals set for extended periods of time (5 or more years) Intermediate goals: goals set for a period of 1-5 years.
