MG 210 Lecture Notes - Lecture 3: Radiance, Strategic Management
Document Summary
Foundations of planning: the primary management function. Establishes the basis for all the other things managers do as they organize, lead and control: reasons for planning. Reduce the impact of change: managers engage in planning fro these reasons, criticisms of formal planning. Focuses attention on todays success not tomorrows survival. Reinforces success which may lead to failure. Formal plans cannot replace intuition and creativity. Planning focuses mangers attention on todays competition not on tomorrows survival. Formal planning reinforces success which may lead opt failure: why does it pay to plan. Strategic management: what managers do to develop an organizations strategies. Requires managers to examine and adapt to business environment changes. Coordinates diverse organizational units helping them focus on goals: steps in the strategic management process. Identify the organizations current mission, goals, and strategies: first has to look at customs, then the markets, concern for survival growth and profitability, philosophy, concern for public image, product services, technology, self-concept, concern for employees.
