MGM101H5 Study Guide - Social Economy, Strategic Planning, Swot Analysis

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

For an organization to be successful over the long term, managers need to have a game plan as to where and how to compete in the markets in which they intend to serve. The long term success of an organization, its ability to evolve and grow, is predicted on two fundamental principles. The ability to define and create a strategic direction and market position for the organization (strategic plan) The ability to execute the core tactical initiatives within the plan in a manner that ensures the organization"s success. Strategy can be summarized by the answers to two questions. By answering these two questions we develop the seeds for what is called our intended or deliberate strategy. Core elements for assessing business strategy: purpose- refers to the mission of the organization and the vision its managers or owners have for the business. Mission- organizations purpose or reason for existence.