MGM101H5 Chapter Notes - Chapter 7: Knowledge Network, Organizational Culture, Swot Analysis
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MGM101H5 Full Course Notes
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Mgm101 chapter 7 developing a business strategy. Business growth and profitability: well directed and positioned strategy, efficient effective tactics execution. For business managers, the development of a business strategy means making decisions and determining direction in six key areas (see figure 6. 3): purpose, markets, products and services, resources, business system configuration, responsibility and accountability. Mission defines an organization"s purpose or reason for existence. Vision is a forward-thinking statement that defines what a company wants to become and where it is going. Harvesting is a strategy that reflects a reduced commitment to a particular market given its perceived weak future growth or profitability potential. A general overview of the steps associated with the development of a strategic plan (see figure. Swot stands for strengths, weaknesses, opportunities, and threats. Pestel: guides us in developing an understanding of the macro-economic environment political, economic, societal, technological, environmental, legal.
