MGM101H5 Chapter Notes - Chapter 6: Swot Analysis, Oligopoly, Monopolistic Competition
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
Necessary in order for an organization to be successful over the long-term. Interdependency of strategy and tactics: well-directed and positive strategy + efficient and effective tactics. Intended/deliberate strategy- specific direction and actions planned to take in order to guide the organizations decisions going forward. 6 key areas that determine direction of business plan: purpose, markets, products and services, resources, business system configuration, responsibility and accountability. Mission- defines an organization"s purpose or reason for existence: ex. Wal-mart"s mission: helping people save money so they can live better. Mission statements are combined with ethics, policies and behaviours. Vision- forward thinking statement that defines what a company wants to become and where it is going: ex. Wal-mart"s vision is to become world leader in retail. Markets- the specific markets or market segments the business sees itself competing in. Markets should be accessed in terms of current and future profitability and growth potential.
