BUS 100 Study Guide - Midterm Guide: Bargaining Power, Brand Loyalty, Laser Cutting

• School: Ryerson University
• Department: Business
• Course: BUS 100
• Professor: Glenn Asano

Document Summary

Strategy= process + a bunch of objectives the organization strives to meet. Strategy= analysis w/ understanding of external and internal environment of an organization. Strategy= decisions made or not to be made. A good strategy = potential to create value for profit + non-orgs and small/big organizations. Mission= what a company does/ what is the purpose. Provides direction for the different areas of an organization like marketing, finance, accounting, manufacturing, ino systems, research and development & human resources. Organization + symphony orchestra= functional areas of the organization like the instruments and they gotta work together in harmony and follow the corporate strategy like the musical score. Cross functional teams; members from diff. functional areas come together and deal with the strategic process. The vision does not equal a strategy. A vision is a painter"s sketch before starting a work of art.