MGM101H5 Study Guide - Strategic Planning, Zain Group, Job Analysis
![MGM101H5 Full Course Notes](https://new-docs-thumbs.oneclass.com/doc_thumbnails/list_view/2161361-class-notes-ca-utm-mgm101h5-lecture3.jpg)
25
MGM101H5 Full Course Notes
Verified Note
25 documents
Document Summary
The long term success of an organization is based on two. Ability to create a strategic direction and market position (strategic plan) Ability to execute the core tactical initiatives within the plan fundamental principles. & profitability: strategies are customized for each business given market conditions & desired goals, business strategy is all about understanding what opportunities exist, think of strategies as answers to these questions: How we plan to win: answering these questions develop the seeds for what we call deliberate strategy (specific direction & actions) Core elements for accessing business strategy: 6 key areas: purpose: refers to the mission of the organization & the visions its owners/managers. Mission - the organization"s fundamental purpose/reason for existence; mission statement identifies the company"s broad goals. Wal-mart"s vision is helping people save money to live better . Vision - a forward-thinking statement that defines what a company wants to become & where it is going.