MGM101H5 Study Guide - Strategic Planning, Zain Group, Job Analysis

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

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.