COMM-1007EL Chapter Notes - Chapter 3: Vertical Integration, Alternative Facts, Cash Flow
14 Mar 2017
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General management integrates all the functional areas with a view to making decisions that are coherent and consistent for the entire firm. In a small, one-person business, the chief decision-maker is the all-round general manager responsible for long-term planning and daily tasks. In larger firms, the general management tasks are essentially the same but more complicated, and key decisions are shared by a management team (ceo"s, coo"s, managing director, etc. ) One of the key mechanisms that general managers use to integrate and co-ordinate the functional areas is strategy. Strategy represents the choices made about how scarce human, physical, and financial resources are applied in opportunities that enable and sustain high performance these are called strategic decisions. Strategic choices require identifying and resolving the tension between what a firm needs to do, given the competitive environment; what it can do, given its organization, resources, and capabilities; and what management wants to do, given management preferences.
