COMM 103 Chapter Notes - Chapter 6: Becky Mode, Enterprise Risk Management, Vision Statement

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gary Bisonnette

Document Summary

Most important responsibility of senior management team or business owner. Plan includes: where and how to compete in the markets in which they intend to serve. Understanding what opportunities exist in the marketplace and given these opportunities, which ones should be pursued. Where do we want to play? and how do we plan to win? : answering these questions, develops the base of the intended or deliberate strategy. Managers must develop a business strategy and make decisions while determining the direction in six key areas: purpose. Mission of the organization and vision which its managers or owners have for the business. Mission: fundamental purpose which the business has identified as being its predominant reason for existence. Mission statements usually identify broad goals and can reflect on how the organization will get to where it wants to go. Walmart"s mission: helping people save money so they can live better .