MGM101H5 Chapter : MGM101H5 - All Chapters Essentials.pdf
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MGM101H5 Full Course Notes
Verified Note
25 documents
Document Summary
Includes strategy development as well as formalizing selected strategy and documenting the steps to follow to put the strategy into effect. The process of strategizing : thinking on a continual basis of what an organization should do to attain its goals. Analyze and be aware of what the competition is doing. Analyze how the external environment (such as : changes in tech, laws and regulations) affect the organization and its goals. Weigh the pros and cons of alternative strategies ; as well as how the competition might respond to the strategies. Allocate resources and responsibility to individuals or units. Dividing the organization into subunits based on functional tasks and allocating decision making authority. ** even though it"s an independent function, it"s still part of planning. Most importantly, how different parts of an organization will coordinate their activities to achieve the common organizational goal. Measure performance against goals, intervening when goals are not met, and taking corrective action to resolve problems.
