MGM101H5 Chapter : 7th Lecture - Planning and Business Strategy
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MGM101H5 Full Course Notes
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Chapter 7: planning and business strategy (page 148-173) The development of an organization"s business strategy is fundamentally one of the most important responsibilities of a senior management team or, in the case of a small business, the business owner. For an organization to be successful over the long term, managers need to have a game plan as to where and how to compete in the markets in which they intend to serve. The long-term success of an organization and its ability to evolve and grow is predicated on two fundamental principles: The ability to define and create a strategic direction and market position for the. The ability to execute the core tactical initiatives within the plan in a manner that. Business strategy is all about understanding what opportunities exist in the marketplace and which ones should be pursued. Based on these conclusions, managers then have to decide upon their path of action in pursuit of capitalizing on the opportunities chosen.
