Textbook Notes (363,460)
Canada (158,372)
Anthropology (530)
ANTA02H3 (143)
Chapter 6

Chapter 6 Strategy.docx

2 Pages
Unlock Document

University of Toronto Scarborough
Chris Bovaird

Managers (Leaders) Managers are responsible for developing strategic and tactical plans Analyze their competitive environment and plan, organize, direct and control day-to-day operations Must have skills: The ability to make decisions and responds to variety of challenges Leader a person who guides or inspires others Leadership showing people how they should act, and how they can contribute Setting goals and Formulating Strategy Goal – Objective that a business hopes and plans to achieve The reason we set goals is to: Provide direction, guidance, and motivations for managers Helps firms allocate (distribute) resources (Harder goals require more capital) Defines corporate culture (set to be very competitive and all serious environment) Helps managers assess (evaluate) performance (whether the goal was reached or not it still shows how well the manager did on reaching the goal) Kinds of goals The kinds of goals vary from the types of purpose (Why the company is here) and mission statement (How will the company achieve its purpose) regardless of the purpose and mission every firm has: Long-Term Goals – Goals set for extended periods of time, typically five or more years Intermediate Goals – Goals set for a period of one to five years Short Term Goals – Typically set for the very near future, typically less than one year Strategy Outlines how it intends to meet its goals and the organizations responsiveness to new challenges and new needs. A strategy formulation involves 3 basic steps Setting Strategic Goals - Determining the organisation’s action long term goals, and taking the actions necessary to achieve those goals SWOT Analysis – After determining the strategic goals, the company analyze the organizational Strengths & Weaknesses and environmental Opportunities & Threats Environmental Analysis – Scanning the environment for threats and opportunity (Ex. The name Virgin Group became popular and many started to grow on it) Organizational Analysis – The process of analyzing firms strengths and weaknesses (capital, dedication of workforce, and managerial talent) Matching the organization
More Less

Related notes for ANTA02H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.