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Chapter 6

MGTA03 - Chapter 6.docx

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Volume One: Business Part 2: The Business of Managing Chapter 6: Business Strategy Setting Goals  Goals: Objectives that a business hopes and plans to achieve  Purposes of Goal Setting 1. Goal Setting provides direction, guidance, and motivation for all managers 2. Goat setting helps firms allocate resources 3. Goal setting helps to define corporate culture 4. Goal setting helps manager assess performance  Kinds of Goals o Long-Term Goals: Goals set for extended periods of time, typically five years or more into the future o Intermediate Goals: Goals set for a period of one to five years o Short-Term Goals: Goals set for the very near future, typically less than one year  Mission Statement: An organization’s strategy of how it will achieve its purpose in the environment in which it conducts its business  Strategy Formulation: Creation of a brand program for defining and meeting an organization’s goals Basic Steps: 1. Set Strategic Goals Strategic Goals: Long-term goals derived directly from a firm’s mission statement 2. Analyze the organization and analyze the environment SWOT Analysis: Identification and analysis of organizational strengths and weaknesses [internal analysis of company] & opportunities and threats [external/environmental analysis] as a part of strategy formulation Environmental Analysis: The process of scanning the environment for threats (ex. changing consumer tastes, hostile takeover offers, new government regulations, new products and new competitors) and opportunities (areas in which the firm can potentially expand, grow or take advantage of existing strengths) Organizational Analysis: The process of analyzing a firm’s strengths (surplus of cash, a dedicated workforce, an ample supply of managerial talent, technical expertise or weak competition) and weakness (an absence of any of the strengths) 3. Match the organization and its environment Matching environmental threats and opportunities with corporate strengths and weaknesses; heart of strategy formulation; lays foundation for successfully planning and conduction business 4. Formulate Strategy  Hierarchy of Plans: o Strategic Plans: Plans that reflect decisions about resource allocations, company priorities, and steps needs to meet strategic goals o Tactical Plans: Generally, short range plans concerned with implementing specific aspects of a company’s strategic plans o Operational Plans: short term targets for daily, weekly or monthly performance Volume One: Business Part 2: The Business of Managing Chapter 6: Business Strategy Levels of Strategies  Three Levels of Strategy:  Corporate-Level Strategy: Identifies the various businesses that a company will be in and how theses business will relate to each other; there are several different corporate-leve
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