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MGTA03 Ch 6

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA03 Ch 6 Business Strategy Managers dvlp strategic and tactical plans analyze their competitive envt and plan organize direct and control daily operations Goals objectives that a business hopes and plans to achieve Goal setting is for 1 direction guidance and motivation for all managers less errors 2 helps firm allocate resources areas of large sales will get first priority 3 helps to define corporate culture rewarded success and little tolerance for failure 4 helps managers assess performanceMission statement an organizations statement of how it will achieve its purpose in the envt in which it conducts business should include companys core values and its commitment to ethics Long term goals goals set for extended periods of time typically 5 yrs into the future Intermediate goals goals set for a period of 15 yrs Short term goals goals set for the very near future typically less than 1 yr Strategy formulation creation of a broad program for defining and meeting an organizations goals how it intends to meet its goals and includes the organizations responsiveness to new challenges and goals Strategic goals are longterm goals derived directly f the firms mission statementSWOT analysis identification and analysis of organizational strengths and weaknesses and envt opportunities and threats as part of strategy formulation Environmental analysis the process of scanning the envt for threats changing consumer tastes hostile takeover new govt regulations and
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