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Chapter 6

Chapter 6 - Business Strategy, Chapter 7 - Managers and Managing, Chapter 8 - Organizing the Business Enterprise, Chapter 9 - Managing Human Resources, Chapter 10 - Motivating and Leading Employees

9 Pages

Management (MGT)
Course Code
Chris Bovaird

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Chapter 6 - Business Strategy Goals - Objectives that a business hopes and plans to achieve Setting Goals Purpose of setting Goals: 1. Goal setting provides direction, guidance, and motivation for all managers 2. Goal setting helps firms allocate resources 3. Goal setting helps to define corporate culture 4. Goal setting helps managers assess performance Kinds of Goals Mission Statements - An organizations statement of how it will achieve its purpose in the environment in which it conducts its business Long term goals - Goals set for extended periods of time, typically five years or more Intermediate Goals - Goals set for a period of one to five years Short term Goals - Goals set for the very near future, less than one year Strategy Formulation - Creation of a broad program for defining and meeting an organizations goals Strategic Goals - Long-term goals derived directly from a firms mission statement SWOT Analysis - Identifications and analysis of strength, weaknesses, opportunities and threats Environmental Analysis - the process of scanning the environmental for threats and opportunities Organizational Analysis - The process of analyzing a firms strengths and weaknesses Hierarchy of Plans - Strategic plans - reflect decisions about resources allocations, company priorities, and steps needed to meet strategic goals - Tactical Plans - Generally, short range plans concerned with implementing specific aspects of a companys strategic plans - Operational Plans - setting short term targets for daily, weekly, or monthly performance Levels of Strategies - Corporate level strategy - Identifies the various businesses that a company will be in, and how these businesses will relate to each other - Concentration - involves focussing the company on one product of product line - Growth - Market Penetration - Boosting sales of present products by more aggressive selling in the firms current markets - Product development - Developing improved products for current markets - Geographic expansion - Expanding operations in new geographic areas or countries - Integration - Horizontal Integration - Acquiring control of competitors in the same or similar markets - Vertical Integration - Owning or controlling the inputs to the firms process and or the channels through which the products or services are distributed - Diversification - Expanding into related or unrelated products or market segments - Investment Reduction -reducing the companysinvestment in one or more of its lines of business - Business-level (Competitive) strategy - Identifies the ways a business will compete in its chosen line of products or services - Cost Leadership - becoming the low cost leader in an industry - Differentiation - A firm seeks to be unique in its industry in some what that is valued by buyers - Focus - selecting a market segment and serving the customers in that market niche better than competitors - Functional Strategies - Identify the basic courses of action that each department in the firm will pursue so that if contributes to the attainment of the businesss overall goals www.notesolution.com
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