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Chapter 6&7

MGTA03 – Chapter 6 & 7

2 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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2009/11/09
MGTA03 – Chapters 6 & 7: Business Strategy & Managers and Managing
Prof. Chr is Bovaird
Business Strategy
Business strategy is general management
It is the responsibility of the Board of Directors and the CEO (both of whom work for shareholders)
Strategic management is a process and a series of activities often called the Strategic Management Model
The Strategic Management Model:
1. Determine Mission and Objectives
2. Analyze External Environments
Looking around the surrounding world and deciding what the future will be like in the industry,
will it be good or bad?
3. Analyze Internal Environments
Try to take a look at the SWOT for the business
4. Select the Competitive Strategy
5. Implement the Strategy
6. Evaluate and Control Per formance
Mission Statement
Businesses are formed by people with a purpose in mind for the business
In large, complex organizations it is often hard to see what the purpose the organization is
Therefore, strategy must begin with a clear statement of the organizations purpose and goals called its mission
Clearly articulated missions and goals...
...provide direction and guidance
...help businesses allocate resources
...defines corporate culture
...helps managers assess perfor mance
Environmental Analysis
Plans have to have some basis in reality
An organization must therefore be aware of whats going on in the world around it
Businesses use a variety of analytical models and tools to assess, “Where are we now?”
Strategic Choice
Once you know, “Where do I want to do? and “Where am I now?”...
You can make choices about, How do I get there from here?”
Managing
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Description
20091109 MGTA03 Chapters 6 & 7: Business Strategy & Managers and Managing Prof. Chris Bovaird Business Strategy Business strategy is generalgement It is the responsibility of the Board of Directors and the CEO (both of whom work for shareholders) Strategic management is a process and a series of activities often called the Strategic Management Model The Strategic Management Model: 1. Determine Mission and Objectives 2. Analyze External Environments Looking around the surrounding world and deciding what the future will be like in the industry, will it be good or bad? 3. Analyze Internal Environments Try to take a look at the SWOT for the business 4. Select the Competitive Strategy 5. Implement the Strategy 6. Evaluate and Control Performance Mission Statement Bus
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