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Chapter 6

Chapter 6 Study guide

Management (MGT)
Course Code
Chris Bovaird

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Chapter 6 Lecture 6 Business Strategy
All businesses depend on effective management in order to be profitable. |
Regardless of the type of business, all managers perform the same tasks and have
the same responsibilities
They all develop tactical plans and strategies to achieve the common goal of
business, i.e. to maximize long term profit. The analyze their competition, plan,
organize, direct and control day to day operations
Managers including the CEO and the Board work for the owners of the business
Managers of all types of organizations essentially have the same responsibilities
Managing skills: ability to make decisions, and respond to a variety of challenges
Setting Goals and Formulating Strategy:
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