Textbook Notes (378,338)
CA (167,126)
UTSC (19,207)
MGT (1,095)
MGTA01H3 (583)
Chapter

Ch 6&7 Notes

11 Pages
72 Views

Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Operational Plans: set short-term targets for daily, weekly, or monthly performance
(middle- and lower level managers)
Levels of Strategies:
1) Corporate-Level Strategy: Identifies the various businesses that a company will be in,
and how these businesses will relate to each other
Concentration Strategy: focusing the company on one product or product line
o Examples: McDonald!s
o Advantage: company can focus on its strengths
o Disadvantage: risk of having “all the eggs in one basket”
Growth: internal activities to grow use a number of strategies listed below
o Market Penetration: boost sales of present products by more
aggressive selling in the firm!s current markets
o Product Development: developing improved products for current
markets
o Geographic Expansion: expanding operations in new geographic areas
Integration: external activities which result in growth
o Horizontal Integration: acquiring control of competitors in the same
market with the same product
o Vertical Integration: owning the inputs to the firm!s processes or the
channels through which the products or services are distributed
Diversification: expanding into related or unrelated products/markets
o Related diversification vs. conglomerate diversification
Investment Reduction: reducing the a company!s investment in one or more lines of
business
o Retrenchment: reduction of activity and operation
o Divestment: selling or liquidation of a part of a business
2) 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
Focus: selecting a market segment and serving the customers in that market niche
better than competitors
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3) Functional Strategy: Identifies the courses of action that each department in the firm
will pursue so that it contributes to the attainment of the business!s overall goals
Management Process
Management: The process of planning, organizing, leading and controlling a business!s
financial, physical, human and information resources in order to achieve its goals
Planning: developing what the business needs to do and the best way to
achieve it
Step 1: goals are established for the organization
o Step 2: managers identify whether a gap exists between the
company!s desire and actual position
Step 3:managers develop plans to achieve the desired objectives
Step 4: the plans that have been decided upon are implemented
Step 5: the effectiveness of the plan is assessed
Organizing: mobilizing the necessary resources to complete a particular task
Leading: guiding and motivating employees to meet the firm!s objectives
Controlling: monitoring the firm!s performance and acting to bring it in line with
the firm!s goals
Establish standards measure performance continue activities or adjust performance
Types of Management:
! Top Managers: responsible for a firm!s overall performance and effectiveness and
for developing long-range plans for the company
! Middle Managers: implementing the decisions made by top managers
! First-Line Managers: supervising the work of employees
Areas of Management:
! Marketing Managers: pricing, promoting and distribution of product or service
! Financial Managers: investment and accounting functions
! Operations Managers: production and inventory control
! Human Resource Managers: assisting other managers in hiring, training, evaluation
! Information Managers: create systems to gather, process and disseminate
information
Basic Management Skills:
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Description
www.notesolution.comOperational Plans: set short-term targets for daily, weekly, or monthly performance (middle- and lower level managers) Levels of Strategies: 1) Corporate-Level Strategy: Identifies the various businesses that a company will be in, and how these businesses will relate to each other Concentration Strategy: focusing the company on one product or product line o Examples: McDonalds o Advantage: company can focus on its strengths o Disadvantage: risk of having all the eggs in one basket Growth: internal activities to grow use a number of strategies listed below o Market Penetration: boost sales of present products by more aggressive selling in the firms current markets o Product Development: developing improved products for current markets o Geographic Expansion: expanding operations in new geographic areas Integration: external activities which result in growth o Horizontal Integration: acquiring control of competitors in the same market with the same product o Vertical Integration: owning the inputs to the firms processes or the channels through which the products or services are distributed Diversification: expanding into related or unrelated productsmarkets o Related diversification vs. conglomerate diversification Investment Reduction: reducing the a companys investment in one or more lines of business o Retrenchment: reduction of activity and operation o Divestment: selling or liquidation of a part of a business 2) Business-LevelCompetitive 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 Focus: selecting a market segment and serving the customers in that market niche better than competitors www.notesolution.com
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