Textbook Notes (369,133)
Canada (162,403)
Business (2,391)
BU247 (55)
Chapter 1

Chapter 1: Class Notes .docx

2 Pages
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Department
Business
Course Code
BU247
Professor
Connell Mc Cluskey

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What is a strategy: A course of action, what you are going to do and what you choose not  to do  • Looking at the best fit between organizations, time frame etc…  • Process, which is a discipline, which enable an organization to develop and  implement a strategy….  PDCA CYCLE / Deming Cycle  First Phase  ▯ planned phase, we look at our objectives, what we want to achieve and how  are we going to achieve that outcome. Looking at you mission statement, strategy …  looking at industry sector and looking at themselves and see their weakness and strength   o  Budgeting  Phase two  ▯ The DO stage: day­to­day, caring out their strategy. It could be buying a  plant or anything  • Assigning tasks to employees  • Managers answering on the spot questions  • Day to day routine type decisions (marketing, selling etc… )  o Sales  Phase three  ▯ Check Stage:  periodically we are going to check and look at the result of  the strategy and the course of action. We are going to monitor (measure), what happened,  performance, what they have been able to achieve and we are going to evaluate. More  periodic (monthly, quarterly, yearly)  • Financial  o Customer profitability  o Profitability 
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