MGT-2010 Chapter Notes - Chapter 6: Jiffy Lube, Carmike Cinemas, Competitive Advantage
24 Dec 2015
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Document Summary
Business plan: a document that outlines a proposed firms goals, the (cid:1) strategy for achieving them, and the standards for measuring success (cid:1) (cid:1) Strategy: large scale action plan that sets direction for an organization. Strategy, strategic management, and strategic planning: educated guess: what must be done long term. Strategic management: a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. Strategic planning: determines not only the long term goals in the next. 1-5 years but how the organization will achieve them. Why strategic management and strategic planning are important. Can help people focus on the most critical problems, choices, and. Can create teamwork, promote learning, and build commitment opportunities across the organization. By stressing the importance of innovation in regards to long-range success a manager can encourage new ideas. New ideas can fuel a slow/fast growing organization forward.
