MGM101H5 Lecture 7: Chapter 7: Planning and Business Strategy
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MGM101H5 Full Course Notes
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Document Summary
Fundamental principals for long-term success of an organization: ability to create a strategic direction and market position (strategic plan, ability to execute core tactical initiatives within plan. Customized for each business given market conditions and desired goals. Understanding what opportunities exist in market place and which to pursue. Mission: organization"s purpose/reason for existence; company"s broad goals. Vision: a forward-thinking statement that defines what a company wants to become and where it"s going: markets. Markets the business sees itself competing in. Harvesting: reducing focus in a certain market given perceived weak future growth or profitability potential: products & services. Review of current and potential new products/services: resources. Allocation of a business"s resources in support of strategic decisions: business system configuration. Modifying infrastructure and system to ensure success of plan: responsibility & accountability. Identifying key objectives to be achieved and who"s responsible. A business"s strategic plan is its roadmap to success.
