MGTA05H3 Lecture Notes - Lecture 10: Pest Analysis, Perfect Competition, Strategic Management
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MGTA05H3 Full Course Notes
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Document Summary
Strategy: a coherent sequence of planned activities intended to realize a large or long-term goal. Strategic management: the activities undertaken by an organization"s senior managers to determine the organization"s long-term goals and objectives (where are we going -> where are we now -> how do we get there) Leadership: the art of guiding or inspiring others to follow. Mission statement: the articulation of an organization"s mission. Mission is the reason why a business exists and the goals that it"s trying to accomplish. 3 generic strategies: cost leadership: a strategy that attempts to produce goods and services at the lowest possible cost, and to sell them to customers at a lower price than competitors. Targets cost-conscious or price sensitive customers. (i. e. walmart, It takes place in oligopolies or monopolistically competitive market. Relies on customer loyalty. (i. e. apple, mercedes benz, starbucks coffee: focus(niche): a strategy that concentrates on serving a particular market whose consumers have particular needs (i. e. neighborhood convenience store,
