Management and Organizational Studies 3322F/G Chapter 2: Chapter 2

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3322F/G
• Professor: Maxwell Smith

Document Summary

All business planning is an integrated process that involves planning at three levels of an. Strategic planning (corporate strategy) = the process of determining objectives (setting goals) and identifying strategies (ways to achieve goals) and tactics (specific action plans) to help achieve objectives. Objectives: statements of what is to be accomplished in terms of sales, profit, market share, and other measures. Strategies: statements that outline how the objectives will be achieved, such as the direction to be taken and the allocation of resources needed to proceed. Tactics (execution): action-oriented details that outline how a strategic plan will be implemented. Strategic planning is a cyclical process; occurs on annual basis usually influenced by changes in economy, in laws and regulations governing business practices, etc. General state of the economy has a direct impact on how aggressive or conservative a company is with its business plan.