MGT-2010 Chapter Notes - Chapter 5: Vision Statement, Strategic Planning, Strategic Management
8 Feb 2017
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Document Summary
Planning, strategy, & strategic management: planning: coping with uncertainty. Planning is defined as setting goals and deciding how to achieve them or coping with uncertainty by formulating future courses of action to achieve specified results. Blueprint for action that describes what you need to do in order to achieve your goals. Business plan is a document that outlines a proposed firm"s goals, the strategy for achieving them, and the standards for measuring success. Business model outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses: strategy: large-scale action plan. Strategy is a large-scale action plan that sets the direction for an organization: strategic management: involving all managers in strategy. Strategic management is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. Operational planning done by first-line managers tactical planning middle managers.
