MANGMT 3000 Chapter Notes - Chapter 5: Cash Flow, Performance Appraisal, Strategic Planning
Document Summary
Planning is defined as setting goals and deciding how to achieve them, or planning is coping with uncertainty by formulating future courses of action to achieve specified results. Business plan, a document that outlines a proposed firm"s goals, the strategy. Business model, outlines the need the firm will fill, the operations of the for achieving them, and the standards for measuring success. business, its components and functions, as well as the expected revenues and expenses. A strategy is a large-scale action plan that sets the direction for an organization. Strategic management is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and the strategic goals. Develop a sustainable competitive advantage: ability to produce goods or services more effectively, innovating, quality, and effectiveness. A mission statement expresses the purposes of the organization become. It is a clear sense of the future and the actions needed to get there.
