MANGT 420 Ch. 5 - Chapter 5 Planning-setting goals and...

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Chapter 5 Planning -setting goals and action steps to achieve those goals. -business plan: document that outlines proposed firm goals -business model: outlines the need the firm will fill Business Plan (basic idea behind your business)-propose what you would do, strategy for achieving them, standards for measuring success. Business Model -all of the details, need the firm will fill, business operations, expected profit, how your market will be different. Strategy -large scale action plan, sets direction for your company Strategic Management -process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. 1. Provides direction and momentum 2. Encourages new ideas 3. Helps develop a sustainable competitive advantage Planning Process - BIG PICTURE (all of the statements) Wells Fargo in Class Mission - Helping our customers and business in the “real economy” ???? They don’t have one. Vision - We want to satisfy our customers’ financial needs and help them succeed financially.
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