Notes Chapter 5.docx - PLANNING Planning Coping with uncertainty by formulating future courses of action to achieved specified results Business Plan A

Notes Chapter 5.docx - PLANNING Planning Coping with...

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PLANNING Planning - Coping with uncertainty by formulating future courses of action to achieved specified results. Business Plan - A document that outlines a proposed firm's goals, the strategy for achieving, 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 Strategy - A large- scale action plan that sets the direction for an organization. STRATEGIC MANAGEMENT Strategic Management - A process that involves managers from all parts of the organizations in the formulation and the implementation of strategies and strategic goals. PLANNING & STRATEGIC MANAGEMENT 1. Establish the mission and Vission. 2. Access the current reality. 3. Formulate the grand strategy & strategic, tactical, & operatinal plans. 4. Implement the strategy. 5. Maintain strategic control. IMPROTANCE OF PLANNING & STRATEGIC MANAGEMENT Provide direction and momentum Encourage new ideas Develop a sustainable competitive ENCOURAGING NEW IDEAS Strategy Innovation - The ability to reinvent the basis of competition within existing industries.
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