Chaps+6+%26+7+-+Strategy+%26+Managing - MGTA03 – Intro to...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: MGTA03 – Intro to Management MGTA03 Chapter 6 – Business Strategy Mission – Where Are We Going? Environment Analysis – Where Are We Now? Strategic Choice – How Do We Get There? Strategy = General Management Strategy Businesses formed by people with a purpose In large, complex organisations: hard to see what purpose is In large, complex world: hard to see how to accomplish that purpose Someone has to see the BIG picture. Strategy = General Management Strategy Business Strategy is general management Business general “Seeing the big picture, taking the long view“ Strategy is responsibility of Board, and CEO Boards and CEOs work for shareholders Boards (i.e. OWNERS of business) OWNERS Purpose: maximise long-term profit Strategy – A Logical Process Strategy Strategic management is a process. Strategic process It is series of activities: series Often called: "The Strategic Management Model“ "The Strategic Management Model Strategic Determine Mission & Objectives Determine Where are Where we going? we Analyse External Environments Analyse Analyse Internal Environments Analyse Where are Where Select the Competitive Strategy Select Implement the Strategy Implement Evaluate & Control Performance Evaluate How do How we now? we we get we there? there? Strategic Management - Mission Strategic Businesses formed by people with a purpose In large, complex organisations: hard to see what purpose is Management must begin with clear idea, clear statement of organisation’s purpose clear And goals. Called MISSION MISSION Strategic Management – Mission Strategic Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind. Seneca You’ve got to be very careful if you don’t know where you are going, because you might not get there. Yogi Berra Communicating Mission – Why? Communicating Leader: a person who rules or guides or Leader: inspires others inspires "Leadership is ultimately about creating a way for people to contribute to making something happen“ something Communicating Mission – Why? Communicating Clearly articulated mission and goals: Provides direction and guidance Helps business allocate resources Helps managers assess performance Mission Statement - Example Mission Royal Bank of Canada Canada's premier financial services Canada's premier financial provider, with committed people working as a team to create customer service and shareholder value and shareholder ….discuss Environmental Analysis Environmental Plans must have basis in reality Organisation must be aware of what’s going on in the world around it Businesses use variety of analytical models and tools to assess: “Where are we now?” Strategic Choice Strategic Once you know: “Where do I want to go?” “Where am I now?” You can make choices about: “How do I get there from here?” In-Class Exercise In-Class Defining Your Mission / Goals To illustrate the hierarchy of mission, To goals, and tactics, we will take 10 minutes to do a personal exercise. minutes Please enjoy this exercise, and do it Please thoughtfully. thoughtfully. MGTA03 – Intro to Management MGTA03 Chapter 7 - “Managers & Managing" Managing - a 4 stage process: Planning Organising Leading Controlling Planning Planning Determining what needs to be done, and the best way to achieve it. “Get up, get dressed, have your breakfast Get and be ready to get in the car by 10 o’clock. We want to be at your Grannie’s house by 11.00” house Organising Organising Mobilizing the necessary resources to Mobilizing complete the task complete “I’ve laid out your best shorts, and your new I’ve shoes. I’ve run your bath. I’ll go downstairs and iron your shirt. I’m glad I took you to have your haircut last Wednesday.” have Leading Leading Guiding and motivating your subordinates to meet the organisation’s objectives. How: How: teaching and demonstrating teaching leading by example “Shake hands with your Uncle like I did.” “I don’t like peas either, but your Gran made them so I’m going to eat them. It’s polite” Controlling Controlling Monitoring performance and, if necessary, acting to bring them in line with the organisation’s goals. “Did you wash your hands? Show me.” “Those hands aren’t very clean. Go back and do it again. This time…use soap!” ...
View Full Document

This note was uploaded on 06/18/2011 for the course MGT a03 taught by Professor Bovaird during the Spring '11 term at University of Toronto.

Ask a homework question - tutors are online