What is a cluster of decisions and actions taken by management to ensure that the goals of the Organisation are attained?

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Terms in this set (4)

Strategy

is a cluster of related managerial decisions and actions to help an organization attain one of its goals. A cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals.

Four main reasons planning is important:

1. To give the organization a sense of direction and purpose. A plan states what goals an organization is trying to achieve and what strategies it intends to use to achieve them.
2. A useful way of getting managers to participate in decision making about the appropriate goals and strategies for an organization. Effective planning gives all managers the opportunity to participate in decision making.
3. Helps coordinate managers of the different functions and divisions of an organization to ensure that they all pull in the same direction and work to achieve its desired further state.
4. Can be used as a device for controlling managers within an organization. A good plan also specifies who bears the responsibility for putting the strategies into action to attain the goals.

Business-level plan

that details (1) the long-term divisional goals that will allow the division to meet corporate goals and (2) the division's business-level strategy and structure necessary to achieve divisional goals. Divisional managers' decisions pertaining to divisions' long-term goals, overall strategy, and structure.

Why do companies reinvest profits?

Most growing companies reinvest their profits to strengthen their competitive position in the industry in which they are currently operating; in doing so, they pursue the corporate-level strategy of concentration on a single industry. Most commonly, an organization uses its functional skills to develop new kinds of products, or it expands the number of locations in which is uses those skills.

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Is a cluster of decisions about what goals to pursue what actions to take and how do you use resources to achieve goals?

What is one of the goals of business level planning?

Which of the following management function specifies goals to be achieved and decides in advance the appropriate actions to achieve those goals?

What function in management that is responsible in gathering of resources carrying out of activities and allocating resources for effective and efficient attainment of goals?