The strategy statement of a firm sets the firm’s long-term strategic direction and broad policy directions. It gives the firm a clear sense of direction and a blueprint for the firm’s activities for the upcoming years. The main constituents of a strategic statement are as follows: Show
Authorship/Referencing - About the Author(s)The article is Written By “Prachi Juneja” and Reviewed By Management Study Guide Content Team. MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. We are a ISO 2001:2015 Certified Education Provider. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link(s) to ManagementStudyGuide.com and the content page url. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a target="_blank" href="https://www.managementstudyguide.com/importance-of-vision-and-mission-statements.htm" id="next">next</a> </div> <script src="https://code.jquery.com/jquery-2.1.4.min.js" type="95e075db559d76dc77f04f31-text/javascript"> <script type="95e075db559d76dc77f04f31-text/javascript"> What phrase is used to define the things that world class companies do better than others?"Best practices" is a term that can be applied broadly and across a swath of industries. In the world of business, the phrase is used in connection with everything from project management to audit functions to explain the most efficient method of completing a business task.
Which of the following refers to the process of setting goals and objectives and determining how do you accomplish them?Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives.
Which type of planning identifies alternate courses of action that can be taken if and when certain situations arise?A contingency plan is a course of action designed to help an organization respond effectively to a significant future incident, event or situation that may or may not happen.
Which of the following management functions deals with creating company goals?Planning. One main role of a manager is creating a plan to meet company goals and objectives. This involves allocating employee resources and delegating responsibilities, as well as setting realistic timelines and standards for completion.
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