Reporter 1 Corporate Level Flashcards
Refers to activities or processes which ensures that comprehensive plans formulated at the three levels of management are efficiently executed to achieve the goals and objectives of the company
Strategic Implementation
Involves a series of processes to achieve a particular goal
Implementation
Types of Business organization
- Sole proprietorship
- Partnership
- Corporation
Business organization may engage in
- Merchandising
- Service
- Manufacturing
Elements that influence the ability of a business organization
- Patterns of relationship
- Management control system
- Leadership style
- Reward and career system
- Corporate governance
Exist because of the adopted formal structure, which is reflected in an organizational chart
Formal relationships
Are created because of informal groups existing and operating in a company
Informal relationships
Different organizational structure that influence the patterns of relationship of people
- Flat structure
- Functional structure
- Divisional structure
- Matrix structure
Exist when there are only few or no layers of management between the managers and employees
Flat structure
Is divided into small units with specific functions such as marketing and finance
Functional structure
Large companies that operates across geographical areas or worldwide adopt a divisional structure where their business activities are divided
Divisional structure
Is a hybrid of the functional and divisional structure
Matrix structure
A tool that collects and uses information to assist management in monitoring and reviewing the activities and performances of diff functional units
Management control system
Practiced in a company greatly influences the degree and seriousness of strategic management implementation
Leadership style
Is a critical factor in the effective implementation of strategic management
Reward and career system
Provides job security and opportunities for career advancement
Reward and career system
Refers to the relationships among shareholders, the board of directors and the management in terms of function, roles, respon and acc
Corporate governance
The one who implement company’s strategy
- CEO
- COO
- PRESIDENT
- VICE PRES
- SENIOR MANAGERS
A corporate level strategy is implemented through the formulation of the following
- Vision and mission
- Goals and objectives
- Strategy and policies
What does the business want to become?
Vision
What is our business now?
Mission
To improve the business profitability level
To increase the company’s market share
Goals and objectives
Is a plan formulated to effectively achieve a company’s mission and objectives through the efficient utilization of resources
Strategy
Are internal broad guidelines intended to support the formulation of a strategy in order to achieve organizational goals and objectives through the proper utilization of resources
Policies
Overall direction of a company
Vision
Purpose of a company’s existence
Mission
Broad results to accomplish
Goals
Specific results to achieve
Objectives
Plan to achieve the goals and objectives
Strategy
Broad guidelines to support the strategy
Policies
