Management9

Philippine School of Business Administration

Manila, Philippines

1st Semester AY 2016-2017

Entrepreneutrial Management MW 4:00pm-5:30pm Rm:56

Name: Yagaya, Monica Date; July 04/2016

Strategy is an action that managers take to attain one or more of the organization’s goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.

The different formulation of strategy:

a. Setting Organizations’ objectives -The key component of any strategy statement is to set the long- term objectives of the organization.

b. Evaluating the Organizational Environment -The next step is to evaluate the general economic and industrial environment in which the organization operates.

c. Setting Quantitative Targets -In this step, an organization must practically fix the quantitative target values for some of the organizational objectives.

d. Aiming in context with the divisional plans - In this step, the contributions made by each department or division or product category within the organization is identified and accordingly strategic planning is done for each sub-unit.

e. Performance Analysis -Performance analysis includes discovering and analyzing the gap between the planned or desired performance.

f. Choice of Strategy -This is the ultimate step in Strategy Formulation. The best course of action is actually chosen after considering organizational goals, organizational strengths, potential and limitations as well as the external opportunities.

Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving.

Sole Proprietorship a business that legally has no separate existence from its owner. Income and losses are taxed on...