Professional Documents
Culture Documents
NOTES
Managerial policy is a process
Vision
Mission
Internal Environment
Goals
Objectives External environment
Strategies
Policies and procedures
Tactics
Feedback
Strategic Management
Strategic management is the establishment of objectives and the formulation, evaluation and
selection of the policies, strategies, tactics and actions required to achieve them.
What is management?
Perform activities in a systematic manner
Leading, organizing and controlling Need wants consumption production
Why management establish economy
In order to produce goods and services in an organization or within a specified boundries.
What is organization?
Group of people working together to achieve something
Vision statements
What do we want to become
How the world would be
In order to change the world
To make a difference in the world
Organization creates to fulfil the vision
To implement some change
Clear vision provides the foundation for developing a comprehensive mission statement.
Vision statement should be established first and foremost
The vision statement should be short, preferably one sentence
For many, if not most, corporations, profit rather than mission or vision is the primary
motivator.
But profit alone is not enough to motivate people. Profit is perceived negatively by many
stakeholders of a firm
For example, employees may see profit as something that they earn and management then
uses and even gives away to shareholders. although this perception is undesired and
disturbing to management, it clearly indicates that both profit and vision are needed to
motivate a workforce effectively
At a minimum, a vision statement should reveal the type of business the firm engages
MANAGERIAL POLICY
NOTES
Mission statement (creed statement)
What is our business?
What you want to do
Path or direction towards vision
An organisation's mission identifies the overriding purpose of the organisation, and what the
organisation is trying to achieve. Mission is sometimes described in relation to the questions of
'What is the organisation for?' or 'What business are we in?'
(a) Purpose. Why does the company exist? Who does it exist for?
To create wealth for shareholders, who take priority over all other stakeholders?
To satisfy the needs of all stakeholders, including employees, for example?
To reach some higher goal such as the advancement of society?
(b) Values are the beliefs and moral principles that underlie the organisation's culture.
(c) Strategy provides the commercial logic for the company (the nature of the organisation's
business), and so addresses the following questions: 'What is our business? Or, what should it be?'
What are our elements of sustainable competitive advantage?
When answering these questions, the mission should look at them from the customer's perspective.
(d) Policies and standards of behaviour provide guidance on how the organisation's business should
be conducted. For example, a service industry that wishes to be the best in its market must aim for
standards of service, in all its operations, which are at least as good as those found in its
competitors.
Global treaties/environment
Important for businesses as well as government also
FATF issue
FECTA Document
Visa requirement
European countries banned
Pakistan export
Politics
IMF
WHO FATF
UN
Laws and Regulations
Export Policies
International Buyer Standards
Legal Environment
Economy
Consumer purchasing behaviour
Consumer buying power
GDP
Reserves (Forex)
Inflation
Deficit
MANAGERIAL POLICY
NOTES
Balance of Trade
Per Capita Income
Purchasing power parity
Import
Export
remittances
Social/ Culture
Believes
Traditions
Customs
Values
GDP-STEEL
Global
Demographic
Political
Social/culture
Technology
Economy
Environment
Legal/laws
Market Offerings
Core Product
Basic Product
Generic Product
Augmented Product
Potential Product
Porter’s Five Forces
Consumer Market
Consumer market are those market where people buy for its own consumption.
Business Market
Buy something to sell further.