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6 Cards in this Set
- Front
- Back
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The Strategic Management Process |
- Long run, on-going, efficient and effective. - Planning - Organization - Leading - Controlling to meet objective & mission of the firm.
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Strategic Analysis (first step in strategic planning) |
Purpose: to evaluate the present situation of the organization 1. Internal environmental Analysis ( Strength/Weaknesses) ->Management capabilities, Information technology, Marketing, Finance, Research and development, human resources) 2. External Environment Analysis (opportunities/threats) Remote Environment-> Economic, Social, Political. Industry Environment -> Task environment: Barriers to entry, supply power, buyer power, substitute availability, competitive rivalry |
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Strategic Formulation/Goals (Second step) |
Well constructed goals have 4 characteristics: 1. Precise and measurable. 2. Address critical issues. 3. Challenging but realistic. 4. Dated/Calendar sensitive.
(when you write a goal statement you need ALL 4 stages) |
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Strategic Implementation |
Action plans to tell: 1. What is to be done ( The objective/goal) 2. When (date) 3. By whom (responsible party) 4. With what support (budget) |
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Evaluation and Control |
Make adjustments and make sure that the mission will be achieved. |
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What is a Mission Statement? |
A mission statement is a general statement about the over-riding purpose and scope of the organization. It is more global in it's perspective than a goal. - Sets boundaries for organizational purview - Mandates a purpose for existence - Describes the quality of services - Sets geographical boundaries - Major emphasises or commitments - Indicates values and responsibilities of organization / owners |
