Essay Swot Analysis : Strategic Management

1971 Words Jun 8th, 2016 null Page
Strategic Management
1. In this video, Erica Olsen clearly and accurately explains the notion of the strategic management process by means of schemes. First, a company should determine the mission statement that clarifies its paramount goal. It is important to identify the starting point from both internal and external angles including staff, customers, competitors, and other integral issues of any organization. The information presented is synthesized in Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis suggesting the possibility of assessing the actual situation and the company 's strategic outlook derived from a study of the advantages, disadvantages, market opportunities, and risks of the company (Hitt, Ireland, & Hoskisson, 2015). SWOT analysis has managerial and strategic values binding together the factors of internal and external environment and planning potential resources and capabilities. Therefore, one clarifies the vision of the organization and can move to the planning process.
After that, it is essential to designate the long-term strategic target that would comprise finance, customer, operational excellence, and people. The overall target should be divided into several short-term goals applying Specific, Measurable, Actionable, Realistic, and Time-Bound (SMART) goals tool (Hill, Jones, & Schilling, 2015). Olsen states that it is better to set SMART goals for each year of operation both on functional and individual levels (Virtual Strategist,…

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