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Planning (Strategies (Strategic weapons (Customer Service, Employee skills…

- - - - Rigidity
      - Cant replace intuition and creativity
      - Reinforces success
- - - - Step 4: Formulate strategies
        
        Step 5: Implement
        
        Step 6: Evaluate
- - - - Concentration
      - Vertical
      - Horizontal
      - Diversification
    - - Retrenchment
      - Turnaround

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Planning

Planning

Forms

Informal

Formal

Generic

Smaller biz

Not written down

Written down

Specific goals

Criticisms

Rigidity

Cant replace intuition and creativity

Reinforces success

Strategic management

Why important

Positive impact

Cope with changing situations

Guides for future action

Step 1: Identify MGS

Step 2 & 3: SWOT

Step 4: Formulate strategies

Step 5: Implement

Step 6: Evaluate

Strategies

Corporate

Functional

Growth

Concentration

Vertical

Horizontal

Diversification

Stability

Renewal

Retrenchment

Turnaround

Competitive

Supporting departments

Strategic weapons

Customer Service

Employee skills

Innovation

Quality

Social Media

Big data

Goals

Types

Financial versus strategic

Stated versus real

Traditional

Management objectives

Individual

Departments

Division

Management objective

Goal specificity

Participative decision making

Explicit time period

Performance feedback

Plans

Strategic

Tactical