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Foundations of Planning (Steps in the Strategic Management Process (Step 1…
Foundations of Planning
Reasons for Planning
Reduce the impact of change
Minimize waste and redundancy
Provide direction
Set the standards to facilitate control
Steps in the Strategic Management Process
Step 3: Doing an internal analysis
Step 4: Formulating strategies
Step 2: Doing an external analysis
Step 5: Implementing strategies
Step 1: Identifying the organization's current mission, goals, and strategies
concern for employees
self-concept
technology
products or services
concern for public image
philosophy
concern for survival, growth, and profitability
markets
customers
Step:6 Evaluating results
Organizational Strategies
Competitive strategy
Differentiation strategy
Focus strategy
Cost leadership strategy
Stuck in the middle
Functional strategy
Corporate strategy
Renewal Strategy
Retrenchment strategy
Turnaround strategy
Stability Strategy
Growth Strategy
Vertical Integration
Horizontal Integration
Concentration
Diversification
Strategic Weapons
Social Media
Big Data
Quality
Types of Plans
Time frame
long-term(> 3 yrs)
short-terms(1yr or less)
Breadth
strategic
tactical
Specificity
directional
specific
Frequency of use
single-use
standing