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Foundations of Planning - Coggle Diagram
Foundations of Planning
strategic management
- Definition: This is what managers do to develop an organization’s strategies.
- Organizational strategies are the plans for how the organization will do its activities, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goals.
Why is strategic management important?
- It can make a difference in how well an organization performs.
- Managers in organizations of all types and sizes continually face changing situations.
- Organizations are complex and diverse.
What are the steps in the strategic management process?
The strategic management process is a six step process that includes strategy planning, implementation, and evaluation. The first four steps describe the necessary planning.
Process:
- Identify the organization’s current mission, goals, and strategies;
- External analysis which concerns opportunities and threats;
- Internal analysis which concerns strengths and weaknesses;
- Create strategies;
- Implement strategies;
- Evaluate results.
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