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STRATEGIC MANAGEMENT PROCESS (6) (Step 3: Doing an internal analysis…
STRATEGIC MANAGEMENT PROCESS (6)
Step 1: Identifying the organization’s current mission, goals, and strategies
Goals
: Measurable performance targets :checkered_flag:
Strategies
: whether they need to be changed :question:
Mission
: a statement of its purpose :goal_net: => identify what to do
Step 5: Implementing Strategies
strategies :red_cross: implemented properly =>
bad performance
Step 2: Doing an
EXTERNAL
analysis
PESTEL
sociocultural :customs:
technological :computer:
economic :moneybag:
environmental :sunrise_over_mountains:
political :female-police-officer::skin-tone-2:
legal :no_entry:
5 FORCES
Threat of New Entrants
Threat of Substitutes
Bargaining Power of Buyers
Bargaining Power of Suppliers
Current Rivalry
specific + general
environments
Opportunities
: positive trends :tada:
Threats
: negative trends :warning:
Step 3: Doing an internal analysis
resources
financial, physical, human, and intangible assets
“what” the organization has :silhouette: :house_with_garden: :moneybag:
capabilities
skills and abilities
“how” it does its work
core competencies
strengths
weaknesses
Step 4: Formulating strategies
Select appropriate strategies for all levels
strengths :link: environmental opportunities
Develop+ evaluate strategic alternatives
Correct weaknesses :crossed_swords: threats
Step 6: Evaluating Results
How effective have the strategies been at helping the org reach its goals?
What adjustments are necessary?
activities does well/ unique resources
create value for customer :smiley:
strengthen the competitive position
Activities doesn't do well/
resources needs but :red_cross: possess
place the firm at a competitive
disadvantage
may or may not affect the firm
costs + brand loyalty
easy or difficult to enter market ???
major value-creating capabilities that determine competitive weapons :dagger_knife:
Steps 2+3 = SWOT analysis
Strengths, Weaknesses,
Opportunities, and Threats