MGT-2010 Chapter Notes - Chapter 6: Swot Analysis, Strategic Planning, News Leak
9 Mar 2018
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Strategic positioning: attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company--- performing different activities from rivals, or performing similar activities in different ways . Strategic planning was appropriate not just for large firms, but small firms as well, although the improvement in financial performance was small. Step 1: establish the mission & the vision: Mission: the organization"s purpose or reason for being---expressed in the mission statement. Vision: long-term goal describing what it wants to become---expressed in the vision statement (describes long-term direction and strategic intent) Current reality assessment: (organizational assessment) to look at where the organization stands and see what is working and what could be different so as to maximize efficiency and effectiveness in achieving the organization"s mission. Tools for assessing include swot analysis, forecasting, benchmarking, and porter"s model for industry analysis. Translate the broad mission and vision statements into a grand strategy.
