MGTS1301 Lecture Notes - Lecture 7: Fallacy, Bargaining Power, Swot Analysis
Document Summary
Strategy process: evaluate current mission goals, analyse the strengths, weaknesses, opportunities and threats (swot) in the internal and external environment, define new mission, goals, grand strategy, formulate new strategy: corporate, business, functional level, implement change structure, leadership, resources. Strategy formulation: mission the organisation"s reason for being, goals e. g profitability, market share, innovation, existing strategy their current plan of action to achieve the mission and goals. Lego"s previous strategy formulation: mission lego sought to be best-known, most popular brand among children & families, goals increased brand recognition, market share, & profits by 2005. Internal environment: strengths, weaknesses, external environment, opportunities, threat. Increased competition from low cost toy companies: saturated market, electronic games may decrease customer interest in lego brick product. It provides it with a distinctive edge in the market place: this is what sets the organisation apart from others, building synergy, delivering value to customers, exploiting a core competency.
