COMMERCE 2BC3 Lecture Notes - Lecture 4: New Product Development, Swot Analysis, Strategic Planning

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Strategic planning groups decide on a strategic direction by defining the company"s mission and goals, its external opportunities and threats, and its internal strengths and weaknesses. The organization follow through on the strategy that has been chosen. This includes structuring the organization, allocating resources, ensuring that the firm has skilled employees in place, and developing reward systems that align employee behaviour with the strategic goals. Organization goal: what an organization hopes to achieve in the medium- to long- term future. Four components: opportunity - external, threat - external, strengths - internal, and weaknesses - internal. After the strategy has been chosen, the execution of the strategy. Apple doesn"t hold a minimum threshold for gpa. Goldman sachs things gpa is the most important criteria for campus recruitment. Superior firm performance and sustainable competitive advantage occurs when organization have resources that are. Rate - available to one or few org"s. Requires well-managed, highly skilled workforce = intangible assets.

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