COMM 103 Lecture Notes - Lecture 6: Monopolistic Competition, Enterprise Risk Management, Pest Analysis
1 Mar 2017
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Document Summary
The development of an organization"s business strategy is one of the most important responsibilities of a senior management team or business owner. Managers need to have a game plan. Well-directed and positioned strategy + efficient and effective tactics. Strategies are generally customized or each business. Business strategy is about understanding what opportunities exist in the marketplace and which ones should be perused. For businesses, a strategic plan is the road map to success. The following represents a general overview of the steps associated with the development of a strategic plan: Is about assessing business risk and change in four key areas: macroeconomics, industry, competitor, company. External portion: focuses on understanding what is influencing markets today and what will influence them going forward, identify anticipated moves by major and up-and-coming competitors. A customer analysis focuses on trying to identify what shifts have taken place in our customer base in terms of attitudes, behaviors, and needs.
