COMM 103 Lecture Notes - Lecture 4: Pest Analysis, Strategic Planning, Swot Analysis
Document Summary
Long term success of an organization and its ability to evolve and grow is determined by its strategic plan and execution. 6 key core elements to develop strategy: define your purpose: mission statement (defines purpose) and vision statement (fwd thinking, what you want to become, markets: assess current markets and new ones. Harvesting: a strategy that reduces a commitment to a weakening market, with little future or profitability growth: products: which ones to stay in the portfolio, r&d adjustments. Services: customers offered payments or financning options: resources: allocate the limited resources, business system configuration: modifying the organizations infrastructure (ie: changing distribution, warehousing, delivery, assembly, responsibility and accountability: roles and how eveyrones success is measured. Revisit your purpose: asses the fit of the mission and vision. Internal and external analysis (company swot, 3c) and (pestel, porters 5 forces, Strategy implementation: develop the plan and indicate kpis and monitor them.
