MGMT 386 Lecture Notes - Lecture 12: Financial Audit, Swot Analysis
the art and science of formulating, implementing, and evaluating cross-functional decisions that enable
an organization to achieve its objective.
Strategic Formulation
deciding what new businesses to enter, what to abandon, hot to allocate resources, and whether to
expand or diversify
Strategic Implementation
managing forces during action (organizational structure, resource allocation, policies, and objectives)
Strategic Evaluation
financial measurement, innovation, employee satisfaction & engagement, monitoring and gauging
strategic impact of macro trends
Vision Statement
concise desired end-state for an organization
Should include:
Core Ideology (Values and Purpose)
Envisioned Future (BHAG and Vivid Description)
Mission Statement
describes an organization's purpose and products - why the organization exists
External Audit
finding the opportunities and threats that influence an organization from the outside
Key External Forces
1. Economic
2. Social/Culture
3. Political
4. Technological
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Document Summary
The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objective. Strategic formulation deciding what new businesses to enter, what to abandon, hot to allocate resources, and whether to expand or diversify. Strategic implementation managing forces during action (organizational structure, resource allocation, policies, and objectives) Strategic evaluation financial measurement, innovation, employee satisfaction & engagement, monitoring and gauging strategic impact of macro trends. Vision statement concise desired end-state for an organization. Mission statement describes an organization"s purpose and products - why the organization exists. External audit finding the opportunities and threats that influence an organization from the outside. Key external forces: economic, social/culture, political, technological, competitive. Internal audit focuses on identifying weaknesses and strengths within an organization. Distinctive competencies strengths that cannot be easily matched or imitated by competitors. I/o view external forces are more important than internal. Resource-based view internal resources are more important than external.
