MGMT 5 Lecture Notes - Lecture 5: Swot Analysis
Document Summary
Planning: a decision-making process that focuses on the future of the organization and how it will get where it wants to go. Plans: the means by which managers hope to hit desired targets. Focus on the broad future of the organization. Cover all major aspects of an organization. Are (cid:271)ased on e(cid:454)ternal anal(cid:455)ses (e. g. ; porter"s five for(cid:272)es, swot) Translate strategic plans into specific goals to be met by specific parts of the organization. Generally applied to each single business unit of an organization. Each unit is interested in how it can compete with other organization in its industry. Translate tactical plans into specific goals for individual units within a business unit. General (big- picture: five forces analysis (strategy class, swot (strategy class, scenario planning. Specific (in response to big picture: forecasting (business cycles0, benchmarking (considering competition, contingency planning (accounting for change)
