MGM101H5 Chapter Notes - Chapter 7: Social Economy, Strategic Planning, Competitive Advantage
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MGM101H5 Full Course Notes
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Mission statements usually identify the board goals around which a company was formed. A fundamental underlying element to the success of a business strategy is to identify the key objectives to be achieved and who will be responsible for their attainment. What threats must we respond to: implement our strategy: how do we develop the strategic thrusts and tactics to achieve our objectives and successfully execute the plan. The i/e (internal/external) analysis is all about assessing business risk and change in four key areas. These areas are identified as macroeconomic, industry, competitor, and company. The external portion of the i/e analysis focuses on understanding what is influencing markets today and what will influence them going forward. Swot stands for strengths, weaknesses, opportunities, and threats. At the industry level, our main focus would be on porter"s five forces. Businesses need to anticipate and react to new initiatives and changes in strategy and market positioning by their competitors.