MGM101H5 Study Guide - Midterm Guide: Swot Analysis, Strategic Planning, Pest Analysis
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MGM101H5 Full Course Notes
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2 fundamental principles for long term success: ability to have a strategic plan, ability to execute that plan. Business strategy in simple terms: (where to play and how to win: what opportunities exist, what opportunities can we pursue, what opportunities can we choose, what action path will we take. Smart specific, measurability, actionable, realistic, time sensitive. Strategic planning process: buildi(cid:374)g a (cid:396)oad (cid:373)ap to (cid:272)o(cid:373)pa(cid:374)y"s goals is (cid:272)alled st(cid:396)ategi(cid:272) pla(cid:374)(cid:374)i(cid:374)g p(cid:396)o(cid:272)ess, observations, analyses, choices and actions. Developing a strategic plan: revisit our purpose (who are we and where do we want to go, undertake i/e (internal/external) analysis to understand our environment, assess our view of our world, choose direction. I(cid:374)dust(cid:396)y (cid:894)po(cid:396)te(cid:396)"s (cid:1009) fo(cid:396)(cid:272)es(cid:895: competitor (swot, company (cid:894)(cid:1007)c"s(cid:895) Identifying anticipated moves by major and up and coming competitors key component of external analysis: perceived competitive advantage (price, brand awareness, product quality, wot a(cid:374)alysis (cid:894)(cid:1008) ele(cid:373)e(cid:374)ts(cid:895): (cid:272)o(cid:373)petito(cid:396)"s st(cid:396)e(cid:374)gths, (cid:449)eak(cid:374)ess, (cid:373)a(cid:396)ket oppo(cid:396)tu(cid:374)ities a(cid:374)d threats to business.
