COMM 103 Chapter Notes - Chapter 6: Social Economy, Swot Analysis
Document Summary
Mission statements usually identify the broad 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. To assist managers in meeting such objectives, initiatives within a strategic plan are built around what are termed smac principles: specific, measureable, accountable and controllable. A popular way to assess a competitor is through the use of a swot analysis. Business need to anticipate and react to new initiatives and changes in strategy and market positioning by their competitors. A customer analysis focuses on trying to identify what shifts have taken place in our customer base in terms of attitudes, behaviors and needs. Competitive advantage is an advantage which an organization has over its rivals which enables it to generate greater sales, and/or margins, and creates preference for its products and services in the minds of its customers.
