COMM 103 Chapter Notes - Chapter 6: Swot Analysis, Pest Analysis, Competitive Advantage

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

Well-directed and positioned strategy + efficient and effective tactics execution = business growth and profitability. This creates what is known as intended/deliberate strategy, the specific direction and actions that will guide the organization going forward. Developing a strategic plan: revisit our purpose, undertake an internal/external analysis to understand the environment, assess our view of our world (what are our options, choose a direction. I/e analysis: pestel, porter"s five forces, types of competition, swot analysis, 3c analysis. Businesses need to anticipate and react to new initiatives and changes in market positioning by their competitors. A customer analysis focuses on identifying what shifts have taken place in the customer base"s attitudes, behaviours, and needs. Innovation (process or product: customer responsiveness, quality, efficiency. The corporate-level strategy defines what the organization intends to accomplish and where it plans to compete. The business-level strategy outlines specific objectives for each business initiative/unit.