STEN 1000 Chapter Notes - Chapter 6: Swot Analysis, Pest Analysis, Strategic Planning

• School: University of Windsor
• Department: Business
• Course: STEN 1000
• Professor: Mcfadyen

Document Summary

Business strategy in simple terms: what opportunities exist, what opportunities could we pursue, which opportunities will we choose, what action path will we take, result: intended or deliberate strategy (where to play and how to win) The strategic planning process: a (cid:271)usi(cid:374)ess"s strategi(cid:272) pla(cid:374) is its road (cid:373)ap to su(cid:272)(cid:272)ess. What threats must we respond to: implement our strategy, develop the plan. Define the key performance indicators for monitoring it. Pestel: guides us in developing an understanding of the macro-economic environment political, economic, societal, technological, 4: guides us i(cid:374) u(cid:374)dersta(cid:374)di(cid:374)g the (cid:374)ature of the i(cid:374)dustr(cid:455)"s (cid:272)o(cid:373)petitive landscape, perfect competition, monopolistic competition, oligopoly, monopoly. Swot analysis: strengths, weaknesses, opportunities, threats, s & w = focuses internally, p & t = focuses externally (macro-environment, emphasis is to leverage strength, mitigate weaknesses, pursue opportunities and manage threats. 3c analysis: an assessment of out competencies, capabilities and capacity with respect to the resources we possess.