ITM 505 ch 2
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ITM 505 ch 2
What is strategic planning?
Helps managers identify desired outcomes and formulate feasible plans by using available resources and capabilities.
typically an annual process
What are 3 approaches to strategic planning?
What is a vision/mission statement?
organization's overarching aspirations
guides organization through changing objectives, goals, and strategies
What are the 3 components of defining vision & mission statements?
vision of a desirable future
What must be done when conducting internal assessment within a business?
Analyze data from all business units to identify and assess how well the firm is meeting current objectives and goals and how well its current strategies are working.
What must be done when analyzing the external environment of a business?
examine the industry
analyze facts about key customers, competitors, and suppliers
Picture Michael Porter's five forces model.
Give an example for each of the sections of SWOT.
What are Michael Porter's 3 fundamental strategies?
Become the cost leader
Provide goods and services for a set of customers better than others
Focus on a specific niche in the marketplace
Picture Ansoff's market option matrix.
Imagine the growth-share matrix.
What is OGSM?
that index each objective, sets…
on how to reach the goals, and defines…
to assess how well the strategies are being executed