CS 2.docx - Strategic planning process of developing a...

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Strategic planning- process of developing a mission and longterm objectives determing in advance how they will be accomplished. Operational planning is the process of setting short range objectives and determining in advance how they will be accomplished long term generally means it will take longer than one year to achieve strategic plans are commonly developed for 5 years and reviewed and revised every year so it is always in place strategy is a plan for pursuing a mission in achieving objectives planning levels ; corporate , business and functional . Corprate strategy : Is a strategic plan for managing multiple lines of business. business strategy is the strategic plan for managing one line of business. functional strategies are part of operational planning for managing one area business. The strategic planning process step one develops the mission step 2 analyze the environment step 3 setting objectives Step Four developing strategies corporate business and functional step 5 implementing a controlling strategy. Step one Mission : Bussiness’ purpose . Step 2 analyzing the environment AKA Situation analysis focuses on those features in a company’s environment that most directly affect its options and opportunities this analysis has 3 parts; industry&competitive - (1. Rival among comperting sellers 2. Threat of substitute product and services 3. potential new entrance 4. power of suppliers 5. power of buyers), companies situation analysis - (1. assessment of the present strategy based on performance, 2 SWOT analysis, Strengths&weakness are internal environments Opportunities and threats are external. 3 assessment of competitive strength and identification of competitive advantage-Critical success factors are the few major things that the business must do well to be successful. 4 conclusions concerning competitive position 5 determination of the issues and problems that need to be addressed throughout the strategic planning process) and identification of competitive advantage- Specifies how in organization offers unique customer value . Benchmarking is the process of comparing products or services or processes with those of another company. changing strategies - tells what is going on in the external environment. OBJECTIVES- Statements of what is to be accomplished that are expressed in singular, specific, mesurable target date. MANAGEMENT BY OBJECTIVE- process in which mangers and employees JOINTLY set objectives for the
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