Strategic Management & SWOT Analysis - Unit 5

Question 1

Competitive Advantages:

Answer 1

• Comes from perating in successful ways that are difficult to imitates
• Something that sets you apart from other companies
  Ex. lower prices, newer technology, etc

Question 2

Strategic Management:

Answer 2

• Strategy: Is a comprehensive action plan that identifies long term direction form an orgnization guides resource utilization to accomplish goals with sustainable competitive advantage
• Strategic Intent: focus all of the organizations energies toward a unifying and compelling target or goal → linked to mission and value statements
  Ex. japan and Honda used their own designs → completely new innovation
• Process of formulating and implementing strategies to accomplish long term goals and sustain competitive advantage
  a) Looking ahead
  b) Understanding environment
  c) Effectively position organization to what they want in the future

Question 3

2 major of strategic management -

Answer 3

• Formulation → creating a strategy - assessing existing strategies, organization and environment to develop new strategies
  Implementations → process of allocating resources and putting strategies into action
  a) must be acted upon to achieve desire/impact

Question 4

SWOT Anaylsis:

Answer 4

Organization to identify it’s internal strengths and weaknesses, as well as external opportunities and threats
S = STRENTHS
W = WEAKNESS
O = OPPORTUNITIES
T = THREATS

O and T are out of businesses control