Strategic Planning Flashcards
What are the phases of Strategic Planning?
Mission and Objectives, Environmental Scanning, Development/Formulation, Implementation, and Monitoring/Evaluation & Control.
What should a firm consider when doing internal environmental analysis?
Resources, Capabilities, Competencies, and Core Competencies
What’s the first step in strategic planning?
Developing a vision statement
What does PEST stand for?
Political, Economic, Socio-cultural, and technology
Porter’s forces of competatitive position?
Threat of new entrants, Buyer Power, Supplier power, Competative rivalry, threat of substitutes.
New competitors may enter markets when?
High profit margins, unmet demand, low barriers to entry, future growth potential, minimal competitive rivalry, feasible way to gain a competative advantage.
What’s the primary purpose of competitor analysis?
Understand and predict the behavior of the competition.
Opportunity analysis is one of the basic functions of?
The marketing department.
What’s the purpose of the development stage?
To develop actions, processes, and plans necessary to achieve goals.
Techniques used to identify core competencies and competitive advantages ?
Internal Factor Analysis Summary(IFAS), External Factor Analysis Summary(EFAS)
What are the corporate level strategies?
Growth, stability, and retrenchment
What are the three types of growth?
Concentration diversification, Concentric diversification, and Conglomerate diversification
Types of concentration diversification?
Horizotal integration, vertical integration, backward integration, and forward integration.
Methods to support growth and order of risk?
Import/Export, Cooperative contracts, Joint ventures, Wholly-owned subs
What are two forms of cooperative contracts?
Licensing and franchising
