Mgc1 Study Guide 2

Topics: Strategic management, Management, Strategy Pages: 3 (1051 words) Published: March 5, 2012
Summarize the basic steps in any planning process.
The planning process begins with a situation analysis of the external and internal forces affecting the organization.  This examination helps identify and diagnose issues and problems and may bring to the surface alternative goals and plans for the firm.  Next, the advantages and disadvantages of these goals and plans should be evaluated against one another.  Once a set of goals and a plan have been selected, implementation involves communicating the plan to employees, allocating resources, and making certain that other systems such as rewards and budgets are supporting the plan.  Finally, planning requires instituting control systems to monitor progress toward the goals. Describe how strategic planning should be integrated with tactical operational planning. Strategic planning is different from operational planning in that it involves making long-term decisions about the entire organization. Tactical planning translates broad goals and strategies into specific actions to be taken within parts of the organization.  Operational planning identifies the specific short-term procedures and processes required at lower levels of the organization. Identify elements of the external environment and internal resources of the firm to analyze before formulating a strategy. Strategic planning is designed to leverage the strengths of a firm while minimizing the effects of its weaknesses.  It is difficult to know the potential advantage a firm may have unless external analysis is done well.  For example, a company may have a talented marketing department or an efficient production system.  However, the organization cannot determine whether these internal characteristics are sources of competitive advantage until it knows something about how well the competitors stack up in these areas. Define core competencies and explain how they provide the foundation for business strategy. A core competence is something a company does...
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