BUSI 4609 Lecture Notes - Lecture 3: Swot Analysis, Specific Performance, Strategic Management
7 May 2018
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Department
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Professor
Lecture 3
5 task of strategic management
1. develop mission/ vision
a. create roadmap of company’s future
b. decide future business position
c. provide long term direction and strong identity
d. pro
i. guide decision making
ii. higher employee commitment
iii. prepare company’s future
e. resistance: higher risk/ controversy
f. strategic intent: pursue ambitious strategic objective and
concentrate competitive action on achieving objective
g. mission
i. define unique philosophy and purpose
ii. serve as beacon and boundary
iii. focus on current business activity
h. vision: focus on future activity
i. narrow: specify real arena of interest
j. broad: for diverse company
k. component
i.vision
ii.mission
iii.time frame
iv.company specific
v.special identity
vi.4P
vii.concern for survival
viii.philosophy
ix.major CA
x.concern for public image
xi.concern for employee
2. establish objective
a. convert vision specific performance target
b. create benchmark
c. prevent coasting and complacency when require stretch target
d. component
i. quantifiable term
ii. deadline
iii. product
iv. price
v. time
e. step
i. establish organization made objective
ii. set business and product objective
iii. set functional and departmental objective
iv. set individual objective
f. short range
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