MGMT 2130 Chapter Notes - Chapter 4: Cost Leadership, Scenario Planning, Swot Analysis
12 Oct 2016
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The five steps in the planning process: Determine the vision, mission, and major goals of the organization. The vision statement identifies the desired end state or impact that the organization wishes to inspire. Mission statement includes a broad overview of the purpose and what it is seeking to achieve from the activities that are present. It identifies what is unique and important about the products to employees and how they are different from their competitors. Conduct an analysis that focuses on the current situations in respect to threats and opportunities in the external environment, also strengths and weaknesses in the internal environment. Managers analyze the current situation and design and develop the strategies that are needed for the organization to attain their goals. Managers need to decided how to divide the resources and responsibility to help the company attain their goals. The better their prediction of the future, the more effective the strategies will be.
