MGT 401 Week 1 Strategic Management Worksheet


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MGT 401 Week 1 Strategic Management Worksheet


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MGT 401 Week 1 Strategic Management Worksheet
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Complete˙the Strategic Management Worksheet.

Click˙the Assignment Files tab to submit your assignment.

Strategic Management Worksheet

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Complete˙each section below. Be sure to cite your sources when necessary (including all uses of the textbook).


Strategic Management Process
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Identify˙how each of the nine steps of the Strategic Management Process applies to your business or the one you plan on starting. This should be a total of no more than 700 words.

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Step
Application to your current or future business˙

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Step 1: Develop a Clear Vision and Translate it into a Meaningful Mission Statement˙(What problem will you be solving? What is the purpose of your business?)
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Step 2: Assess the Company?s Strengths and Weaknesses˙(What solutions will you provide? What products or services will you offer?)
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Step 3: Scan the Environment for Significant Opportunities and Threats Facing the Business˙(What is your target market? Who are your ideal customers? What will the current market support?)
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Step 4: Identify the Key Factors for Success in the Business˙(What performance metrics will you use to measure success?)
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Step 5: Analyze the Competition˙(Who are your competitors? What makes what they do better or different than what you do?)
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Step 6: Create Company Goals and Objectives˙(What outcomes do you hope to achieve? What makes your business better or different than the competition?)
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Step 7: Formulate Strategic Options and Select the Appropriate Strategies˙(What can your business do to take advantage of this market opportunity?)
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Step 8: Translate Strategic Plans into Action Plans˙(What milestones will you need to meet to stay on track?)
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Step 9: Establish Accurate Controls˙(What processes or controls need to be put into place to ensure that you mitigate risk and meet your goals?)

MGT 401 Week 1 Strategic Management Worksheet

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