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Mgt 498

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The discussion in week two there was a lot of material covered. I enjoyed the class talking about societal environment analysis that was explained and identified external vital factors like, interest group analysis, community, market, competitor, suppliers and government analysis. All of this revolved around selection of strategic factors and one was opportunities follow by threats. In the class I like the part about driving industry competition and showing how different groups could have the power as a stakeholder, suppliers or even buyers. When the class starts talking about mapping strategic on the restaurant by using a method like high, price and low. It gave me a clear understanding on how the various firms compete. The way I saw of putting this together is, to by keeping in mind that customer is always right and making this be a significant impact on the community and the company as will.
Week two covers many different materials to include the strategic management concepts, which pertains to decision and actions that determine the long-run performance of an organization. It was easy to understand that this concept involves environmental scanning, strategy formulation, and among other strategic planning. The strategic management process evaluates and controls external opportunities and threats in light of utilizing strengths and minimizing weaknesses. It is understandable that this process is applicable to small and large groups who face competition. Implementing and formulating the appropriate strategies will help such companies attain sustainable competitive advantage.
Moreover, it was understandable that strategic management consist of various elements, and these elements can be performed through precise analysis to determine the future of the institution. SWOT analysis, for example, are a perfect way to conduct environmental scanning, for an external

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