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Competition Strategy Formulation
Butch Bradley, Benjamin Hinderer, Alicia Pearson,
Amy Terre, Vicki Thompson
MGT/498
June 24, 2013
Rebekah Benson
Competition Strategy Formulation
Introduction: Vicki
To achieve an organization’s vision a process of strategy formulation is the course of action. Management will factor in goals and objectives derived from organization’s mission statement. Competitive strategy formulation’s purpose is to develop effective performance to improve and secure future position. Steps in the process are measuring internal and external environments, competitive business strategies, creating value sustainable for competitive advantage, and measuring guidelines. This data collection process is essential to successful planning and implementation of innovation
Internal Environmental Measurements: Vicki Environmental scanning involves the collection, examination, and distribution of internal and external information for development of a strategic process. Internal analysis is the first step of environmental scanning. Examinations consist of organizational structure, brand awareness, shareholder interactions, natural resource access, operational potential, and employee interactions with management, and other employees ("Management Study Guide," 2008 - 2013).
In strategy formulation factors of a SWOT analysis of internal strengths and weaknesses are examined. Management considers the resources of financial, intellectual, and location in the decision-making process. The advantages of cost from intangible assets such as proprietary knowledge, creativity, and intellectual capital are some internal core factors essential to profit, and process. Other sources of internal analyses are discussions with staff members regarding the project, interviews to identify potential aspects of the development and implementation, and generating surveys

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