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S12 Final Exam Topics

From Exam 1 1. Explain in detail the strategy making process including why an implementation plan is essential (1), why the sixth step is important (Monitoring performance that the text authors leave out) (2), what a mission statement is and why it is necessarily the first step (3), how to evaluate a mission statement using Abel’s framework (4), and why values should be part of the mission statement.
The strategy making process include five steps: (1) Select the corporate mission and major corporate goals. Mission statement provides the framework within which strategies are formulated. It is important because the company mission statement describe what the company does. A goal is a precise and measureable desired future state that a company attempts to realize. (2) Analyze the organization’s external competitive environment to identify opportunities and threats. The essential purpose of this is to identify strategic opportunities and threats in the organization operating environment that will affect how it follows its mission.
…In addition, step (3) Analyze the organization’s internal operating environment to identify the organization’s strengths and weaknesses. It focuses on reviewing the resources, capabilities, and competences of a company. (4) Select strategies that build on the organization’s strengths and correct its weaknesses in order to take advantage of external opportunities and counter external threats. Its purpose is to create a company-specific business model that will best match a company’s resources and capabilities to the demands of the environment in which it operates. (5) Implement the strategies. This involves taking actions at the function, business, and corporate levels to execute a strategic plan. Without implementation, management does not know what is involved in implementation, how long it will take to

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