Assignment: Strategic Management Worksheet
Complete each section below. Be sure to cite your sources when necessary.
Text Book: Essentials of Entrepreneurship and Small Business Management, 8th edition Norman M. Scarbrough; Jeffery R. Cornwell, Ch. 5.
1. Strategic Management Process
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
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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?)
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