Creating an effective strategic management plan relies heavily on analysis of both your existing company and factors in the business environment that impact decision making. This is an essential part of the business process because it allows management to keep informed on changes and the information gathered is used to set goals and determine the future for the company. This assignment will require you to analyze the internal and external environment of your company and then use the information you’ve gathered to set strategic goals for the business.
For the assignment this week, write a paper that’s at least two pages in length and completes the following:
- Create a SWOT analysis for you company that is specific and explains choices thoroughly. Avoid being generic with your choices. Relate them directly to the industry and business that you’ve chosen. A minimum of four points should be present under each heading.
- The internal portion of the SWOT could include quality of human capital, product lines, employee relations, and current internal business processes. Outside research is recommended.
- The external portion of the SWOT could consider sociocultural factors, competitors, technology trends, suppliers’ potential legal issues, and even changes in the economy. Again, outside research is recommended.
- Based off of the information that you’ve gathered, create three strategic goals for your chosen company.
The strategic goals that you create here will set the stage for all of the course project assignments ahead. It’s extremely important to choose long-term goals that fit with where you think the company should be headed and make use of the information you’ve gathered. Feel free to reach out to your instructor for guidance about creating the strategic goals, since they’re essential to the ongoing course project.