Action Adventures 2

1353 Words6 Pages
Conduct an internal and external environmental analysis for your proposed business. • Use the information obtained from your internal and external analysis, as well as the lesson learned from the Considerations of a Strategic Plan: List assignment. • Create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table. • External forces and trends considerations: • Legal and regulatory • Global • Economic • Technological • Innovation • Social • Environmental • Competitive analysis • Internal forces and trends…show more content…
According to Pearce and Robinson 2004, a company should select long-term objectives and grand strategies that will achieve the most desirable options. Strategic management involves the planning, directing, organizing and controlling of a company 's strategy-related decisions and actions. (Pearce, Robinson 2004) The Importance of a strategic management & planning In order for the company to succeed as a business it has to be well thought out and planned. In today 's business environment a strategic business plan is indispensable due to the high failure rate of small businesses. It has been determine that small businesses without a business plan are most likely to fail. A strategic plan will define what the company is, and what it can and will become. Strategic planning will also identify how employees are expected to act, the strategies needed to realize the vision, and will provide the measures of success to determine if the vision and strategies have been realized. The employee 's will know what is expected of them and that they play an important role in the future success of the business. As a new business it will be affected by external factors both positively and negatively, because of these external factors the management or owner must adjust its course of action and have strategic objectives. Setting strategic goals and objectives and implementing a plan to carry out these strategic
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