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Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. [7] [8] [9] Michael Porter identifies three principles underlying strategy: [10] creating a "unique and valuable [market] position" making trade-offs by choosing "what not to do"
For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
In strategic planning and strategic management, SWOT analysis (also known as the SWOT matrix, TOWS, WOTS, WOTS-UP, and situational analysis) [1] is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project.
Hoshin Kanri (Japanese: 方針管理, "policy management") [1] is a 7-step process used in strategic planning in which strategic goals are communicated throughout the company and then put into action. [2] [3] The Hoshin Kanri strategic planning system originated from post-war Japan, but has since spread to the U.S. and around the world.
With externally oriented planning, several options and actions may be at the disposal of the company. Managers cannot control every important decision, and the strategic business unit (SBU) concept could be put into action. [1] The externally oriented planning is used to search for untapped or emerging market opportunities. [4]
In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
In strategic management, situation analysis (or situational analysis) refers to a collection of methods that managers use to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment. [1]
Dynamically, complexity in strategic management can be elucidated through the model of "Symbiotic Dynamics" by Terra and Passador. [23] [34] This model conceives the social organization of production as an interplay between two distinct systems existing in a symbiotic relationship while interconnected with the external environment. The ...