MGMT 371 1st Edition Lecture 7Outline of Last Lecture I. Definition of Goals, plans, and planningII. Levels of goals and plansa. Operationalb. Tacticalc. Strategicd. MissionIII. Organizational Planning StepsIV. Turbulent Environment Plansa. Contingency Planningb. Scenario Buildingc. Crisis PlanningOutline of Current Lecture I. Video Clip notes on Strategic Managementa. Strategy definitionb. 3 Fundamental Q’sII. Strategic Management DefinitionIII. Strategy DefinitionIV. Strategic Management ProcessV. Example SWOT AnalysisCurrent LectureChapter 7 – Strategic Management- Video Clipo Strategy: boundary marker; what a company does and does not do  defines what a company is best ato 3 Fundamental Questions1. Where do we compete?2. How do we compete?  resources and capabilities3. How do we execute?  organization, leadership, ect.  Strategy formulation  1 & 2 Strategy implementation/execution  3o Strategy needs attractive market opportunity, resources, and executionThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Strategic Management: Decisions and actions used to formulate and implement strategies providing competitively superior fit between an organization and its environment to achieve organizational goals- Strategy: plan of actiono Prescribes resources allocations and other activities to deal with the environmento Achieve competitive advantageo Attain organizational goals- Strategic Management Process1. Evaluate2. Scan internal and external environmentsa. SWOT analysis (Strengths, weaknesses, opportunities, threats)3. Identify strategic factorsa. SWOT analysis4. Define5. Formulate6. ImplementExample SWOT AnalysisInternal Strengths Weaknesses- Educated- Work Ethic- Leadership and Involvement- Disciplined- Inexperienced- No set plan- Public Speaking- “Age”  interpersonal skillsExternal Opportunities Threats- Internship- Grad School- Job- Networking- Competition for jobs- Economic pressures- Judgments-