Answer to Question #204225 in Management for sumaira aslam

Question

1) Identifying the Organization’s Current Mission, Goals and Objectives.

2) External Analysis

3) Internal Analysis

4) Formulating Strategies

Answer 1

1) Any organization requires a mission. Therefore, a mission is an assertion of an organization’s motivation that states it’s purpose. Mission statement enables the managers to recognize what it’s good to do for the business to improve. Defining the mission statement forces managers to identify what it’s in business to do. Mission statement provides the meaning what these organizations see as their purpose.

2) External Analysis enables a manager to know what the competitor is doing, what forthcoming legislation may influence the organization, or how the labor supply might look in a given area where the organization is operating. Managers applies external Analysis in examining demographic, economic, technological, global and sociocultural trends where the organization is operating. This will help them in identifying the threats they are facing and the available opportunities to exploit. Therefore, opportunities are identified as positive trends whereas threats as negative trends.

3) Internal Analysis  gives significant data about an organization’s particular resources or assets and capacities. This helps in identifying the organization’s weaknesses and strengths. Any activity the organization progresses nicely or any availability of a unique resource is refered to as a Strength while weaknesses are activities an organization does not progress admirably or the resources it needs yet doesn’t have.

4) Formulating Strategies enables managers formulate strategies, they ought to consider in the realities of the external environment, capabilities and the available resources in order to design a strategies helps an organization achieve its goals with three main types of strategies namely competitive,functional and corporate.