MGT 401 - WEEK 1 Strategic Management Worksheet

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Strategic Management Worksheet

Identify how each of the 9 steps of the Strategic Management Process applies to your business or the one you plan on starting. This should be a total of no more than 700 words.



Step Application to your current or future business



Step 1: Develop a Clear Vision and Translate it into a Meaningful Mission Statement  
Step 2: Assess the Company’s Strengths and Weaknesses  
Step 3: Scan the Environment for Significant Opportunities and Threats Facing the Business  
Step 4: Identify the Key Factors for Success in the Business  
Step 5: Analyze the Competition  
Step 6: Create Company Goals and Objectives  
Step 7: Formulate Strategic Options and Select the Appropriate Strategies  
Step 8: Translate Strategic Plans into Action Plans  
Step 9: Establish Accurate Controls
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