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MGT 498 Week 3 - Discussion Question 3

by: NUMBER1TUTOR Notetaker

MGT 498 Week 3 - Discussion Question 3 MKT421

Marketplace > Phoenix College > MKT421 > MGT 498 Week 3 Discussion Question 3
Phoenix College
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MGT 498 Week 3 - Discussion Question 3
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This 0 page Study Guide was uploaded by NUMBER1TUTOR Notetaker on Friday November 13, 2015. The Study Guide belongs to MKT421 at Phoenix College taught by in Fall 2015. Since its upload, it has received 26 views.

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Date Created: 11/13/15
What must you know about your own firm internal capabilities and the outside competitive environment to effectively formulate a business strategy There are many things a business must know about itself and its environments to create a business strategy Firstly an organization must know if its organizational structure is capable of handling the proposed strategic plan Also a firm must be able to know its working capital and sources of capital that will be needed to fund the strategic plan In addition there must be adequate internal controls to run the strategic plan and make sure the plan does not result in financial fraud and strategic mishap An organization must also know of its external environment when creating a business strategy An organization must conduct an environmental scan on its external environment to make sure no threats or weaknesses exist If any threats against this new strategy are detected or any weaknesses of the new strategy are detected then they must be eliminated or at least reduced Once one knows that the organizational structure and culture is ready for the new strategy and that no threatsweaknesses will majorly affect the business strategy then can the person implement the strategic plan


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