CHAPTER 3 : EVALUATING COMPANY’S EXTERNAL ENVIRONMENT.

 Assalamualaikum…

We meet again; today topic is how to create business strategy? Ok..what I learn from the lecture is understand the company situation first before make any decision. The first flow is thinking strategically about the external and internal environment of the business, create vision, identify promising strategic option and lastly select the best strategy to implement it in the business.

Besides that, the organization must understand about the macro environment situation as the external factor to manage organization itself. SWEET SOUR…J.   It calls as PESTEL.

Hmmm…politic factors? It can impact on many vital areas for business such as quality of the infrastructure of the economic like road system.

2^nd, economic factors? If there is higher national income growth, it may raise demand for the firm’s products.

3^th, sociocultural factors? For instance, nowadays many career women that cause a lot of boutique and instant foods.

4^th, technology factors? Can reduce cost, improve quality and lead to innovation to create new products and new process.

5^th, environment factors? Example, changes in temperature can impact the farming industries.

Lastly, legal factor like minimum wage legislation…

                                                                                     

 FIVE FORCE COMPETITION

KEY SUCCESS FACTORs (KSFs ) it can conclude that any organization have their own advantage to be success in the business. 

 hahaaaaa...too jea kot.

CHAPTER 2: THE BUSINESS VISION AND MISSION

 The organization must have a vision and mission to be more successful and develop towards on their business and the global world today. It is become the organization strategy to achieve their goals.

The short term objective becomes the vision statement of an organization. For instance, Procter & Gamble’s vision is to be, and be recognized as, the best consumer products company in the world. While, the mission statement defines as, long term objective and strategy that must be executed to achieve organization goals. When the organization create the mission statement they must alert and know about what is the organization operation and what it want to become in the future. Furthermore, the manager can arrange the business and employees according to the mission to get organization goals. The successful mission of the organization can be seen through the positive customer participation.

Another, the mission statement component can be success with the organization actions. The organization must know their focus customer, serve the products and services that customer need, use the technology like Facebook, blog or other website to introduce and sell company products and services, take a responsibility to the customers and employees condition. 

CHAPTER 1: NATURE OF STRATEGIC MANAGEMENT

Strategic management is the art of formulating, implementing and evaluating according to the decisions making to achieve the organization goals. Strategic management focus on business while strategic planning focus more on formulation. Besides that, strategic plan is the good alternatives choices from the tough managerial to improve the organization.

There are three stages of strategic management. Firstly, formulation strategy that identifies the strengths and weaknesses of an organization to develop their vision and mission. Secondly, implementation strategy or call the action stage when the organization use the formulate strategies resources to be execute. Lastly, evaluation strategy needs an organization to take corrective on their actions to be more successful.

Other than that, it is important to the organization to know about the opportunities and threats on their business area. It is can make easier to the organization to create and manage their strategies, skills and marketing process to survive on the market and develop business to the overseas. Although, the important part in the organization is a communication skill between a manager, employees and customers to know each other needs and responsibility. The manager must know about employee skills or try to solve their problem on the organization. Furthermore, the manager also can take a good idea from the employees and then make some additional changes to be one of the organization strategy. In addition, the successful organization will be done when the customer seek their needs. That’s all….hee.

FIRST DAY: BUILD A TOWER

Assalamualaikum to all….,

This is the first class in the strategic management subject. It is just a briefing part to introduce us with this subject. Our lecturer name is Miss Ummi Salwa Bte Ahmad Bustaman. She wants us to perform a group and build the tallest tower using a newspaper. What I can learn from that moment? I learn to give cooperation in a group member, create and choose the best idea among us to build a tallest tower and it is must be strong too.

 Furthermore, to build or do something we need to create a strong basement to make sure what we are doing can be a successful result and give a benefit to everyone. In addition, the lesson I can bear in mind here is not only focus to get the benefit but create a good product or services that fulfill the customer needs. Therefore, when we produce a good product or services to the customer it can make them trusted with us, the organization will get sustain advantage and income through it.