Answer to Question 1
Answer:
Step 1: Identify the Organization's Current Mission, Goals, and Strategies - Every organization needs a mission a statement of its purpose. Defining the mission forces managers to identify what it's in business to do. These statements provide clues to what these organizations see as its purpose.
Step 2: Do an External Analysis - Managers do an external analysis so they know, for instance, what the competition is doing, what pending legislation might affect the organization, or what the labor supply is like in locations where it operates. In an external analysis, managers should examine the economic, demographic, political/legal, sociocultural, technological, and global components to see the trends and changes.
Step 3: Do an Internal Analysis - This provides important information about an organization's specific resources and capabilities. After completing an internal analysis, managers should be able to identify organizational strengths and weaknesses.
The combined external and internal analyses are called the SWOT analysis, which is an analysis of the organization'' strengths, weaknesses, opportunities, and threats.
Step 4: Formulate Strategies - The three main types of strategies managers will formulate include corporate, competitive, and functional.
Step 5: Implement Strategies - Once strategies are formulated, they must be implemented. No matter how effectively an organization has planned its strategies, performance will suffer if the strategies are not implemented properly.
Step 6: Evaluate Results - The final step in the strategic management process is evaluating results.
Answer to Question 2
Answer: FALSE
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