chapter 3: Evaluating A Company’s External Environment

Let continue with the chapter three….EVALUATING A COMPANY’S EXTERNAL ENVIRONMENT

The Six Components of the Macro-Environment

PESTEL

Political- Anything related for political give impact to business

            Eg: tax policy

Economic-general economic

            Eg: interest rates, exchange rates, the inflation rate.

Social- social values

            Eg: population size, growth rate and age distribution.

Technological- Pace of technological change and technological development

Eg: genetic engineering and nanotechnology.

Environment- Ecological and environmental force

            Eg: transportation and utilities.

Legal- regulations and laws with which companies must comply

Eg: consumer laws, labor laws, antitrust laws

Dr. Ummi also said, if there are many rivals certain industry so, that industry is easy to entrant such as automobile and so on. Whereas it vice verse for the high industry, for example petroleum, electricity and etc.

The Five Competitive Forces:

●     Competition from rival sellers

●     Competition from producers of substitute products

●     Supplier bargaining power

●     Customer bargaining power

let end here...to be continue...:)

chapter 2: The Business Vision and Mission

Now we move to the chapter two - THE BUSINESS VISION AND MISSION

In this topic dr. Ummi focus on vision statement and mission statement.  Vision should answer the basic question, “What do we want to become?” while mission stand for “reason for being”. Dr. Ummi has mentioned the vision is what the thing that I want to achieve in my live whereas the mission is what the improvement that I do in order to achieve that vision.

Dr. Ummi also highlighted the vision and mission must be clear and well know by the employee to make sure it will work in the right ways. As for me, it not just in the organization but as a human being we have to make as a crucial part to make our live more orderly.

As for me, I have got my own vision and mission and I guess so do you…J

chapter 1: The Nature of Strategic Management

From the second lecture, dr. Ummi has taught the students about the first chapter. 

THE NATURE OF STRATEGIC MANAGEMENT

This chapter explains the overall of the subject. Strategic management(SM) is defined as art and science of formulating and evaluating. SM also can be called as the term strategic of planning and it focus on the strategic formulating, it also can be name as the company’s game plan.

The important parts in SM can be divided in three these are:

1.  Strategy Formulation
2. Strategy Implementing
3.  Strategy Evaluating

If someone wants to open a company, they must know what business to abandon, how to allocate the resources and others. This process is call FORMULATION. If they get involved in the business for instance a firm, they must know how to establish annual objective, motivate employee and others. This process is call IMPLEMENTATION and it also can be call as action stages. The last part is EVALUATION it happen when the firm down and if they want to rise back they have to find where the mistake and he learn from that.

the company

One of the crucial parts in SM is to have an integrating intuition and analysis. It can be benefit to the firm and it also useful for making decision in situation of great uncertainty or little precedent.

First Lecture

Actually it just ice breaking session but dr.ummi given the students a little enlightenment about the subject such the assessment, course outline, the assignment and this blog is part of the individual assignment.

In the middle of class dr.ummi had given the students a task to build the tallest tower using newspapers in a group. To make the tallest and strongest tower need a steady strategies and that are actually dr.ummi want to apply in it. For our group of course the basis or the site of the tower must be strong and lastly i have made it....guess what....my group tower was the second tallest and strongest tower..yahooo!!!!
     

preliminary

I'm Noorfadhilah bt Mohd Nasir from tma4 and my matrix n0.1112115.

Firstly, a pleasure to meet all of u in this blog, actually the purpose why i create this blog is to fulfill the task for STRATEGIC MANAGEMENT mgb4013 led by dr.Ummi Salwa. It required me to provide a stimulation of the subject such as "what has been taught in the previous lecture". However, it not just about the subject and maybe i may put other resources to make it more interesting.

My first expression about this subject maybe quite scary because it is more to the theory and I need a lot of reading to find out how to become more strategies in whatever tasks and planning. But, i will study hard to make sure that i will understand what i'm studying and i hope madam and all my friends will assistance me.

assalamualaikum wbt..

welcome to my blog, hope u all will enjoy it..love u all alwayzzz..