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MGT 498 Week 2 DQ1

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Week 2 DQ1
In week one we discussed mission statements and vision statements. These are used to develop
goals and objectives for the organization. There are other things that also need to be done before
goals and objectives are done. Please spend a few moments reviewing what a SWOT or SWOTt
analysis is. How can the results of a SWOT analysis be used to develop goals for an
organization. What do we mean by environmental scanning for strategic planning?
SWOT is a tool that will help companies identify important variables that can shape decisions in
the present and the future.
Understanding what a company's strengths are will allow them to dedicate more time and funds
to areas that need improvement. By determining where the company needs to focus its efforts,
goals can be created that are specific to that company. Goals can either be to maintain the
strength of an organization, or lean towards improving weaknesses. Externally, opportunities and
threats are variables that affect how an organization will do business. The goals that are decided
upon will help a company to develop the strategy that is correct for them.
According to Hunger and Wheelen environmental scanning is the monitoring, evaluating, and
disseminating of information from the external and internal environments to key people within
the organization (p. 16). Environmental scanning helps companies to identify the strategic factors
that will shape the future of that company.
Wheelen, T.L., & Hunger, J.D. (2010). Concepts in strategic management and business policy
(12
th
ed.). Upper Saddle River, NJ: Prentice Hall.

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Week 2 DQ1 In week one we discussed mission statements and vision statements. These are used to develop goals and objectives for the organization. There are other things that also need to be done before goals and objectives are done. Please spend a few moments reviewing what a SWOT or SWOTt analysis ...
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