Chapter 3 : Evaluating Company's External Environment

Assalamualaikum 

Today topic is thinking strategically about a firm's external environment. In this chapter, there are two core concepts which are the macro-environment and PESTEL analysis. Macro-environment is defined an encompassed the broad environmental context. Moreover, there is no direct control because it is the external environment. 

PESTEL analysis focussed on the six principal components of strategic significance in the macro-environment.

P =  Political factors 

E =  Economic condition

S =  Socialcultural forces 

T =  Technological factors

E =  Environmental factors

L =  Legal conditions

The second tool to analysis the industry is the five competitive forces. The Five Competitive Forces are the rival seller, new entrants, substitutes, supplier and customer. It develops by Michael Porter. 

In brief, there are 3 stages that using the five forces model of competition.

 Stage 1 

identify who are the party that involve

Stage 2 

evaluate how strong the pressure

Stage 3

collective strength all of five competitive forces is conducive or not.

Next, strategic group mapping is a technique for displaying the different market that rival firms. Why strategic group? In my opinion, it want to identify our rival. 

Last but not least is Key Success Factors. I think KSF is an element that make industry or company to success.

Chapter 2: The Business Vision and Mission

First element of Strategic management is vision and mission. Vision is what we want to become and mission is how we want to achieve that mission. We must have vision and mission to success in life.

My mission at Islamic Science University of Malaysia (USIM) is to be a professional woman in Islamic financing area, so that I’ll achieve my mission to serve the best for our Ummah and gain knowledge toward higher up the pursuit of excellence, insyaAllah.

What I’m trying to do to achieve this mission is that, I’m giving opportunities to myself to explore, explore, and explore new things and to pursuit of knowledge in economics and muamalat to get a bachelor's degree with excellent results and further explore new ideas in the areas muamalat that can be applied in career.

I believed, my experiences (God's willing) will reflect who am I in the future. Thus, I'm trying to put no limit in learning about life. 

Pray for my success. May Allah bless our journeys in USIM, Ameen~

  

Chapter 1 : The Nature Of Strategic Management

Today I learn about the nature of strategic management. Strategic management can be defined as formatting, implementing, evaluating cross-functional decision to achieve the company goals. Strategic management can be known as strategic planning. Strategic management focus on business term while strategic planning focus on academic term.

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.

From all the three stages, the company can create and manage their strategies, skills and marketing process to survive on the market and achieve the objective of organisation.. 

10 SEPT 2013 ~First Class Activity~

  Today is my first class in Strategic Management with Miss Ummi Salwa. She is a beautiful lecturer. This subject was interesting because she use different way to know students. 

For the first day in the class, we have to build the highest tower with using newspaper. 

Even we are not engineering student, it doesn't mean that we cannot build a tower but i was disappointed because my group build not a stable tower.

From that activity, we must have planning, management,time and others that can apply in our life. I love this moment.