Strategic Management in the P-O-L-C Framework

After reading this section on the best practices for conducting a SWOT analysis, note the model's applicability to an organizational setting. Take the opportunity and try to answer the exercises at the end of the section.

5.2 Strategic Management in the P-O-L-C Framework

Key Takeaway

Strategy formulation is an essential component of planning; it forms the bridge that enables the organization to progress from vision and mission to goals and objectives. In terms of the P-O-L-C framework, strategy formulation is the P (planning) and strategy implementation is realized by O-L-C. Corporate strategy helps to answer questions about which businesses to compete in, while business strategy helps to answer questions about how to compete. The best strategies are based on a thorough SWOT analysis - that is, a strategy that capitalizes on an organization's strengths, weaknesses, opportunities, and threats.