Management accounting - Strategic planning

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  • Strategic planning
    • Definition: The process of defining the organisation's strategy and making decisions on how to allocate capital and human resources
    • Goal when developing a strategy is to develop it in such a way that it can easily be put into action plans.
      • Goals < 1 year will be targets or objectives in the budget
      • Goal congruency
      • Goal hierarchy
      • Goal sequencing
    • 3 step approach to strategic planning: 1. Evaluate current situation, 2. Define goals, 3. Design a method to achieve those goals
    • Swot analysis
    • Porter's 5 forces model
    • Barriers to entry and exit
    • Bargaining power of buyers and suppliers
    • Treat of substitute products


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