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You are to complete a Strategic Plan Group Project in an instructor-assigned team of 3. As a team, you are required to create a Strategic Plan for a mutually agreed-upon, proposed business venture. This exercise will require you to demonstrate your understanding of strategic management concepts and theories by articulating thorough and well-thought-out responses to 13 specific questions.
My three questions that need to be answered.
My group is going for a food truck company.
1. Analyze the external environment that includes various aspects, such as political and economic trends. For example, the economy is currently in a recession. (PESTEL analysis)
2. Perform a SWOT analysis. This addresses the company’s strengths, weaknesses, opportunities and threats.
3. Document potential immediate and long-term issues. For example, few qualified applicants for staff, limited sources of input (value chain issue), cost effective marketing, capital funding, etc.
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