In 150 or more words each could you answer the 2 question below
Question 1: Pick one of the two strategy formulation plans that a manager can use according to George and Jones (2012) in chapter 6 (SWOT and Five Forces). First describe the process and then describe which one would most work for you and why in your chosen profession or one that you want to enter.
A strategy formulation plan that I selected is 'The Five Forces Model'. The process is designed to "help managers focus on the five most important competitive forces, or potential threats" (Georges & Jones, 2016, pg. 205". For example, the five forces are:
1. "The level of rivalry among organizations in an industry.
2. The potential for entry into an industry.
3. The power of large suppliers.
4. The power of large customers.
5. The threat of substitute products" (Georges & Jones, 2016, pg. 206).
Question 2: Planning is the very foundation of business development and strategy achievement. List at least three examples of what may happen when there is inadequate or poor planning.