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Lecture 4

MGCR 423 Lecture 4: Strat Lecture 4

7 Pages

Management Core
Course Code
MGCR 423

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STRATEGY LECTURE 4: EXTERNAL ENVIRONMENT Analysis: Enabling the Right Decision Analysis supports the decision making process, it should no hinder the decision making but make it stronger Key objectives of the analysis o Ensure key facts are being brought forward o Ensure the right issues and opportunities are being addressed o Create a level knowledge playing field for strategic planning participants o Select the correct strategies to achieve the vision o Create buy in External Environmental Analysis (insert graph) General environment: o Focused on elements in the broader society than can indirectly influence an industry an the firms within the industry o Influenced by demographic, economic, politicallegal, sociocultural, technological, global and sustainable physical. o Firms cannot directly control these environmental elements, but can analyze and predict trends Industry environment: o Focused on factors and conditions influencing a firms profitability within an industry such as threat of new entrants, power of suppliers, power of buyers, the threat of substitutes and intensity of rivalry among competing firms Competitor environment: o Focused on predicting the dynamics of competitors actions, responses and intentions o How companies gather and interpret information about competitors is called competitor analysis o Combination of the two prior analyses th Market and Customers (4 ) not in text Four Components of the External Environmental Analysis 1. Scanning identifying early signs of environmental changes and trends o Often reveals ambiguous, incomplete data that requires careful analysis o Internet provides a lot of opportunity for scanning 2. Monitoring detecting meaning through ongoing observations of environmental changes and trends o Requires a firm to identify important stakeholders and understand its reputation with these stakeholders o Scanning and monitoring are very important when a firm competes in an environment with high technological uncertainty 3. Forecasting developing projections of anticipated outcomes based on monitored changes and trends 4. Assessing determining the timing and importance of environmental changes and trends for firms strategies and their management
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