The External Assessment Lecture (Strategic Management)
This lecture describes how to perform an external strategic-management audit, including what variables to access, where to find information, how to assimilate external information so that it may provide a foundation for formulating strategies. Moreover, this lecture describes how to develop a Competitive Profile Matrix and an External Factor Evaluation Matrix, two widely utilized strategic planning tools. It is also revealing special, free sources of external strategic information on the Internet.
It is vital for companies and organizations to identify and prioritize the relative importance of key external opportunities and threats facing the firm, so the firm can deploy assets/resources to exploit the opportunities and avoid or mitigate the threats. Survival of the firm can hinge on this part of strategic planning being done well, so that is why this lecture is very important. This part of strategic planning requires that an engineering hunt for the facts be conducted, to avoid a strategic plan being based on vague generalities, which is detrimental both to companies and students performing case analysis.
Learning Objectives of lecture:
- Describe the nature and purpose of an external assessment in formulating strategies.
- Identify and discuss 10 external forces that impact organizations.
- Explain Porter’s Five-Forces Model and its relevance in formulating strategies.
- Describe key sources of information for identifying opportunities and threats.
- Discuss forecasting tools and techniques.
- Explain how to develop and use an External Factor Evaluation (EFE) Matrix.
- Explain how to develop and use a Competitive Profile Matrix (CPM).
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The External Assessment Lecture Power Point Presentation
Test bank for The External Assessment Lecture / Seminar with all answers
1 file with useful notes for instructor
File with teaching tips
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