The Internal Assessment Lecture (Strategic Management)
This lecture explains how to conduct an internal strategic management audit to provide an excellent foundation for formulating strategies. Key aspects of the basic business functions (management, marketing, finance, and MIS) are reviewed along with value chain analysis, and benchmarking. This lecture reveals how to identify and prioritize internal strengths and weaknesses that provide a basis for strategies formulated. Moreover, it explains how to develop an Internal Factor Evaluation (IFE) Matrix, an important strategic planning tool.
It is vital for companies and organizations to identify and prioritize the relative importance of key internal strengths and weaknesses that characterize the firm, so the firm can deploy assets/resources to capitalize on the strengths and improve upon 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 role of an internal assessment in formulating strategies.
- Discuss the nature and role of management in formulating strategies.
- Discuss the nature and role of marketing in formulating strategies.
- Discuss the nature and role of finance and accounting in formulating strategies.
- Discuss management information systems (MIS) in terms of formulating strategies.
- Explain how to develop and use an Internal Factor Evaluation (IFE) Matrix.
By purchasing this resource, you will get:
The Internal Assessment Lecture Power Point Presentation
Test bank for The Internal Assessment Lecture / Seminar with all answers
1 file with useful notes for instructor
File with teaching tips
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