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Presentation transcript:

EXTERNAL STRATEGIC MANAGEMENT AUDIT

-- ENVIRONMENTAL SCANNING -- INDUSTRY ANALYSIS Ch 3 -2 External Strategic Management Audit

IDENTIFY & EVALUATE FACTORS BEYOND THE CONTROL OF A SINGLE FIRM INCREASED FOREIGN COMPETITION POPULATION SHIFTS AGING SOCIETY FEAR OF TRAVELING STOCK MARKET VOLATILITY Ch 3 -3 External Strategic Management Audit

PURPOSE OF EXTERNAL AUDIT IDENTIFY OPPORTUNITIES THREATS Ch 3 -4 External Strategic Management Audit

Ch 3 -5 Key External Forces Economic forces Social, cultural, demographic & environmental forces Political, governmental & legal forces Technological forces Competitive forces

Ch 3 -6 Competitors Suppliers Distributors Creditors Customers Employees Communities Managers Stockholders Labor Unions Special Interest Groups Products Services Markets Natural Environment Key External Forces Opportunities & Threats Key External Forces & the Organization

GATHER COMPETITIVE INTELLIGENCE – SOCIAL CULTURAL DEMOGRAPHIC ENVIRONMENTAL GOVERNMENTAL LEGAL TECHNOLOGICAL Ch 3 -7 External Audit

Ch 3 -8 External Audit – Sources of Information Internet Libraries Suppliers Distributors Salespersons Customers Competition

-- KEY FACTORS VARY OVER TIME VARY BY INDUSTRY Ch 3 -9 Performing External Audit

Ch Performing External Audit -- Variables Market share Breadth of competing products World economies Foreign affiliates Proprietary account advantages

Ch Performing External Audit -- Variables Price competitiveness Technological advancements Interest rates Pollution abatement

Ch Performing External Audit External Factors Measurable Long-term orientation Applicable to competing firms Hierarchical

Ch Industrial Organization (I/O) View -- Industry factors more important than internal factors Performance determined by industry forces

Ch Economies of Scale Industry Properties Barriers to market entry Product differentiation Level of competitiveness I/O Perspective Firm Performance

RESEARCH FINDINGS “APPROXIMATELY 20% OF A FIRM’S PROFITABILITY CAN BE EXPLAINED BY THE INDUSTRY, WHEREAS 36% OF THE VARIANCE IN PROFITABILITY IS ATTRIBUTED TO THE FIRM’S INTERNAL FACTORS” Ch

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