3. The External Assessment
Mastering the tools to achieve excellence.
Overview
This Chapter 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. This chapter describes how to develop a Competitive Profile Matrix and an External Factor Evaluation Matrix, two widely utilized strategic planning tools. This chapter also reveals special, free sources of external strategic information on the Internet.
Learning Objectives:
1. Discuss the nature and role of labor unions as a corporate strategic issue.
2. Describe how to conduct an external strategic-management audit.
3. Discuss 10 major external forces that affect org.: economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive.
4. Describe key sources of external information.
5. Discuss important forecasting tools used in strategic management.
6. Discuss the importance of monitoring external trends and events.
7. Explain how to develop an EFE Matrix.
8. Explain how to develop a Competitive Profile Matrix CPM.
9. Discuss the importance of gathering competitive intelligence.