External And Internal Environments Overview In This Assignme ✓ Solved

External and Internal Environments Overview In this assignment,

Examine the industry in which the corporation operates. Use any or all of the following resources to conduct research on the company: Company website, Public filings from the Securities and Exchange Commission's Filings & Forms, Strayer University's online databases, Lexis Advance database, and other miscellaneous sources. The company's annual report will often provide insights that other resources may not include.

Write a 4–6 page paper in which you do the following:

• Choose the two segments of the general environment that would rank highest in their influence on the corporation.
• Assess how these segments affect the corporation and the industry in which it operates.
• Considering the five forces of competition, choose the two that you estimate are the most significant for the corporation.
• Evaluate how well the company has addressed these two forces in the recent past.
• With the same two forces in mind, predict what the company might do to improve its ability to address these forces in the near future.
• Assess the external threats affecting this corporation and the opportunities available to the corporation.
• Give your opinions on how the corporation should deal with the most serious threat and the greatest opportunity. Justify your answer.
• Give your opinion on the corporation's greatest strengths and most significant weaknesses.
• Choose the strategy or tactic the corporation should select to take maximum advantage of its strengths, and the strategy or tactic the corporation should select to fix its most significant weakness. Justify your choices.
• Determine the company’s resources, capabilities, and core competencies.

Paper For Above Instructions

The strategic management of a corporation requires a comprehensive analysis of its external and internal environments. This paper will examine the general and competitive environments of the chosen corporation, focusing on how specific segments influence the organization and industry. Furthermore, the five forces of competition will be analyzed to evaluate how well the organization has addressed significant competitive pressures, the external threats it faces, opportunities for growth, and proposed strategies to leverage strengths and address weaknesses.

General Environment Analysis

The general environment can be categorized into various segments, including economic, technological, political/legal, sociocultural, and demographic factors. For this analysis, the two segments ranked highest in influence for the chosen corporation are technological and economic environments.

The technological environment significantly affects industries across the board as advancements can lead to increased efficiency and new product development. For instance, companies must continually innovate to maintain competitive advantages and meet customer expectations that evolve with technology. The economic environment, particularly factors like inflation rates, unemployment levels, and consumer spending patterns, substantially impacts corporate profitability and strategic decision-making.

Understanding these two segments is essential for the corporation to adapt its strategies effectively. For example, in a high-tech industry, failing to adopt new technologies can result in diminishing market share. Similarly, a downturn in the economy can affect consumer purchasing behavior, necessitating adjustments in pricing strategies and cost management.

Competitive Environment Analysis

When considering the five forces of competition proposed by Porter, the two most significant forces often are the threat of substitute products or services and the bargaining power of suppliers. A high threat of substitutes can drive down prices, while powerful suppliers can squeeze profit margins. Evaluating how well the corporation has addressed these forces involves analyzing recent strategic moves made to mitigate risks associated with price competition and supplier dependency.

In response to the threat of substitutes, a corporation can diversify its product offerings or invest in branding to differentiate its products. By creating a strong brand loyalty among consumers, the business can mitigate the risks associated with substitutes. Additionally, effective supplier relationship management, including negotiation practices and diversification of supply sources, can help reduce vulnerability to supplier power, ensuring greater control over pricing and resource availability.

Looking ahead, the corporation may implement strategies such as enhancing customer engagement through digital platforms or investing in sustainable practices that appeal to growing consumer preferences. By aligning with market trends and prioritizing customer needs, the corporation can bolster its position against competitive forces.

External Threats and Opportunities

This corporation faces several external threats, including increased competition from new entrants in the market and changing regulatory environments that could impose higher compliance costs. However, significant opportunities also exist, such as expanding into emerging markets or leveraging e-commerce platforms to reach a broader audience.

To effectively address the most serious threat, a proactive approach could include investing in market research to stay ahead of industry trends and competitor moves. This could position the corporation to respond quickly to shifts in competition. On the other hand, capitalizing on the greatest opportunity, such as expansion into new markets, would require strategic investment and partnerships to ensure successful execution and market penetration.

Strengths and Weaknesses

The corporation's strengths may include a robust brand reputation, a strong R&D department, and a diverse product portfolio. Conversely, potential weaknesses could involve high operational costs or a lack of agility in responding to market changes. To leverage its strengths, the corporation could adopt strategies that enhance brand loyalty through targeted marketing and customer engagement initiatives.

Conversely, to address weaknesses, it may consider adopting lean management practices to optimize operations and reduce costs. Through regular evaluation of performance metrics, the corporation can continually refine its strategies to better align them with organizational capabilities and market demands.

Resources, Capabilities, and Core Competencies

Understanding the corporation's resources and capabilities is key to developing a comprehensive strategy. Resources may include financial assets, human capital, technological expertise, and brand equity that capacitates the corporation to deliver value. The core competencies that differentiate it from competitors could range from innovation to customer service excellence.

By identifying and nurturing these core competencies, the corporation can ensure it remains competitive in the market, adapting its business and corporate-level strategies to align with evolving market dynamics and consumer expectations.

Conclusion

In summary, evaluating the external and internal environments of a corporation is critical for strategic management. By understanding the influence of both general and competitive environments, the organization can better position itself for long-term success. Developing strategies that leverage strengths, address weaknesses, and capitalize on opportunities while mitigating threats is fundamental to maintaining competitive advantage in a dynamic marketplace.

References

• Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
• Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120.
• Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18(7), 509-533.
• Johnson, G., Whittington, R., & Scholes, K. (2011). Exploring Corporate Strategy: Text and Cases. Prentice Hall.
• Grant, R. M. (2019). Contemporary Strategy Analysis: Text and Cases Edition. Wiley.
• Thompson, A. A., Peteraf, M. A., Gamble, J. E., & Strickland, A. J. (2020). Crafting and Executing Strategy: The Quest for Competitive Advantage. McGraw-Hill.
• Mintzberg, H., Ahlstrand, B., & Lampel, J. (2009). Strategy Safari: A Guided Tour through the Wilds of Strategic Management. Free Press.
• Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2016). Strategic Management: Competitiveness and Globalization. Cengage Learning.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
• Rumelt, R. P. (2011). Good Strategy Bad Strategy: The Difference and Why It Matters. Crown Business.