Now That You Have Completed Internal And External Audits

Now That You Have Completed The Internal And External Audits For The C

Now that you have completed the internal and external audits for the company you chose for this project, use the information to create a list of strategic objectives. From these objectives, generate a list of strategy alternatives. Using the appropriate tools of strategic choice from your text and research, choose a course of action. Be sure to justify your selections with supporting data/information. For this assignment, you should submit a 3-4 page document containing: A list of strategic objectives A list of strategy alternatives Your strategic choice with appropriate justification Your strategy analysis and choice become part of your overall strategic plan.

Paper For Above instruction

Introduction

Strategic planning is a fundamental process for organizations seeking to achieve long-term success and competitive advantage. The completion of comprehensive internal and external audits provides vital insights into the internal strengths and weaknesses of an organization, as well as external opportunities and threats. Leveraging this information enables the formulation of strategic objectives that guide future initiatives. This paper discusses the development of strategic objectives based on audit findings, proposes various strategic alternatives, and selects the most appropriate course of action supported by strategic analysis tools and data.

Development of Strategic Objectives

The first step in strategic planning after conducting audits is to establish clear and measurable strategic objectives. These objectives should align with the organization’s mission, vision, and values, and should be informed by the insights gleaned from the internal and external analyses. Typical objectives include increasing market share, enhancing operational efficiency, diversifying product lines, improving customer satisfaction, and fostering innovation.

For instance, if the external audit revealed emerging market trends and untapped customer segments, a strategic objective might be to expand into new markets. Conversely, internal audit findings indicating operational inefficiencies could lead to objectives centered on optimizing processes and reducing costs. The specific objectives should be prioritized based on their potential impact, feasibility, and alignment with long-term goals.

Generation of Strategy Alternatives

Once strategic objectives are defined, the next step involves generating possible strategy alternatives. These alternatives must be diverse and adaptable, providing multiple pathways toward achieving the objectives. Common strategic options include market penetration, product development, market development, diversification, and alliances or partnerships (Ansoff, 1957).

For example, if the objective is to expand market share, strategies might include aggressive marketing campaigns, pricing strategies, or acquiring competitor firms. If the focus is on innovation, alternatives could involve investing in research and development, forming strategic alliances, or adopting new technological platforms (Porter, 1980). A comprehensive SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) can assist in evaluating the feasibility and potential impact of these alternatives.

Selection of the Optimal Strategy

The selection of the appropriate strategy involves deploying decision-making tools such as the Ansoff Matrix, BCG Growth-Share Matrix, or the TOWS matrix to evaluate the strategic options against organizational capabilities and external environment conditions (Hill & Jones, 2012). This process includes analyzing factors like resource requirements, potential ROI, risk levels, and alignment with organizational competencies.

For instance, applying the Ansoff Matrix might reveal that market development offers a balanced risk-reward profile aligned with internal strengths and external opportunities, making it the most viable strategy. Alternatively, the BCG matrix can identify high-growth, high-share opportunities that should be prioritized.

After thorough analysis, a strategic choice is justified based on data supporting expected outcomes, resource availability, and compatibility with long-term strategic goals. For example, a company with strong R&D capabilities and a desire to innovate may choose product development over diversification to leverage existing strengths.

Conclusion

The strategic planning process following comprehensive internal and external audits enables organizations to set informed objectives, explore viable strategic alternatives, and select the course of action with the highest potential for success. Justifying this choice through strategic tools and data-driven analysis ensures alignment with organizational strengths, market conditions, and long-term vision. Implementing the chosen strategy effectively positions the organization for sustainable growth and competitive advantage.

References

Ansoff, H. I. (1957). Strategies for Diversification. Harvard Business Review, 35(5), 113-124.

Hill, C. W. L., & Jones, G. R. (2012). Strategic Management: An Integrated Approach. 10th Edition. Houghton Mifflin.

Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.

Johnson, G., Scholes, K., & Whittington, R. (2008). Exploring Corporate Strategy. 8th Edition. Prentice Hall.

Grant, R. M. (2019). Contemporary Strategy Analysis. 10th Edition. Wiley.

Kim, W. C., & Mauborgne, R. (2004). Blue Ocean Strategy. Harvard Business Review, 82(10), 76-84.

Hambrick, D. C., & Fredrickson, J. W. (2001). Are you Sure You Have a Strategy? Academy of Management Executive, 15(4), 48-59.

Walters, D., & Rainbird, S. (2010). Strategic Management: A Step-by-Step Approach. Pearson Education.

Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120.

Porter, M. E. (1996). What Is Strategy? Harvard Business Review, 74(6), 61-78.