Group Assurance of Learning Exercise 2
Group 4 Assurance of Learning Exercise 2
Questions 21, 22, 26, 29, & 31 21. Explain how to conduct an external strategic management audit
External audits are conducted by gathering large amounts of competitive intelligence about various economic, social, and demographic trends. After the information has been gathered, it needs to be evaluated. Meetings should be held so that there can be conversations about the data. Once the data has been collected and reviewed, the company needs to make decisions on what changes need to be implemented (David, 2013, p.64). From there, the team should create a plan for implementation that includes a timeline, change management plan (if applicable), milestones and deadlines.
22. Identify a recent economic, social, political, or technological trend that significantly affects the local Pizza Hut.
One major trend that is on the rise is the “gluten-free diet”. Gluten is a substance found in wheat which has negative health affect on people who are allergic. People that are gluten-intolerant can not eat at restaurants like Pizza Hut because most of Pizza Hut’s food offerings contain gluten. Not being able to serve a whole subset of people can have significant effects on Pizza Hut ability to do business.
26. How does the external audit affect other components of the strategic-management process?
Seeking new information about the current market, competitors, and looking at different trends will positively affect a company because it provides more information for when they have to make a decision. For instance, knowing what the current demographic trends are can give you an advantage when planning out long-term objectives. Also, being aware of what your competitors are up to can help you to better anticipate their next moves, and ultimately, yours.
29. Give some advantages and disadvantages of cooperative versus competitive strategies.
Companies that engage in a cooperative strategy tend to be less
Questions 21, 22, 26, 29, & 31 21. Explain how to conduct an external strategic management audit
External audits are conducted by gathering large amounts of competitive intelligence about various economic, social, and demographic trends. After the information has been gathered, it needs to be evaluated. Meetings should be held so that there can be conversations about the data. Once the data has been collected and reviewed, the company needs to make decisions on what changes need to be implemented (David, 2013, p.64). From there, the team should create a plan for implementation that includes a timeline, change management plan (if applicable), milestones and deadlines.
22. Identify a recent economic, social, political, or technological trend that significantly affects the local Pizza Hut.
One major trend that is on the rise is the “gluten-free diet”. Gluten is a substance found in wheat which has negative health affect on people who are allergic. People that are gluten-intolerant can not eat at restaurants like Pizza Hut because most of Pizza Hut’s food offerings contain gluten. Not being able to serve a whole subset of people can have significant effects on Pizza Hut ability to do business.
26. How does the external audit affect other components of the strategic-management process?
Seeking new information about the current market, competitors, and looking at different trends will positively affect a company because it provides more information for when they have to make a decision. For instance, knowing what the current demographic trends are can give you an advantage when planning out long-term objectives. Also, being aware of what your competitors are up to can help you to better anticipate their next moves, and ultimately, yours.
29. Give some advantages and disadvantages of cooperative versus competitive strategies.
Companies that engage in a cooperative strategy tend to be less
References: David, F. (2013). Strategic management concepts and cases: a competitive advantage approach. 14 ed. Prentice Hall. New Jersey. Emson, R. (2013) Report: Market For Paid Apps Hits $8B In 2012, While Average Revenue Per App Drops 27%. TechChrunch. Retrieved from http://owl.english.purdue.edu/owl/resource/560/10/ Ryan (2013) Declining DVD Sales – More than Meets the Eye. Retrieved from http://dva.com/blog/?p=116