Chapter 3: Making an External Assessment 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 Purpose of an External Audit Develop a finite list of opportunities that could benefit a firm threats that should be avoided Process of performing an External Audit: Gather competitive intelligence Assimilate information Evaluate
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Describe key sources of external information‚ including the Internet. 4. Discuss important forecasting tools used in strategic management. 5. Discuss the importance of monitoring external trends and events. 6. Explain how to develop an EFE Matrix. 7. Explain how to develop a Competitive Profile Matrix. 8. Discuss the importance of gathering competitive intelligence. 9. Describe the trend toward cooperation among competitors. 10. Discuss market commonality and resource
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largest cruise lines. Privacy and cancellations carried the heaviest weight under weaknesses. Privacy is hard to find it on a cruise ship. Cancellations can become hard to obtain if insurance is not purchased causing a headache in itself. EFE Totals 1.00 2.85 The EFE matrix I gave the most weight to attract younger crowds and attract more families. The younger crowd has potential to become life customers as they become older. The family oriented customer brings other members of family along which increase
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Supply Chain Management Introduction This paper identifies an existing supply chain management process within an organization. It describes the flow of materials to the organization‚ the organization ’s function‚ and the customer base that organization serves. The supply chain practice will be compared with other supply chain process. An analysis will be provided based on research and cost-benefit and the recommended changes. The paper has taken a supply chain process exists in the Minneapolis
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Case Study – Nordstrom 1. Nordstrom is a department store retailer‚ carrying household goods‚ electronics‚ apparel‚ cosmetics & sometimes furniture. Each department has their own area of checkout & the few other department stores include Macy’s‚ JCPenney‚ Sears‚ & Dillard’s. All these department stores carry the same type of products‚ but from different manufacturers. 2. Nordstrom would be considered a full service store because their employees can be persuasive in purchases & assist the customer
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directly from the EFE matrix and IFE matrix. The top row consists of feasible alternative strategies (provided in stage 2) derived from the SWOT analysis‚ SPACE matrix‚ BCG matrix‚ and IE matrix. The first column with numbers includes weights assigned to factors. How to Construct a QSPM Step 1 Make a list of the firm’s key external opportunities/threats and internal strengths/weaknesses in the left column of the QSPM. This information should be taken directly from the EFE Matrix and IFE
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Street Merchant of Doom Walmart was first founded by Sam Walton in 1962. Mr. Walton wanted to provide the “average” American people with quality goods that they could afford at low prices. Sam took the expertise that he took from working at JCPenney and applied it to his new company. Not soon after opening their first store‚ Walmart began to develop a loyal customer base. Along with this loyal customer base came expansion within the company across the United States. However‚ since Walmart
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When studying African history‚ it is important to realize that the information produced by the analysis is dependent on the lens the scholar is viewing Africa through. When studying African societies through structural functionalists such as Evans Pritchard‚ we tend to see African societies as unchanged ethnic groups whose lives are controlled by the dominating social/political institutions. Yet those theorists that succeed Pritchard‚ tend to show the power our bias has on the narrative of the societies
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Think back to when you were younger‚ do you remember the different emotions you had? Did you know that you learned a lot of your emotions from your parents or caregivers? Infants and toddlers go through many different stages of emotional development. Starting at birth where they show little to no emotion‚ up through toddler-hood where their emotions become more defined is a critical stage in there development. Infants begin to develop basic emotions at birth such as happy‚ sad‚ fear and anger. As
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five different consumer products (could be from a magazine‚ coupons‚ etc.). For each ad‚ write a description of what you think the demographic characteristics of the targeted market are. Attach the ad to your assignment. 2. Go to the Web sites of JCPenney‚ http://www.jcpenney.com‚ and Target‚ http://www.target.com. Compare which is more product-focused and which is more brand focused. Which company’s approach do you think will appeal more to the “Holy Grail” target market of 25- to 35-year-old women
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