The Strategy Behind an External Analysis

All posts tagged The Strategy Behind an External Analysis

MARVELOUS MONDAY HOLIDAY GIVEAWAY!

Published December 15, 2014 by Mayrbear's Lair

This week Media Magic is celebrating the holidays by launching our first ever Marvelous Monday Giveaway! We are kicking off the event by offering complimentary copies of The Strategy Behind an External Analysis! These accelerated learning business tools make great holiday gifts for anyone interested in building leadership skills!

Check back for more holiday giveaways on Wednesday. Until then … stay organized!

Marvelous Monday Giveaway

********

Where there is love there is life. – Mahatma Gandhi

********

3 organizational management business skills publications nov 2014

For more information on Media Magic’s digital publications, or to purchase any of our Business Life titles, please visit amazon.com’s new feature called “Author Central” to view:

Mayr’s author page

Strategies of Top Performers

Published December 1, 2014 by Mayrbear's Lair

1st place

There are many strategies employees can engage in to perform at optimum levels in the workplace. For instance, some top performers make a concerted effort to comprehend the strategic decisions their companies make as a tactic to outperform others. In fact, in her book, Strategic Management in Action, Mary Coulter (2010) explains that corporate leaders specifically implement strategic management plans as a conscious maneuver to motivate top performers. This is done to help the firm achieve greater outcomes (Coulter, 2010). Furthermore, executives have come to embrace strategic planning as an ongoing process, which was at one time, only an occasional event.

This shift in how a firm functions, illustrates the complexities involved in the field of strategic organizational management. Because strategies were originally developed by leaders as a military tactic to attain victory against an opponent, they were set up as objectives to outmaneuver and defeat an enemy. In this context, developing strategies were identified as a planned event with certain goals expected as the outcome. However, in today’s corporate climate, strategies are developed, adopted, and implemented on a more frequent basis so that leaders can keep up with competitors, changing trends, and the market fluctuations in their industries. In short, a company’s survival today is contingent on their ability to observe, assess, and evolve their strategies to remain profitable and competitive.

political

As many corporate executives contend, managing a business in the modern global marketplace is more complicated because of these constant changes that occur. In their book, The External Environment of Business: Political, Economic, Social, and Regulatory, Pagano and Verdin (1997) assert that even the most effective managers run into substantial challenges due to the wide variety of components that are beyond their control. For example, some of the significant elements that tend to affect the external environment of a business are the regulatory, technological, economic, social, and political factors. These components have an effect on products produced, as well as their costs and profit margins. In addition, the oil industry, automation, deregulation, environmental protection policies, equal opportunity legislation and changes in social mores have also influenced the external environment with leaders working diligently to keep up (Pagano & Verdin, 1997). Not only have innovative technological advances like tablets and smartphones changed the kinds of products being manufactured, but these inventive devices have also helped shape the way business is conducted.

backgrounds button on a touch screen interface with icons

In the ebook, The Strategy Behind an External Analysis (2014), my research work revealed that strategic management plans which include an environmental scan, is an effective tactic that puts managers in top positions. This is because they devise plans that support the company’s full sense of commitments, decisions, and actions. In fact, tactical management planning has become an instrumental component for running a business because it is an effective way to help a company achieve strategic competitiveness, which in turn can earn them higher than normal returns (Berry, 2014).

To conduct a thorough external analysis, however, there are specific elements that must be identified. In fact, Coulter suggests (2010) that many companies will use Michael Porter’s Five Force Model to develop their strategic plans which include the following components as essential for the environmental analysis process: (1) the economic data that identifies current trends and the overall economy of the industry; (2) demographics that determine population size and characteristics; (3) the cultural attitudes that affect values and behavior; (4) the legal aspects that determine regulations, policies, political influences; and (5) the technological aspect which identifies the scientific innovations (Coulter, 2010). By incorporating these five components to help provide a thorough analysis, managers in the developmental stages of their strategic planning, are in a better position to help their firms achieve higher performance outcomes.

********

Leaders establish the vision for the future and set the strategy for getting there. – John P. Kotter

********

Monday thanks giveaway

Congratulations to all the winners of our audiobook giveaway and a special thanks to everyone that participated last month in Media Magic’s first Thanks Giveaway Sweepstakes. We really appreciate your interest and support in our accelerated learning tools. For more information on Media Magic’s digital publications, or to purchase any of our Business Life titles, please visit amazon.com’s new feature called “Author Central” to view:

Mayr’s author page

References:

Berry, M. A. (2014). Organizational management: The strategy behind an external analysis. Las Vegas: Kindle Direct Publishing.

Coulter, M. (2010). Strategic management in action (5th ed.). Upper Saddle River, NJ: Pearson Education, Inc.

Pagano, A., & Verdin, J. (1997). The external environment of business: Political, economic, social and regulatory (2nd ed.). Chicago, IL: Stipes Pub. LLC.

The External Environment

Published October 24, 2014 by Mayrbear's Lair

evolution

As many contemporary corporate leaders will contend, operating a business in today’s global marketplace has become more difficult to manage on many levels, due to the continual evolution of technology and industry changes that occur. In their book, The External Environment of Business: Political, Economic, Social and Regulatory, Pagano and Verdin (1997) assert that even the most efficient leaders run into substantial obstacles because of circumstances that are beyond their control (Pagano & Verdin, 1997). For instance, 30 years ago, most people purchased their favorite music on a vinyl disc, cassette, or compact disc format. Today, however, most people are accustomed to downloading their favorite tunes for playback on an MP3 device. Those who were not able to foresee or adjust to industry changes, were forced to leave the market.


music

In the ebook, The Strategy Behind an External Analysis (soon to be released on audiobook), my research work revealed that the significant elements which affect a company’s external environment include the regulatory, technological, economic, social, and political factors (Berry, 2014). That’s because these components can have a profound effect on the products a company produces; the costs involved to manufacture, produce, and market them; and the profit margins that can affect their commerce and growth. For example, forces like oil cartels, automation, deregulation, environmental protection policies, equal opportunity legislation, and changes in social mores, influence the external arena. In fact, these changes are occurring so rapidly, that leaders are scrambling diligently to keep afloat, let alone maintain a competitive edge. Not only have innovative technological advances like smartphones and tablets changed the kinds of products being manufactured, but these inventive devices continue to help pave the way business is conducted.

technology

Another significant reason for including an external analysis as part of a company’s strategic planning process, is that it can also serve to help increase awareness on how an organization relates to the rest of society. This is an excellent way a company can assess more clearly, how they conduct themselves in a socially responsive manner. In the book, Developing Business Strategies, David Aaker (2001) suggests that an evaluation of the external environment also helps companies identify such proponents as: (a) consumer demographics and segmentation, (b) what factors motivate buyers, and (c) what the consumers needs are.

corporate citizenship

External analyses also include a look at competitor strategies so they can ascertain more clearly what they are up against such as performance, image, objectives, culture, and cost structures. Plus an external analysis also helps clarify what environment factors play a role in how the firm achieves successful outcomes including technological, government, economic, cultural, and demographic (Aaker, 2001). In conclusion, by implementing external analyses that ask the right questions, leaders are in a better position to create the kind of strategies that will lead their firms to achieve the most successful outcomes.

PAC Web

Well, that’s it for this week folks! Thanks for stopping by. I appreciate your continued support! In the meantime, I am happy to announce I have just accepted a full time position as the Publications Writer for the Performing Arts Center at the College of Southern Nevada. To get ready for this exciting new position, I will be taking some time off. However, I will return with new posts again in November so stay tuned! Until then … keep organized and have a very Happy Halloween celebration!

Halloween

********

A satisfied customer is the best business strategy of all. – Michael LeBoeuf

********

Coming Soon External Audiobook Ad 4

If you are interested in more tips and information on effective strategic planning or want to find out how to purchase any of our accelerated learning Business Life titles, please visit our website at:

Media Magic Publishing.

References:

Aaker, D. (2001). Developing business strategies (6th ed.). New York, NY: John Wileyand Sons, Inc.

Berry, M. A. (2014). Organizational management: The strategy behind an external analysis. Las Vegas: Kindle Direct Publishing.

Pagano, A., & Verdin, J. (1997). The external environment of business: Political, economic, social and regulatory (2nd ed.). Chicago, IL: Stipes Pub. LLC.

Challenges or Opportunities?

Published October 20, 2014 by Mayrbear's Lair

challenges or opportunites

In today’s economy, companies are bombarded with changes that are constantly presenting new challenges. These changes are forcing company leaders to adapt and develop new organizational strategies to maintain a competitive edge in the marketplace. The smartest leaders, however, perceive these challenges as opportunities for growth and expansion. For example, the U.S. Department of Labor indicates a trend that the nation’s work force has become smaller and mobile. A perceptive leader understands that this means companies are more vulnerable to the effects of global competition. In her book, Organizational Project Management: Linking Strategy and Projects, Rosemary Hossenlopp (2011) reveals some of the reasons these changes have occurred like: (a) the need to increase revenue and decrease costs, (b) restructuring events from mergers and acquisitions, (c) a continual need to increase efficiency, (d) the downsizing and outsourcing of services, (e) technological advances, and (f) legislative changes in banking and financial reporting policies (Hossenlopp, 2011). These significant components continue to change the world’s work force, leaving the arena with smaller more diverse staff members that operate from work environments that are now more virtual and mobile.

 virtual workforce

In addition, new challenges have occurred from the changes in technology that have contributed to an information revolution. These challenges are forcing leaders to develop more opportunities for efficiency. In the eBook, The Strategy Behind an External Analysis (soon to be released as an audio book) my research work reveals in more detail, how advances in technology are urging managers to make adjustments in how they run their organizations so that they can still achieve their goals (Berry, 2014). In the meantime, because of the shift in how commerce is conducted, it is even more imperative that leaders devise effective systems to evaluate their external environment to help ensure stakeholders that the firm will continue to reach successful outcomes.

 situation analysis

In her book, Strategic Management in Action, Mary Coulter (2010) explained that the external analysis process should include conducting a situation analysis strategy. This helps managers identify strengths, weaknesses, competitor strategies, and other critical issues the firm is facing. Coulter further suggests that leaders identify, consider, and evaluate some of these following components as well: (a) what is happening with the current economy; (b) how demographics for trends and population changes are affecting them; (c) what influence do the cultural values, behaviors, attitudes, and other social patterns have on the company; (d) how do the local laws, policies and regulations that are applicable affect them; and (e) what innovations and changes in technology are affecting their industry (Coulter, 2010). By analyzing these components leaders are better equipped to devise more effective strategies to achieve their goals. In short, because of the ongoing changes in the business arena, organizations that include an external analysis in their planning strategies become more capable of coping with uncertainty, and are therefore more likely to deliver higher performances.

Well, that’s it for today! Thanks for stopping by! Until Wednesday … stay organized!

********

Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different. – Michael Porter

********

Coming Soon External Audiobook Ad

If you are interested in more tips and information on effective strategic planning or want to find out how to purchase any of our accelerated learning Business Life titles, please visit our website at:

Media Magic Publishing.

References:

Berry, M. A. (2014). Organizational management: The strategy behind an external analysis. Las Vegas: Kindle Direct Publishing.

Coulter, M. (2010). Strategic management in action (5th ed.). Upper Saddle River, NJ: Pearson Education, Inc.

Hossenlopp, R. (2011). Organizational project management: Linking strategy and projects. Vienna, VA: Management Concepts.

Media Magic Digital Publishing

Published October 16, 2014 by Mayrbear's Lair

accelerated learning ad TWO - Oct 2014

If you are interested in getting more tips and information on building leadership skills or want to inquire further about our digital publications or purchase any of our accelerated learning Business Life titles, please visit:

Media Magic Publishing.

Tomorrow’s post will take a closer look at transmitting persuasive communication with successful outcomes. Until then … stay organized!

********

To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.  – Tony Robbins

*******

Arriving Soon …

Published October 14, 2014 by Mayrbear's Lair

Coming Soon External Audiobook Ad 2

For more information on Media Magic, our digital publications, or to purchase any of our accelerated learning Business Life titles, please visit our website at:

Media Magic Publishing.

Tomorrow’s post will take a closer look at persuasive communication. Until then … stay organized!

*********

The best CEOs I know are teachers, and at the core of what they teach is strategy. – Michael Porter

********

Octoberfirst has Arrived!

Published October 1, 2014 by Mayrbear's Lair

 

Happy Octoberfirst

Welcome everyone to the Octoberfirst celebration with Media Magic Digital Publishing! Today only, the following titles are available as complimentary gifts on amazon.com!

Breaching Cover Art MA Berry rev

In this eBook (also available in audiobook format), Mayr’s research work helps the reader understand the value of effective communication. It will take a closer look at why it is an important tool for leaders in organizational management and how it can also help in our personal lives. Mayr also includes examples from her own experiences to help illustrate some of these concepts. Knowing how to engage in active listening and communicate effectively, without criticizing or offending others, are significant components for anyone interested in developing more successful communication skills.

Value of Strategic Management Aug 2014

This title (available in eBook or audiobook format) provides insights to effective leadership skills and examine strategies that top performers implement to manage an organization more efficiently. It also provides a powerful motivational key; one that will unlock a treasure of innovative ideas by examining how top performers achieve their desired outcomes more efficiently. Mayr examines such components like (a) the strategic management process, (b) the systems implemented to monitor performance measures, (c) the importance of establishing the firm’s target audience strategies, and (d) how a company’s vision statement can not only help the shape the future of an organization it can also serve as a motivational tool to help staff members achieve their desired outcomes. Whether you are a business owner or a householder this publication has valuable information for everyone.

The Mission Cover Art

This eBook will help the reader learn the purpose and importance of developing effective strategic management plans. Mayr explains how strategic planning in organizational management can help determine a company’s future, help strategists detect possible threats and weaknesses, as well as help identify strengths and opportunities. By including a case study of the music industry based on her perceptions and experience as an alumnus of Capitol-EMI Records, this eBook will also help the reader understand more clearly that by including such tactics as the observation and evaluation of organizational behavior and outcomes, strategic management planning can help companies maintain a competitive edge as a leader in the marketplace and still remain profitable.

backgrounds button on a touch screen interface with icons

This eBook will help the reader comprehend the significance of conducting an external analysis to assist in the development of efficient strategic plans for organizational management. In addition, it explains how conducting an external analysis can help strategists detect possible threats and obstacles, as well as help them to identify opportunities they may wish to explore. By including a case study of the Best Buy Corporation, this title will also help readers understand how an external analysis aided managers at the firm to navigate through obstacles they faced like globalization, inflation, technological advances, supply and demand issues, political-legal ramifications and social-cultural changes. Plus, these strategies were instrumental for increasing awareness on how their organization relates to the rest of society which in turn, also helped them become more socially responsive.

For more information on Media Magic, our digital publications, or to purchase any of our accelerated learning Business Life titles, please visit our website at:

Media Magic Publishing.