Chapter 3&4

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1 Chapter 3 and 4 Reflection and Discussions Name Institution Course Professor Date

2 Chapter 3 and 4 Reflection and Discussions Reflection Chapters 3 and 4 of the book I was given were about external and internal assessments. In chapter 3, I learned how to do an external strategic management assessment, which is also known as an environmental scan or an industry analysis. External audits find and evaluate trends and events that are out of a company's control. This lets management take advantage of big opportunities and stop or lessen big threats. An external audit identifies possibilities and challenges for a company (David & David, 2017). As the word "limited," suggests, the external audit is not meant to find everything that could affect the company. Instead, it is meant to find important variables that give answers that make sense. For internal assessments, information from finance, management, accounting, marketing, operations, research and development (R&D) needs to be gathered, analyzed, and put in order of importance. Discussions Part One When a government decides to protect its own domestic industries by putting tariffs on domestic companies, it is doing so to protect the domestic industries. The objective is to make it more challenging for foreign companies to compete in the home market, and to make it more challenging for domestic companies to move production outside (Abboushi, 2010). This trend's effects on global trade might be seen of as having both positive and negative aspects. On the one

3 hand, protectionism can help keep home businesses from having to compete with businesses from other countries. It can also help encourage businesses in the country to grow and become more productive. Protectionism could lead to retaliation from other countries, and in the end, it can make American companies less competitive on the international market. Part Two I totally agree that internal resources can be broken down into different types, such as financial, human, physical, and intangible (like brand equity) resources. External influences include the macroeconomic environment, the competitive environment, and the political and legal environment. On the other hand, the company itself has no control over these aspects. (David & David) I think that the firm's internal resources are the most important factor in determining whether it will be able to gain and keep a competitive edge. This is true even though the ability of an organization to do so can be affected by things outside of it. This is because a company can only control its own internal resources. It cannot do anything about outside forces. Therefore, a company that knows how to use its own resources well has a better chance of being successful than a company that depends on things outside of the company.

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4 References Abboushi, S. (2010). Trade protectionism: reasons and outcomes. Competitiveness Review: An International Business Journal , 20 (5), 384-394. David, F. R., & David, F. R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts, eBook. Pearson Higher Ed.

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