Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 8, Problem 1CRQ
Why do managers use strategic analysis?
Expert Solution & Answer
Summary Introduction
To explain:
The reasons for using strategic analysis by the managers of an organization
Introduction:
Strategic analysis is the system that an organization uses to explore and comprehend the many distinct levels and aspects of their rival circumstance. It involves analyzing strengths, weaknesses, threats and opportunities for the success of the organization.
Explanation of Solution
Strategic analysis is actually the understanding of forces and variables within the organization and outside the globe at a big scale. The managers supervise this aspect and why they do so is because of −
- Objectives: - Strategic analysis concerns assessment of the goals and objectives of the company; and the actions taken to achieve them. In other words, the managers do strategic analysis so that the company can easily and effectively fulfill their short term, medium term and perhaps the long term targets.
- Internal variables: - The managers do strategic analysis also to run the organization in smooth manner so that not any factor within the company affects its sales and revenue negatively
- External variables: - The managers do strategic analysis also because the situations outside the company remain positive and cannot affect the sales and revenue negatively. These variables are like financial relations, market rivalry, customer acquisition and retention etc.
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Chapter 8 Solutions
Principles of Management
Ch. 8.1 - Why do managers use strategic analysis?Ch. 8.1 - How are internal factors different from external...Ch. 8.2 - Explain the elements of a SWOT analysis.Ch. 8.2 - What information does a SWOT analysis provide...Ch. 8.3 - Describe a firms macro environment.Ch. 8.3 - What does PESTEL stand for? How do managers use...Ch. 8.3 - How would you approach this issue if you were the...Ch. 8.3 - What PESTEL challenges is LEGO trying to address...Ch. 8.3 - Explain what favorable PESTEL factors support...Ch. 8.4 - Describe each of Porters Five Forces. What...
Ch. 8.5 - What are firm resources and capabilities?Ch. 8.5 - Describe a value chain and what the activities in...Ch. 8.5 - What is VRIO? What questions do the letters stand...Ch. 8.5 - What resource or capability challenges have Uber...Ch. 8.5 - What PESTEL factors do you think are contributing...Ch. 8.5 - What industry challenges (think of Porters Five...Ch. 8.6 - What is competition, and what is the role of...Ch. 8.6 - When does a firm have a competitive advantage over...Ch. 8.6 - Explain the differences between the three...Ch. 8.7 - How does strategic analysis help a firm develop...Ch. 8 - Why do managers use strategic analysis?Ch. 8 - What information does a SWOT analysis provide...Ch. 8 - Describe a firms macro environment and how...Ch. 8 - What is a firms micro environment, and why is it...Ch. 8 - What is an industry, and how do Porters Five...Ch. 8 - What are firm resources and capabilities, and what...Ch. 8 - When does a firm have a competitive advantage over...Ch. 8 - What are generic competitive strategies, and how...Ch. 8 - What do strategic group members have in common...Ch. 8 - How does strategic analysis help a firm develop...Ch. 8 - What PESTEL factors supported Teslas success?...Ch. 8 - How has Teslas strategic position changed since it...Ch. 8 - What kind of responses would you expect from...
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