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1、Strategic Management Concepts:A Competitive Advantage Approach,Concepts and Cases,Seventeenth Edition,Chapter 3,The External Assessment,Copyright 2020,2017,2015 Pearson Education,Inc.All Rights Reserved,Strategic Management Concepts:,Learning Objectives(1 of 2),3.1 Describe the nature and purpose of
2、 an external assessment in formulating strategies.3.2 Identify and discuss 10 external forces that impact organizations.3.3 Explain Porters Five-Forces Model and its relevance in formulating strategies.,Learning Objectives(1 of 2)3.,Learning Objectives(2 of 2),3.4 Describe key sources of information
3、 for identifying opportunities and threats.3.5 Discuss forecasting tools and techniques.3.6 Explain how to develop and use an External Factor Evaluation(E F E)Matrix.3.7 Explain how to develop and use a Competitive Profile Matrix(CPM).,Learning Objectives(2 of 2)3,Figure 3.1 A Comprehensive Strategi
4、c-Management Model,Source:Fred R.David,“How Companies Define Their Mission,”Long Range Planning 22,no.1(February 1989):91.See also Anik Ratnaningsih,Nadjadji Anwar,Patdono Suwignjo,and Putu Artama Wiguna,“Balance Scorecard of Davids Strategic Modeling at Industrial Business for National Construction
5、 Contractor of Indonesia,”Journal of Mathematics and Technology,no.4(October 2010):20.,Figure 3.1 A Comprehensive Str,External Audit,External auditfocuses on identifying and evaluating trends and events beyond the control of a single firmreveals key opportunities and threats confronting an organizat
6、ion so that managers can formulate strategies to take advantage of the opportunities and avoid or reduce the impact of threats,External AuditExternal audit,The Purpose of an External Audit,The external audit is aimed at identifying key variables that offer actionable responsesFirms should be able to
7、 respond either offensively or defensively to the factors by formulating strategies that take advantage of external opportunities or that minimize the impact of potential threats.,The Purpose of an External Aud,Key External Forces,External forces can be divided into five broad categories:economic fo
8、rcessocial,cultural,demographic,and environmental(SCDE)forcespolitical,governmental,and legal forcestechnological forcescompetitive forces,Key External ForcesExternal fo,Figure 3.2 Relationships Between Key External Forces and an Organization,Figure 3.2 Relationships Betwe,The AQCD Test,When identif
9、ying and prioritizing key external factors in strategic planning,the following 4 factors are important:ActionableQuantitativeComparativeDivisionalThe AQCD is a measure of the quality of an external factor.,The AQCD TestWhen identifying,Economic Forces(1 of 2),Shift to service economyAvailability of
10、creditLevel of disposable incomePropensity of people to spendInterest ratesInflation ratesG D P trendsConsumption patternsUnemployment trendsValue of the dollar,Economic Forces(1 of 2)Shift,Economic Forces(2 of 2),Import/Export factorsDemand shifts for different goods and servicesIncome differences
11、by region and consumer groupPrice fluctuationsForeign countries economic conditionsMonetary and Fiscal policyStock market trendsTax rate variation by country and stateEuropean Economic Community(E E C)policiesOrganization of Petroleum Exporting Countries(O P E C)policies,Economic Forces(2 of 2)Impor
12、t,Social,Cultural,Demographic,and Environmental(SCDE)Forces,SCDE forces impact strategic decisions on virtually all products,services,markets,and customers.These forces are shaping the way people live,work,produce,and consume.,Social,Cultural,Demographic,Key SCDE Variables(1 of 3),Population changes
13、 by race,age,and geographic areaRegional changes in tastes and preferencesNumber of marriagesNumber of divorcesNumber of birthsNumber of deathsImmigration and emigration ratesSocial Security programs,Key SCDE Variables(1 of 3)Pop,Key SCDE Variables(2 of 3),Life expectancy ratesPer capita incomeSocia
14、l media pervasivenessAttitudes toward retirementEnergy conservationAttitudes toward product qualityAttitudes toward customer servicePollution control,Key SCDE Variables(2 of 3)Lif,Key SCDE Variables(3 of 3),Attitudes toward foreign peoplesEnergy conservationSocial programsNumber of churchesNumber of
15、 church membersSocial responsibility issues,Key SCDE Variables(3 of 3)Att,Political,Governmental,and Legal Forces,Local,state,and federal laws,as well as regulatory agencies and special-interest groups,can have a major impact on the strategies of small,large,for-profit,and nonprofit organizations.,P
16、olitical,Governmental,and L,Political,Government,and Legal Variables(1 of 2),Natural environmental regulationsProtectionist actions by countriesChanges in patent lawsEqual employment opportunity lawsLevel of defense expendituresUnionization trendsAntitrust legislation,Political,Government,and Leg,Po
17、litical,Government,and Legal Variables(2 of 2),U S A versus other country relationshipsPolitical conditions in countriesGlobal price of oil changesLocal,state,and federal lawsImport-export regulationsTariffs,particularly on steel and aluminumLocal,state,and national elections,Political,Government,an
18、d Leg,Technological Forces(1 of 3),New technologies such as:the Internet of Things3D printingthe cloudmobile devicesbiotechanalyticsautotech,Technological Forces(1 of 3)N,Technological Forces(2 of 3),robotics andartificial intelligence,are fueling innovation in many industries,and impacting strategi
19、c-planning decisions.,Technological Forces(2 of 3)r,Technological Forces(3 of 3),Many firms now have a Chief Information Officer(C I O)and a Chief Technology Officer(C T O)who work together to ensure that information needed to formulate,implement,and evaluate strategies is available where and when i
20、t is needed,Technological Forces(3 of 3)M,Competitive Forces,An important part of an external audit is identifying rival firms and determining their strengths,weaknesses,capabilities,opportunities,threats,objectives,and strategies,Competitive ForcesAn important,Obtaining Competitive Intelligence(1 o
21、f 2),Legal and ethical ways to obtain competitive intelligence:Reverse-engineer rival firms products.Use surveys and interviews of customers,suppliers,and distributors of rival firms.Analyze rival firms Form 10-K.Conduct fly-over and drive-by visits to rival firm operations.Search online databases.C
22、ontact government agencies for public information about rival firms.,Obtaining Competitive Intellig,Obtaining Competitive Intelligence(2 of 2),Monitor relevant trade publications,magazines,and newspapers.Purchase social-media data about customers of all firms in the industry.Hire top executives from
23、 rival firms.,Obtaining Competitive Intellig,Key Questions About Competitors(1 of 3),What are the strengths and weaknesses of our major competitors?What products and services do we offer that are unique in the industry?What are the objectives and strategies of our major competitors?How will our majo
24、r competitors most likely respond to current economic,SCDE,political,governmental,legal,technological,and competitive trends affecting our industry?,Key Questions About Competitor,Key Questions About Competitors(2 of 3),How vulnerable are the major competitors to our new strategies,products,and serv
25、ices?How vulnerable is our firm to successful counterattack by our major competitors?How does our firm compare to rivals in mastering the social-media conversation in this industry?To what extent are new firms entering and old firms leaving this industry?What key factors have resulted in our present
26、 competitive position in this industry?,Key Questions About Competitor,Key Questions About Competitors(3 of 3),How are supplier and distributor relationships changing in this industry?,Key Questions About Competitor,Competitive Intelligence Programs,Competitive intelligence(CI)a systematic and ethic
27、al process for gathering and analyzing information about the competitions activities and general business trends to further a businesss own goals,Competitive Intelligence Progr,Figure 3.3 The Five-Forces Model of Competition(1 of 2),Figure 3.3 The Five-Forces Mod,The Five-Forces Model of Competition
28、(2 of 2),Identify key aspects or elements of each competitive force that impact the firm.Evaluate how strong and important each element is for the firm.Decide whether the collective strength of the elements is worth the firm entering or staying in the industry.,The Five-Forces Model of Compe,The Fiv
29、e-Forces Model(1 of 6),Rivalry among competing firmsMost powerful of the five forcesFocus on competitive advantage of strategies over other firms,The Five-Forces Model(1 of 6),Table 3.5 The Five-Forces Model,Conditions That Cause High Rivalry Among Competing Firms,Table 3.5 The Five-Forces Mode,The
30、Five-Forces Model(3 of 6),Potential Entry of New CompetitorsBarriers to entry are importantQuality,pricing,and marketing can overcome barriers,The Five-Forces Model(3 of 6),Barriers to Entry(1 of 2),Need to gain economies of scale quicklyNeed to gain technology and specialized know-howLack of experi
31、enceStrong customer loyaltyStrong brand preferencesLarge capital requirementsLack of adequate distribution channels,Barriers to Entry(1 of 2)Need,Barriers to Entry(2 of 2),Government regulatory policiesTariffsLack of access to raw materialsPossession of patentsUndesirable locationsCounterattack by e
32、ntrenched firmsPotential saturation of the market,Barriers to Entry(2 of 2)Gove,The Five-Forces Model(4 of 6),Potential development of substitute productsPressure increases when:Prices of substitutes decreaseConsumers switching costs decrease,The Five-Forces Model(4 of 6),The Five-Forces Model(5 of
33、6),Bargaining Power of Suppliers is increased when(there are):Few suppliersFew substitutesCosts of switching raw materials is highBackward integration is gaining control or ownership of suppliers,The Five-Forces Model(5 of 6),The Five-Forces Model(6 of 6),Bargaining power of consumersCustomers being
34、 concentrated or buying in volume affects intensity of competitionConsumer power is higher where products are standard or undifferentiated,The Five-Forces Model(6 of 6),Conditions Where Consumers Gain Bargaining Power,If buyers can inexpensively switchIf buyers are particularly importantIf sellers a
35、re struggling in the face of falling consumer demandIf buyers are informed about sellers products,prices,and costsIf buyers have discretion in whether and when they purchase the product,Conditions Where Consumers Gai,Sources of External Information(1 of 2),Unpublished sources include customer survey
36、s,market research,speeches at professional and shareholders meetings,television programs,interviews,and conversations with stakeholders.Published sources of strategic information include periodicals,journals,reports,government documents,abstracts,books,directories,newspapers,and manuals.,Sources of
37、External Informatio,Sources of External Information(2 of 2),IBISWorldLexis-Nexis AcademicLexis-Nexis Company DossierMergent OnlinePrivCoRegional Business NewsS&P NetAdvantageValue Line Investment SurveyU.S.Securities and Exchanges CommissionCompany Annual Reports On-Line(CAROL),Sources of External I
38、nformatio,Forecasting Tools and Techniques,Forecasts educated assumptions about future trends and eventsno forecast is perfect,Forecasting Tools and Techniqu,Making Assumptions,AssumptionsBest present estimates of the impact of major external factors,over which the manager has little if any control,
39、but which may exert a significant impact on performance or the ability to achieve desired results.,Making AssumptionsAssumptions,Industry Analysis:The External Factor Evaluation(E F E)Matrix,Summarize and evaluate these factors:,SocialCulturalDemographicEconomicEnvironmental,PoliticalGovernmentalLeg
40、alTechnologicalCompetitive,Industry Analysis:The Externa,E F E Matrix Steps,List 20 key external factorsWeight from 0.0 to 1.0Rate the effectiveness of current strategies from 1-4Multiply weight*ratingSum weighted scores,E F E Matrix StepsList 20 key,Table 3.8 E F E Matrix for a Local 10-Theater Cin
41、ema Complex(1 of 2),Table 3.8 E F E Matrix for a L,Table 3.8 E F E Matrix for a Local 10-Theater Cinema Complex(2 of 2),Table 3.8 E F E Matrix for a L,Industry Analysis:Competitive Profile Matrix(C P M),Identifies firms major competitors and their strengths&weaknesses in relation to a sample firms s
42、trategic positionsCritical success factors include internal and external issues,Industry Analysis:Competitive,Table 3.10 An Example Competitive Profile Matrix,Note:The ratings values are as follows:1=response is poor,2=response is average,3=response is above average,4=response is superior.As indicat
43、ed by the total weighted score of 2.20,Company 3 is performing worst.Only 8 critical success factors are included for simplicity;in actuality,however,this is too few.The template asks that 12 factors be included and to tailor factors to a given industry.,Table 3.10 An Example Competit,Figure 3.4 How to Gain and Sustain Competitive Advantages,Figure 3.4 How to Gain and Sus,Copyright,Copyright,
