A 6 page paper. This paper addresses four questions/issues. What is strategic management and why is it important? What are the benefits of analyzing the external environment? What are the macro-environment and the micro-environment? How can the internal environment be analyzed and how to determine an organization's weaknesses? SWOT and PESTLE are described as procedures to use in analyzing internal and external environments. Bibliography lists 4 sources. PGstmgt.rtf
Name of Research Paper File: MM12_PGstmgt.rtf
Unformatted Sample Text from the Research Paper:
is essential. If the objectives are not being achieved, it is necessary to adjust the action steps and in fact, it may be necessary to adjust the objectives (Thompson and
Strickland, 2003). The vision is the companys guide to the future, including details about markets, products, the capabilities of the company and the type of organization managers are attempting to
create (Thompson and Strickland, 2003). Objectives follow along after the vision, these are the specific targets the manager wants to achieve (Thompson and Strickland, 2003). The strategy includes the types
of competitive efforts and business approaches the manager intends to utilize for the purpose of satisfying customers and to compete effectively within that industry (Thompson and Strickland, 2003). In todays
global marketplace, strategic management is more important than ever. The competitive field has expanded and continues to do so. The strategic plan, which is the basis of strategic management, provides
a blueprint to reach and achieve a competitive advantage. 2. External Environment All organizations are linked to an external environment, in fact, every company is dependent upon their own
linkages to that environment to secure resources, technical, material, financial and human resources (Canadian International Development Agency, nd). Managers must be familiar with the many factors in the external environment
to operate successfully (Canadian International Development Agency, nd). The first step is to understand there are two levels in the external environment: the macro-environment and the micro-environment (Canadian International Development
Agency, nd). The macro-environment incorporates all of the major sectors, such as political aspects, sociopolitical aspects, technological aspects, sociocultural aspects and economical aspects (Canadian International Development Agency, nd). While these
may not always have a direct impact on the organization, they do influence how the company may change over time or even how the company may need to adjust its