Internal Analysis
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Created by:
oliverherbst on May 5, 2011
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Description:
Strategic Management
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19 terms
English | Photos |
|---|---|
 The Internal Audit Identify strengths and weaknesses in... | 1. Management 2. Marketing 3. Finance and accounting 4. Production and operations 5. Research and development 6. Management information systems |
| Basis for Objectives & Strategies | 1. Internal strengths/weaknesses 2. External opportunities/threats 3. Clear statement of mission |
| Distinctive Competencies | 1. Firm's strengths that cannot be easily matched or imitated by competitors 2. Building competitive advantage involves taking advantage of distinctive competencies |
| Involvement in performing an internal strategic-management audit provides a vehicle for understanding the nature and effect of decisions in other functional business areas of the firm |  |
| How to prepare an Internal Audit? | 1. Managers and employees from all areas provide information 2. A team of managers then selects 10 to 15 key organizational strengths and weaknesses to focus on |
| Financial Ratio Analysis | Exemplifies complexity of relationships among functional areas of the business |
| Resource Based View (RBV) | Approach to Competitive Advantage - Internal resources are more important than external factors |
| RBV - Three All-Encompassing Categories | 1. Physical resources 2. Human resources 3. Organizational resources |
| RBV - Empirical Indicators | 1. Rare 2. Hard to imitate 3. Not easily substitutable |
| Functions of Management | 1. Planning - Strategy Formulation 2. Organizing - Strategy Implementation 3. Motivating - Strategy Implementation 4. Staffing - Strategy Implementation 5. Controlling - Strategy Evaluation |
| Planning involves | 1. Developing a mission 2. Forecasting future events and trends 3. Establishing objectives 4. Choosing strategies to pursue 5. Synergy - Can develop through planning - Exists when everyone pulls together as a team that knows what it wants to achieve |
| Organizing involves | 1. Achieves coordinated effort 2. Defines task & authority relationships 3. Determines who does what 4. Determines who reports to whom |
| Motivation involves | 1. Influencing to accomplish specific objectives 2. Four components include: • Leadership • Group dynamics • Communication • Organizational change |
| Staffing involves | 1. Personnel management (Recruiting, Interviewing, Testing, Selecting, Orienting, Training, Developing, Caring for) 2. Human resource management (Evaluating, Rewarding, Disciplining, Promoting, Transferring, Demoting, Dismissing) |
| Controlling involves | 1. Establish performance standards 2. Measure individual and organizational performance 3. Compare actual performance to planned performance standards 4. Take corrective action |
| What compares the value chain analysis of rival firms? | 1. Purchasing raw materials 2. Manufacturing products 3. Marketing products |
| Figure: Value Chain |  |
| Value Chain Analysis | 1. Core competencies 2. Distinctive competencies 3. Benchmarking |
| Transforming Value Chain Activities into Sustained Competitive Advantage | Steps involved: 1. Value Chain Activities Are Identified and Assessed 2. Core Competencies Arise in Some Activities 3. Some Core Competencies Evolve into Distinctive Competencies 4. Some Distinctive Competencies Yield Sustained Competitive Advantages |
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