Strategic Management

BMGT495 6380 Chapters 3 & 4 Review Christy Lynn Introduction Chapter 3- The orthogonal sound judgment Why Conduct an outside Audit? An outside(a) audit provides an face the opportunity to break in a list of authority opportunities that could benefit their corporation and diagnose threats that could be detrimental. Once these capableness avenues have been identified, a business sector crapper either act offensively or defensively, depending on the situation at hand. External Forces There argon umteen outdoor(a) forces but they alto get ather tin be shared into four broad categories. These categories are: economic forces; social, cultural, demographic, and environmental forces; political, governmental, and legitimate forces; technological forces; and emulous forces. No matter where the trend or event is taking place, it affects every(prenominal) arranging in the world. Whenever at that place is a diversity in an external force, it signifies a c hange in consumer demand for all involved. It is imperative for organizations to recognize, identify, and evaluate external opportunities and threats since doing so will modify organizations to increase clear billing statements, to design strategies which will assistant in achieving long-term goals, and to develop policies to achieve annual objectives.

The External Audit Process When performing an external audit, everyone must be involved in the process. This involvement can bring a greater commitment and infrastanding from everyone inwardly the organization. First and foremost, a company must cope with competitive intelligence and information r! ound economic, social, cultural, demographic, environmental, political, governmental, legal, and technological trends. In opposite words, the company must gather intelligence from all of the categories discussed under the heading external forces save competitive forces. This step can be achieved by having a few employees read journals, newspapers, and do Internet searches. They can because report back every few months to the manager...If you want to get a full essay, hunting lodge it on our website: OrderCustomPaper.com

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