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Lecture 6-External environmental analysis-General (1)

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Lecture 6-External environmental analysis-General (1)

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陳影彤
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© © All Rights Reserved
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Strategic Management Process

© McGraw Hill
Coherence in Strategic Direction 1策略方向的一致性

Organizations express priorities best through


stated goals and objectives that form a
hierarchy of goals.目標層次結構
• Vision evokes powerful and compelling mental
images of a shared future.願景
• Mission encompasses the organization’s
current purpose, basis of competition, and
competitive advantage.使命
• Strategic objectives operationalize the
mission statement with specific yardsticks.策略
目標

© McGraw Hill
Coherence in Strategic Direction2

© McGraw Hill
Coherence in Strategic Direction 3

Organizational vision.
• A “massively inspiring” goal, overarching, long
term.
• A destination driven by and evoking passion.
• Developed and implemented by leadership.
• A fundamental statement of an organization’s
values, aspirations, and goals.
• Captures both the minds and hearts of employees.
• BUT can backfire and erode a company’s
credibility.
• 一個「極大鼓舞人心」的、整體的、長期的目標
© McGraw Hill
Apple’s vision：
to make the best products on earth, and to leave the
world better than we found it.

Apple’s mission is “to bring the best personal


computing products and support to students,
educators, designers, scientists, engineers,
businesspersons and consumers in over 140
countries around the world.”
Apple’s generic strategy (i.e., broad differentiation) aligns with the
company’s intensive growth strategies, especially in maximizing the
use of the organization’s competitive advantages. In particular, the
intensive growth strategy of product development is key to fulfilling
this generic strategy and supporting the long-term growth and
success of the company’s technological goods and services.

© McGraw Hill 5
Coherence in Strategic Direction 4

Mission statement.
• Encompasses both the purpose of the company
and the basis of competition and competitive
advantage.
• More specific than the vision.
• Focuses on the means by which the firm will
compete.
• Incorporates stakeholder management.
• Communicates why an organization is special and
different.
• Can and should change when competitive
conditions change.
• 包含公司的宗旨以及競爭的基礎和競爭優勢
© McGraw Hill
Coherence in Strategic Direction 5

Strategic objectives.
• Used to operationalize the mission statement.
• Provide guidance on how to fulfill mission and vision.
• Measurable, specific, appropriate, realistic and timely.
• Channel all employees’ efforts toward common goals.
• Can be both financial and nonfinancial.
• Should be challenging, yet help resolve conflicts.
• Provide a yardstick for rewards and incentives.
• BUT too many objectives can result in lack of focus.
• 用於實施使命宣言。

© McGraw Hill
Analyzing the External Environment (I):
General external environment
Consider …
Successful managers are always aware of
what’s going on outside their company. Their
perceptual acuity allows them to sense
what’s coming. Detecting early warning
signals, keeping pace with changes in the
external environment can sustain a
competitive advantage.

• The General Environment.


• The Competitive Environment.
© McGraw Hill 8
Enhancing Awareness of the External
Environment

© McGraw Hill 9
Environmental Scanning and Monitoring

Environmental scanning involves surveillance of


a firm’s external environment.環境掃描
• Predicts environmental changes to come.
• Detects changes already under way.
• Allows firm to be proactive.偵測
Environmental monitoring tracks evolution
of environmental trends.環境監測
• Sequences of measurable facts/events.
• Streams of activities or trends from outside the
organization.追蹤環境趨勢的演變。

© McGraw Hill 10
Competitive Intelligence

Competitive intelligence競爭情報
• Helps firms define and understand their industry.
• Identifies rivals’ strengths & weaknesses.
• Collect data on competitors.
• Interpret intelligence data.
• Helps firms avoid surprises.
• Anticipate competitors’ moves.
• Decrease response time.
• Potential for unethical behavior while gathering
intelligence.可能出現不道德行為。
• 確定競爭對手的優勢和劣勢。
© McGraw Hill 11
Environmental Forecasting

Environmental forecasting predicts change.


Plausible projections about:環境預測
Direction of environmental change?
Scope of environmental change?
Speed of environmental change?
Intensity of environmental change?強度
Scenario analysis is an in-depth approach.情境
分析
◆ What are some of the ways trends may affect an issue?
◆ Can we project alternative futures based on these
assessments?

© McGraw Hill 12
Question 1

A danger of forecasting discussed in the


text is that:
A. in most cases, the expense of collecting the
necessary data exceeds the benefit.
B. forecasting’s retrospective nature provides
little information about the future.
C. managers may view uncertainty as “black and
white” while ignoring important “gray areas.”
D. it can create legal problems for the firm if
regulators discover the company is making
forecasts.

© McGraw Hill 13
SWOT Analysis
SWOT analysis is a basic technique for
analyzing firm and industry conditions.
• A firm’s internal conditions = Strengths and
Weaknesses.
• Where the firm excels or where it may be lacking.

• Any environmental or external conditions =


Opportunities and Threats.
• Developments that exist in the general environment.
• Activities among firms competing for the same
customers in an industry.

• Must consider both internal and external factors


simultaneously.
© McGraw Hill 14
The General Environment

The general environment is composed of


factors that are both hard to predict and
difficult to control.大環境
• Demographic.
• Sociocultural.
• Political/Legal.
• Technological.
• Economic.
• Global.

© McGraw Hill 15
The Demographic Segment

Demographics are easily understandable


& quantifiable.人口統計數據很容易理解和量化。

• Aging population.
• Rising affluence.
• Changes in ethnic composition.
• Geographic distribution of population.
• Greater disparities in income levels.

© McGraw Hill 16
The Social Segment

Sociocultural forces influence the


values, beliefs, and lifestyles of a society.
社會文化力量

• More women in the workforce.


• Increase in temporary workers.
• Greater concern for fitness.
• Greater concern for the environment.
• Postponement of family formation.

© McGraw Hill 17
The Political/Legal Segment
Political/Legal processes & legislation
influence environmental regulations with
which industries must comply.政治/法律程序

- Legislature reform HK
- Taxation laws
- Labor law
- Minimum wage laws
- Education policies
- Legislation on corporate governance
reforms
© McGraw Hill 18
The Technological Segment
Technological developments lead to new products
and services. They can create new industries and
alter existing ones.技術發展
• Genetic engineering.
• Three-dimensional (3D) printing.
• Research in advanced materials.
• Miniaturization of computing technologies.
• Wireless communications.
• Nanotechnology.
• Big Data Analytics

© McGraw Hill 19
The Economic Segment

Economic forces affect all industries:經濟力量


• Interest rates.
• Unemployment.
• Consumer Price Index.
• Trends in GDP.
• Changes in stock market valuations.
• International trade.

© McGraw Hill 20
The Global Segment

Global forces offer both opportunities & risks.


• Changes in global trade.
• Currency exchange rates.
• Emergence of the Indian and Chinese economies.
• Trade agreements among regional blocs (NAFTA,
EU, ASEAN).
• Creation of the WTO (leading to decreasing
tariffs/free trade in services).
• Increased risks associated with terrorism.

© McGraw Hill 21
Some sources of information….

List of National Legal Systems

List of national legal systems – Wikipedia

Corruption Perception Index

Corruption Perceptions Index – Wikipedia

Hofstede’s National Culture Dimensions

The 6 dimensions model of national culture by Geert Hofstede

© McGraw Hill
General Environment: Relationships
among Elements
Elements of the general environment
interact with each other.一般環境的元素彼此互動。
• Demographic trends have implications for
economics.
• Political/legal trends can have very different effects
on different industries.
• Greater access to information technology affects
both economics and global relationships.
• The digital economy and the use of data
analytics has altered the way business is
conducted in nearly every business domain.

© McGraw Hill 23

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