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In: Business and Management

Submitted By marylove94
Words 2494
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72169616: strategic management: internal and external factors that characterize a strategic decision
Strategic Management Process is the process which involves the process of planning, implementing and taking corrective action against the various business processes of the organization which include the strategic implications on corporate level, divisional level, strategic business unit (SBU) level and marketing level. The foremost requirement while understanding and developing this process is to carry out environmental scanning to study the external and internal factors that affect the decision in the development of the strategies and the tactics. Environmental scanning implies the process of examining the open system (external environment) and closed system (internal environment), monitoring the results and distributing it to the key managers at the right time and the right place with the required information. For a sound strategic decision to be formalized by the marketers it is very important for the firms to scrutinize their business processes by analyzing the internal and the external environment that it constitutes.

Purpose of Marketing Environment Analysis: • Understanding the opportunities and threats is possible by environmental study • Strategic responses to the environment is spotted by the analysis • Examining the environmental factors provide insights into the future perspective of the strategies harnessed. • The favorable and the unfavorable trends and the events can be observed and studied in a methodical manner. • To have a proper balance between the environments and the business units, which include the marketing department which is the core activity that helps the business unit to respond accordingly.

SWOT Analysis: This study involves the understanding of the External Environment which includes...

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