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• Hailey McWilliams

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2. MGT 461 WI2020 V
3. Week Three: Studying The External Environment
4. Quiz 3

Question 1

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The two main parts of any external assessment are 1) to scan the larger environment or societal context for the organization and 2) to analyze the organization's industry so that the organization's competitive situation can be understood.

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Question 2

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Laser eye surgery could be considered an example of a substitute product or service for eyeglasses and contact lenses.

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The external assessment, like the entire strategic management process, ideally should involve everyone in the organization on a continuous basis, rather than just C-level executives and strategy staffers on a periodic basis. Everyone should be involved constantly in gathering information on the economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive industry forces affecting the organization.

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The key to growth and survival, according to Porter, is to use one's knowledge of the five forces of industry competition to stake out a position that is less vulnerable to attack from head-to-head opponents, whether established or new, and less vulnerable to erosion from the direction of buyers, suplpliers, and substitute goods.

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The Industrial/Organizational View (I/O) approach to strategic management argues that industry factors and forces are more important than an organization's internal factors, i.e., that an organization's performance is determined mostly by industry forces.

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The Industrial/Organizational perspective of strategic management recognizes that many organizations may compete in a given industry, but it maintains that the individual organizations are able to act as independent players, and therefore that the actions of each organization are largely immune from the actions of the other organizations. Indeed, the best way for an organization to get ahead is to focus intently upon its own business and largely ignore what the other organizations are doing.

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Like an actor whose performance is guided by a script someone else has written, Covey says that all of us have been "scripted" from childhood by others---our family, schools, friends, popular culture, work experiences, etc. Those who never learn to "re-script" themselves, based upon their own imagination, conscience, self-awareness, and deepest principles and values, end up with their life being "lived" by the design of others, rather than living a life guided by their own center and of their own choice.

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In Covey's Habit 2, "Begin with the End in Mind," he says: "By keeping the end clearly in mind, you can make certain that whatever you do on any particular day does not violate the criteria you have defined as supremely important, and that each day of your life contributes in a meaningful way to the vision you have of your life as a whole." When a person has this clear vision of what they want their life to become, it motivates them to work harder, to lead busier, achievement-oriented lives, to be willing to put more things on their schedule and strive more earnestly to meet the expectations of those around them.

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In Covey's view, the most effective way to "begin with the end in mind" is to develop a personal mission statement, which must begin at the very center of our Circle of Influence, that center comprised of our most basic paradigms, the lens through which we see the world. Developing a personal vision or mission statement, of course, has little in common with the process of developing a corporate vision or mission statement.

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The environmental scan of trends and forces affecting your organization should be broad-ranging because the changes that affect you the most may be brewing outside your industry.

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Time, energy, money, and skill are always limited, and it is impossible for any individual, or group of employees, to collect ALL of the data that might be relevant to developing the strategy of an organization. Some strategy developing efforts are vast and lengthy, some or limited and brief (such as the one you can do in this course). However, every strategic study should keep the purpose of an external assessment in mind, namely, to identify the opportunities and threats facing the organization, so that this purpose can be used to sift signals from noise out of the information gathered.

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The sales concept refers to a philosophy than an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals.

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According to Porter, faced with pressures to gain market share or enamored with innovation for its own sake, managers can spark new kinds of competition that no incumbent can win. Consequently, smart strategists focus upon competition based upon price because price competition transfers profits most effectively from customers to the participants in an industry, including the strategist's own organization.

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According to Porter, good industry analysis looks rigorously at the structural underpinnings of profitability. Further, the strength of the competitive forces affects prices, costs, and the investment required to compete; thus the forces are directly tied to the income statements and balance sheets of industry participants.

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Professional business people should engage in daily and weekly readings that will increase their at-hand general knowledge of the current external environment. Three good sources for this kind of reading mentioned in the lectures are The Economist, The Wall Street Journal, and The Financial Times. Unfortunately, the drawback is that all three of these are American publications, are domestically focused, and therefore do not give one a global perspective.

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Question 16

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The I/O approach to strategy and the RBV approach to strategy are mutually exclusive. Porter developed the Five Forces Model of Competition out of the I/O approach, and in our course we are embracing the I/O approach rather than the RBV approach.

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Question 17

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For most organizations, there is a vast amount of information available in the public domain that can be gathered on them. The trick is to get the "right" information and to interpret it effectively. According to Porter, the "right" information in good industry analysis is to assess the underlying drivers of each of the five competitive forces to determine which forces are strong and which are weak and why.

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Question 18

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Covey's Habit Two, "Begin with the End in Mind," is based upon the principle that all things are created twice. There's a mental or first creation, and a physical or second creation to all things. In respect to personal and professional management, leadership is the first creation and management is the second creation. Management is doing things right; leadership is doing the right things.

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Question 19

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The Resource Based View (RBV) approach to strategic management argues that the most important factors that determine an organization's success reside internally, i.e., that an organization's performance is determined mostly by internal factors within the control of the organization and its leaders and employees.

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Question 20

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The most powerful of the five competitive forces is the rivalry amongst current competitors within the industry.

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