Description
A strategic management plan addresses four different management functions: environmental scanning, strategy formulation, strategy implementation, evaluation and control. Weeks 3, 4 and 5 individual assignments (Part 1, Part 2 and Part 3) are integrated to generate a strategic management plan. The purpose of the Week 3 individual assignment is to evaluate the internal and external environments of a company selected by the student, to analyze the competitive advantage of the selected company, to evaluate a set of suitable strategies, and to examine appropriate metrics.
This assignment provides students an opportunity to research a selected company as if they were involved in a company's actual strategic management planning process. It allows students to see which management planning process and management plan the selected company is currently using, allowing them to measure the effectiveness of current strategies.
A Strategic Management Plan addresses four different management functions: Environmental Scanning, Strategy Formulation, Strategy Implementation, Evaluation and Control.
The Week 3, 4, and 5 Individual Assignments (Part 1, Part 2, and Part 3) are integrated to generate a Strategic Management Plan. This is Part 1 of the three part Strategic Management Plan.
Assignment Steps
Write a 1,050-word report in which you select a company you are familiar with or a company where you currently work, and do the following:
- Evaluate the internal and external environments of your selected company using an environmental scan.
- Analyze the competitive advantage of your selected company.
- Evaluate the strategies your selected company uses to create value and gain competitive advantage.
- Examine the measurement guidelines your selected company uses to verify its strategic effectiveness.
- Evaluate the effectiveness of the measurement guidelines your selected company uses.
Cite 3 scholarly references, including at least one peer-reviewed reference from the University Library.
Format your paper consistent with APA guidelines.
Explanation & Answer
Attached.
Running head: STRATEGIC MANAGEMENT PLAN
Strategic Management Plan
Student’s Name
Institutional Affiliation
Date
1
STRATEGIC MANAGEMENT PLAN
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Samsung Environmental Scanning
An organizational environment comprises of internal and external factors; such
environment has to be scanned to determine forecasts of factors and development which
influence organizational achievement. Thus environmental scanning is the utilization and
possession of information concerning patterns, occasions, relationships, and trends within a
given organization’s external and internal environment. It assists management to make decisions
for the future path of the company. On the other hand, scanning has to identify all threats and all
opportunities that exist in a particular environment. This paper focuses on Samsung a company
that deals with a range of home and industrial appliances.
Evaluation of Internal and External Environments of Samsung Using Environmental Scan
Samsung has very wide network distribution as well as an extensive selling when
compared to its competitors across the globe. The company has a friendly user product of high
quality with strong financial muscles that enable it to make various forms of innovation. This
company has a strong financial aspect that makes it one of the highly profitable organizations; in
addition, the company has a wide range of products that are attractive to numerous customers.
The external environment of Samsung is within highly growing telecommunication
market; this makes Samsung have more opportunities to expand its sales and increase market
share. Due to an increased purchasing power, the company has been targeting authentic
customers of its products at a right time hence gaining much from the market. The company has
high chance to enter the 3G market as well as it has the opportunity to expand the rate of growth
by decreasing ratio of its profit. Samsung has maintained its position as telecommunica...
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