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Assessing Opportunities and Threats: Doing an External Analysis (Essay Sample)

Instructions:
ASSIGNMENT 03 BU470 Strategic Management Directions: Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the "Assignment Format" page for specific format requirements. Timber King is a new Midwest company in the portable saw mill industry. You have been asked to give Edward Perry, Timber King's new CEO, general advice and guidelines to assist him in doing an external analysis of the portable saw mill industry. Part A: Explain three benefits of conducting an external analysis. Part B: Educate Mr. Perry on some of the challenges of conducting an external analysis. Part C: Explain the two perspectives on the environment. Part D: Explain the primary responsibility of Mr. Perry's managers in conducting external analysis. THIS IS THE END OF ASSIGNMENT 03. Lesson 3: Assessing Opportunities and Threats: Doing an External Analysis The external environment within which an organization conducts business can provide them with insight on how to strategically operate. This environment may provide opportunities that will help the organization improve its performance. There also may be external elements that could threaten the success of the organization. By conducting an External Analysis of the current situation, new strategies can be formulated or current strategies can be modified to respond to these external elements. Learning Objectives Upon completion of Lesson 3, you should be able to: Describe what an external analysis is. Explain how to do an external analysis of an organization's specific and general environments. Discuss the benefits and challenges of doing an external analysis. SOURCE: Instructor's Resource Manual for Strategic Management in Action by Mary Coulter. What To Do Next Reading Assignments Click on the Reading Assignments link above to access your textbook reading assignments and lecture notes. Assessment After you have completed the reading assignments for this lesson and feel comfortable with the material presented, go to the Assignments tool on the left navigation panel underneath the QUICK LINKS section and complete Assignment 3_03. Congratulations! Once you have completed these items, and have received a passing score on the assessment, you are ready to move on to your next lesson! source..
Content:
Name Institution Lecturer Date One of the core purposes that a business exists in the market is to make profit, which is the supreme way of meeting the expenses and other running costs of an organization. In the context of profitability of a business organization, many factors come into play and this calls for an effective and efficient way of managing the business with sole purpose of making it relevant and to ensure continuity of the business. This paper seeks to look into ways of how Timber Kings organization can benefit from undertaking research on how external environment can affect its operation Part A: Explain three benefits of conducting an external analysis. In most cases, business ventures are faced with a number of challenges like stiff competition by other similar providers. It is therefore appropriate for an organization to carry out research in order to know exactly what people need in relation to products produced. Timber kings will thus be in a position to have an in-depth understanding of what products will attract more sales as well as the ones that are most preferred by the targeted clients. The other benefit for external analysis is to help the Timber King industry be conversant with rules and laws of different regions and coun...
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