3 pages/≈825 words
Literature & Language
Analysis of Sources of Data (Essay Sample)
the same writer that wrote my mgt599 module 1 should do this module 2 case and slp 2 im going to order. its a continuation Note: Throughout this course, you should complete the SLP before you undertake the case analysis. Before you begin the SLP, you need to read the background materials thoroughly. Several of the background readings referred to gathering data to support the external analysis. Be sure to review those readings - especially the Comerford and Callaghan chapter so you know what kinds of data are used when conducting an external analysis. The purpose of this SLP is to develop the part of our strategic toolkit that deals with gathering information for a 5-Forces and PEST Analysis. This is basic business research - a procedure that is part and parcel to any MBA\'s skill set. Step One: The first step in an external analysis is to determine to which industry your target business is classified. Usually this is done through North American Industry Classification System, or NAICS code. Find a website or library reference that would enable you to determine the NAICS code of any business. Step Two: Research web and library sources that would give you the kinds of data you would need to conduct a Porter 5 Forces analysis. We are not looking for sites that describe the 5 Forces, but for sites that would have data that you could use to analyze the degree of competition in an industry, or the ease of substitution, for instance. You have undoubtedly run into such websites and publications before in your core courses. Typically, they are government sources providing statistical data, industry or trade magazines or journals, general business publications, financial websites, websites for trade associations, etc. This is a two step process: First figure out what kinds of information you would need to evaluate each of Porter\'s forces, (see the background materials) and then find a source that will give you that information. Find a minimum of 2 different sources for each of Porter\'s Forces. (Hint: Some people find it easier to conceptualize if they have a particular company in mind. This is OK, because the sources you find for a given company will probably have information for other companies as well. Just be sure you keep the analysis focused on factors that will affect the entire industry - not just a specific company.) Step Three: Research web and library sources that would give you data to support a PEST analysis. Find at least 2 different sources for each PEST variable. Step Four: In a 2 page paper (not including cover page or references), list your resources from steps 1-3 above. For each source, provide a title and a URL, if applicable. Write a short paragraph explaining what information is available, how it would be useful in an external analysis, and critiquing the source (for example, What are the limitations of the source? Is one better than the other? Why?) Research Tips: Brint.com is an excellent business search engine that can help you with all aspects of the SLP assignments for modules 2, 3, and 5. If you do not know how to use Brint and would like to try it, click HERE for a brief tutorial. Still need help in researching companies and industries online. Click HERE for yet another tutorial. SLP Expectations: You may be concise in your presentation of this SLP. It does not have to follow the conventions of a written case paper. Tables or bulleted lists may help you present the information concisely and make it easy for the reader to quickly grasp the information. Unless your core professor instructs you otherwise,you do not need an introduction or conclusion, but I would like to see a complete references for each source on a separate reference page. If you do not know what goes into a complete reference (a URL is not enough!), click here. Module 2 - Background External Environment Analysis The next two modules will involve creating a SWOT analysis. SWOT Analysis SWOT stands for: Strengths, Weaknesses, Opportunities, and Threats. The first two relate to an analysis of the internal organization (module 3), and the latter two to analysis of the external environment (module 2). The purpose of an external analysis is to scan the outside environment for factors which might open up new opportunities for the business - or present threats to survival. Then company managers and executives can formulate plans to take advantage of the opportunities and ward off or respond to potential threats. There are many, many elements outside of company that can have an effect on its sustainability. Customers, competitors, and suppliers are all pretty obvious entities that can affect profitability and practice. If we think a little more deeply, we can see that current as well as potential customers should be considered to look for opportunities and threats in terms of changing consumer tastes and preferences - which will in turn affect strategic choices about products and services. What about technology? Advances in technology can affect all three of our \"obvious\" external concerns: product features, how products are made and sold, what services are offered and how they are delivered, supply chains, inventory controls, and on and on... A failure to monitor the technological environment can spell obsolescence for a business in no time! Ease of substitution is something we always think of when considering competitors. How easy would it be to switch flying on one airline to another, for example? But thinking more creatively about substitution, we can see that teleconferencing and video conferencing (virtual worlds?) can eliminate the need for much business travel - thus acting as a substitute to airline tickets. Failure to think broadly enough would cause a planner to completely miss a MAJOR threat just on the horizon. The sheer number of possible external influences creating opportunities and threats is mind-boggling. This is why most strategic planners use analytic models to structure their thinking and help avoid perceptual biases which can interfere with clear and objective identification of opportunities and threats. In this class, we will be using two different models that approach the external environment from two different perspectives: 1. Industry environment - Porter\'s Five Forces Model 2. Macroenvironment - PEST Analysis Industry-level Environment Porter\'s Model of Five Forces is one of the most versatile frameworks to analyze the industry external environment. Employed by a variety of academics and business practitioners for over 3 decades, the Five Forces Model has proved its usefulness in a variety of arenas. The Porter model helps the user get a handle on the competitive and market characteristics of a specific industry. The factors covered by the Five Forces Model are: Threat of new entrants Bargaining power of suppliers Bargaining power of customers Availability of substitutes Degree of rivalry among competitors Macro-level Environment While the Porter analysis looks at the conditions in a specific industry, the PEST analysis looks at factors that affect the greater business environment. The factors addressed by this model include: Political (including regulatory) Economic Socio-cultural Technical REQUIRED MATERIALS: For a general introduction to the 5 forces, the following video interview with Michael Porter is very helpful for putting the exxternal analysis into perspective: The Five Competitive Forces That Shape Strategy. (2008) Harvard Business Publishing. http://www.youtube.com/watch?v=mYF2_FBCvXw The following chapter is rather long, but has a very detailed explanation of how to use the 5-Forces Model, and what data measures the Five Forces, which are essential in preparing your SLP and case. It also has a long section on internal analysis which we will return to in Module 3. To access this article, you will need to register with this site, but there is no fee involved. Read the first part of Chapter Two (starting on page 23) which deals with the external analysis: Comeford, R., & Callaghan, D. Environmental, industry, and internal analysis. Retrieved from University of Rhode Island. Web site: http://www.scribd.com/doc/19448976/STRATEGICMGMTCOMERFORD Connelley, D. (2005). Strategy for the External Environment. Power Point Presentation. Key forces in the external environment. (2009). Retrieved from The International Development Research Centre. Web site: http://www.idrc.ca/en/ev-28364-201-1-DO_TOPIC.html PEST analysis (2009). Retrieved from Value Based Management. Web site: http://www.valuebasedmanagement.net/methods_PEST_analysis.html Porter's Five Forces: A model for industry analysis. (2007). Retrieved from QuickMBA. Web site: http://www.quickmba.com/strategy/porter.shtml Case Readings: SWOT analysis: Lesson. (2009). Retrieved from Marketing Teacher. Web site: http://marketingteacher.com/Lessons/lesson_swot.htm Zahorsky, D. (2009). A business owner's secret weapon: SWOT analysis. Retrieved from About.com: Small Business Information. Web site: http://sbinformation.about.com/cs/bestpractices/a/swot.htm Optional Materials: Carrying out a PEST analysis (2005). Retrieved from The Free Library. Web site: http://www.thefreelibrary.com/Carrying+out+a+PEST+analysis-a0141751272 PEST analysis. (2007). Retrieved from QuickMBA. Web site: http://www.quickmba.com/strategy/pest/ Porter's Five Forces. (2009). Retrieved from Mind Tools. Web site: http://www.mindtools.com/pages/article/newTMC_08.htm Porter's Five Forces (2007). Retrieved from Themanager.org. Web site: http://www.themanager.org/Models/p5f.htm source..
MGT599 MODULE 2 - SLP
(13, January, 2011)
Analysis of Sources of Data
Sources of data:
For an external analysis of a company is to be carried out one has to first know which in which category does the target company is classified in. Every industry or business is assigned a unique NAICS code and classified into specific categories by the North American Industry Classification System. Some of the sources that can be utilized to determine the North American Industry Classification System as well as to locate the NAICS code of any business include the following:
The first source of data concerning NAICS code is the official United States government website: HYPERLINK "/eos/www/naics/"/eos/www/naics/. This website provides the latest information on any plans for the NAICS revisions as well as an access to various NAICS references files and tools. The site has information on definitions for each industry, background information, tables that show changes that occurred between 2002 and 2007 and finally it has a comprehensive index.
Another useful site that has information on NAICS coding of American industries is the / .This is the homepage of the North American Industry Classification System and has detailed information on the services it offers and its mode of operation as well as future plans. It has information of more than 15 million US companies and over 100 million businesses worldwide. The site has an enhanced database on appended of NAICS codes, SIC codes, performance of address standardization, cleansing of Data and NCOA. Downloadable NAICS reference files are also available on the site.
Another use source of data on NAICS coding is the Book entitled North American industry classification system. The book is published by American Office of the President in the year 2002. The book has information on the American industries including their classifications and NAICS codes. It has data on classification of industries based on activities they are engaged in.
The best sites for gathering information on NAICVS coding is the governmental site and the organizations home page as information found there are official and therefore up to date and reliable.
In order to carry out an external analysis of any Company or business establishment one can achieve that by conducting a Porter 5 Forces analysis of the company. This can be done using the PEST model of analysis. This porter’s model analyses the effects of political, economic, socio-cultural and technological factors on the macro-environment of the business. The sources that can yield data on how to conduct the stated model are:
The site: HYPERLINK "/marketing-plan/pestle-analysis.html"/marketing-plan/pestle-analysis.html has information on both what it entail when carrying out a PEST analysis as well as SWOT analysis of any business establishment. The site details on key political factors that affect an industry,...
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