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Essay / Research Paper Abstract
This 8-page paper discusses the importance of business environment analysis in strategy formulation. Bibliography lists 5 sources.
Page Count:
8 pages (~225 words per page)
File: AS43_MTbusenstr.doc
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Unformatted sample text from the term paper:
mission and vision, as well as understanding the culture is important when it comes to strategic planning. Just as important, however, is the
external environment, sometimes known as the business environment, in which an organization operates. An understanding of the competition, the current economics, supplier and buyer power and trends is necessary as
occurrences in these particular areas will have an impact on an organizations strategy formulation. This is because strategy formulation is defined as "the
process of choosing the most appropriate course of action for the realization of the organization goals and objectives, thereby achieving the organizational vision" (Strategy formulation). Main steps of strategy formulation
include setting objectives; setting measureable targets; analyzing performances; choosing the right strategy - and examining and evaluating the organizational environment (Strategy formulation). As
such, business strategy contexts can include everything from competitive interaction, to technological change, to industry evolution - and even economics (Carpenter and Sanders 2006). An understanding of competitive interaction means
the organization can understand how to respond to competitive pressures, while the technological change context helps determine how the organization can be cutting edge.
Another important aspect of business strategy contexts involves stakeholder analysis. A stakeholder is considered to be an entity (an individual, group or business) that has a specific interest,
or "stake" in the success of a particular organization (Stakeholder Definition 2011). Internal stakeholders includes employees, owners or managers, while external stakeholders are shareholders (though some of these might be
internal stakeholders as well), suppliers, customers, partners and a community (Stakeholder Definition 2011). Stakeholders contribute either directly or indirectly to an organizations business activities and are, for the most part,
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