Environmental Scanning
Purpose of Assignment
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 on Home Depot 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.
answer preview
Internal and external environment of Home Deport Company
A business environment consists of all the internal and external factors that influence a business either positively or negatively. Both the outer and internal business environment factors have been in the position to work together to see an accomplishment of the set goals of the organization. Taking the example of Home Deport Company, several factors have contributed to its success (Burstein & Holsapple, 2015). The business has not been doing well over the years thus making the business to carry out a thorough environmental scan…………………………………words 1147