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Forces and Trends Research

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Forces and Trends Research

Forces and Trends Research
Firms that have achieved long-term profitability and sustainability acknowledge that strategic management is an enterprise-wide imperative. The dynamism, ever-evolving, and ever-threatened landscapes of today’s business environments make acquiring the knowledge of strategic management, or at least possessing a strategic mind-set, necessary for all employees. Pearce and Robinson define strategic management as the “set of of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives” (2004, p.3).
This paper reviews six firms and the forces and trends in the remote and industry environments that affect them. The firms are Wellpoint, Inc, The Alzheimer’s Association, ABB Ltd., The Beth El Synagogue. AkzoNobel and Steinway Musical Instruments, Inc. Specific areas of focus within the remote environment include economic factors, social factors, buyer power, technological factors, political factors, ecological factors, and entry threats. Specific areas of focus within the industry environment include buyer power, product differentiation, industry structure, substitute products, entry threats, powerful buyers and suppliers, and jockeying for position (Pearce and Robinson, 2004). Research in forces and trends allows a corporation to better understand their [pronoun agreement: since the antecedent (corporation) is singular, the pronoun (their) must be singular {his or her}] potential for maximizing profits; therefore, creating an understanding of strategic adaptability within the context of the relevant force or trend.
Overall Analysis Companies are influenced by a large number of external elements, which ultimately shape the company’s approach to conducting business and serving the market, and which also guide the company’s internal

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