...fluid nature of an enterprise’s business environment, both internal and external, require insight into the environment, the business’ position within it and it’s interactions with it. This is where strategic auditing becomes a powerful tool that can tell those driving the business what their capabilities are and how they fit in to the current market, while making strategic recommendations to help improve the company’s standing within that market. (As a side note, it is now clear to me that the entire course was basically a layout for the steps to be taken during a strategic audit.) Procuring all of the necessary information is the first step towards delivering a good strategic audit. A discerning audit identifies all of the resources available to a business, both human and in capital. Assigning proper value to each of these resources is a crucial step in formulating a plan. Looking at a company’s value chain through a Value Chain Analysis, one can discern the activities that take place in a business and break them down into both primary and secondary activities. These can then be turned into an analysis what activities can be outsourced and of the competitive strength of the business. Identifying core competencies followed by performance analyses help define the overall strategic performance of the company. Looking at how the business sees itself in relation to the marketplace is the next step. This involves assessing the current business strategy. A SWOT...
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...companies both short and long term is extremely useful to a company’s livelihood. This, along with other examinations can be accomplished when companies complete a strategic audit. Simply put a strategic audit is a formal examination of how successfully an organization is operating and how well it is using resources to work towards its goals over time (Cambridge). This is done by analyzing one’s business plan and evaluating how well one’s company is positioned to executing their goal. There are several tools available that help in the process of assessing a strategic audit. The steps are resource audit, value chain analysis, core competence analysis, performance analysis, portfolio analysis, and SWOT analysis. Each step helps in analyzing the diverse parts of a companies business plan, essentially determining their overall balance amongst their Strengths, Weaknesses, Opportunities and Threats. A strategic audit is vital for any business owner to assess the state of their business in relation to their goals and business plan. In addition evaluating their operations correctly will help in the acknowledgment of basic resources that effect one’s companies both short and long term. It will validate all the necessary information need to further develop one’s company and livelihood. Therefore completing a strategic audit along with its several steps and processes ensures companies in today’s hectic and competitive business world that their business portfolios will be a strong as...
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...Every business needs a way to identify their business weakness and shortcomings, and also a way to develop a successful company. This is where the strategic audit comes into place, it is a review of a company’s business plan and strategies; it helps identify the weakness and allows a successful development within the company and management. Strategy audit secures that all the required information for the development of a successful company are in included in a company’s business plan and that management agrees with the business plan as well. Within the strategic company there are four questions that should be covered: (questions were attained from Strategic Management Institute) * Does it cover the key areas and issues for the company’s future success? * Does it clarify and verify your business model? * Does it provide a guide for every day operations and activities? * Does it agree with the management team’s opinion and priorities? A strategy audit is also a great tool to go to the CEO of the company and discuss the crucial areas of the company. There are three crucial areas to the strategy audit: (acquired from strategic management institute) 1. It makes sure that the present business plan is complete and it includes all information needed for the company to develop in the future. 2. It displays if the management team is in the same page and shares the same commitment as the company vision. 3. It secures business logic of the business plan, it...
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...What is a Strategic Audit? A strategic audit is an examination of the strategic management process which includes measuring corporate performance internally and externally as is done when a manager benchmarks the practices of the best performers in the industry with the company’s best practices. There are many measures of performance that are can be used at the auditors discretion when performing this part of the audit which include ROI (Return on Investment), the firm’s market share, and its profitability for a period or over a period fo time. The strategic audit also includes a review of its current strategy, its resources, and the external environment to ensure that a firm’s internal resources are sufficient to match the external environment’s threats and opportunities. Following the firm’s performance an auditor performing a strategic audit would ask questions regarding corporate governance. For example, an auditor would like to know if any board member is sitting on the board of another or how long has a particular board member been sitting on the board for? The auditor would also like to know what group or persons constitute top management and if they are cohesive group of workers looking to benefit the company. During the third phase of the strategic audit an analysis of the firm’s strengths, weaknesses, threats and opportunities should be performed along with a summary of the auditor’s thoughts on what it sees the firm is doing well in and what the firm is struggling...
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...Cameron Walburg Evan Zamora Jeff Dean Juliet LaChappell Nicole Skubic Tyler Cramer Tyler Ford A Contents I. Executive Summary..................................................................................................................... 1 II. Columbia’s Past and Current Strategies..................................................................................... 2 Past Strategies.......................................................................................................................... 2 Current Mission and Vision Statement.................................................................................... 2 New Mission and Vision Statement ........................................................................................ 3 III. SWOT and Environmental Analysis......................................................................................... 3 Columbia SWOT Analysis ...................................................................................................... 3 Columbia SWOT Matrix ......................................................................................................... 4 Cabela's SWOT Matrix............................................................................................................ 4 Patagonia SWOT Matrix ......................................................................................................... 5 Lululemon SWOT Matrix ..........
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...INTRODUCTION A strategic management audit is a technique of measuring the organization's performance. It helps to evaluate the performance of management team. An audit of management performance with regard to external strategies helps to identify problem areas and correct strategic approaches that are not effective. An assessment of the external environment shows where change has happened and where strategic management no longer matches the demands of the marketplace. Thus the organization can improve business performance by periodically conducting such an audit (http://smallbusiness.chron.com/conduct-external-strategic-management-audit-67898.html) External strategic management audits provide management with both insight and preparation for the changing marketplace, it helps finding hidden opportunities and reducing the impact of future threats in a rapidly changing business environment through identifying and evaluating trends and events that are beyond the control of an organization, such as increased foreign competition, population shifts, an aging society, information technology, and the computer revolution. An external strategic management audit reveals key opportunities and threats (the OT portion of the SWOT Analysis) confronting an organization, so managers can formulate strategies to take advantage of the opportunities and avoid or reduce the impact of threats (www.freeessays123.com/.../externalstrategic.html). 2. CONDUCT AN EXTERNAL STRATEGIC MANAGEMENT AUDIT Management...
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...Guidelines for the Strategic Audit Report Revised Sep 2013 Adapted and revised from: Wheelen and Hunger, (2008). Concepts in Strategic Management and Business Policy, 11th Ed., Pearson Education, Inc. Purpose of the strategic audit assignment Your assignment Selecting a company for the strategic audit An effective report Required format for the strategic audit report Required sections of the strategic audit report Executive Summary Current situation Corporate governance External environment: Opportunities and threats Internal environment: Strengths and weaknesses Analysis of strategic factors (SFAS) Strategic alternatives and recommended strategy (TOWS) Implementation of recommended strategy Conclusions Evaluating mission statements Evaluating the Board of Directors Preparing the tables: EFAS, IFAS, SFAS, and TOWS Common-size statements Analyzing financial statements Analyzing financial ratios Writing guidelines Relaxed APA rules Useful resources Purpose of the strategic audit assignment A strategic audit is usually done to help the firm’s management decide how to proceed, or to support a potential investment or loan. The purpose of a strategic audit is essentially to answer the question, “What condition is this firm in?” Because the audit is focused toward answering this question, there must be a conclusion about what the audit shows. Therefore, while this is mostly an objective, informative report, there is a persuasive twist at the end. 1 The point of this assignment...
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...expect from Wal-Mart over the years” (Camerius& Hunger, p. 19-30, 2006). The company’s current strategic plan is tothrive in the followingareas: • Low costs, high customer service, and always low prices • Product mix • Logistics and supply-chain management • International markets • Domestic growth • Public relations I have developed multiple strategic alternativesfor the company. They are as follows: • Stability – Pause And Proceed: Pause physical growth then proceed with growth domestically and globally • Growth – Concentration: Concentrated Internet program to target domestic and foreign markets • Growth – Concentration: Horizontal Growth with International Entry for global geographical internal expansion The plan deployed must be consistent with the corporate strategy. Per Sam Walton (1918-1992), the company’s founder, “Our goal has always been in our business to be the very best and, along with that, we believe that in order to do that, you’ve got to make a good situation and put the interests of your associates first. If we really do that consistently, they in turn will cause…our business to be successful, which is what we’ve talked about and espoused and practiced” (Camerius& Hunger, p. 19-10, 2006). Table of Contents I. Current Situation 4 A. Current Performance 4 B. Strategic Posture 4 1. Mission 4 2. Objectives 4 3. Strategies 4 4. Policies 5 II. Strategic Managers 5 A. Board of Directors 5 B. Top Management 6 III. External Environment...
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...AY 2015/16 Sem 2 AB3601 Strategic Audit Assignment The context for the strategic audit assignment is as follows: Jim Rogers, the chairman of Rogers Holdings, has expressed an interest to invest a significant amount of funds in one of these three publicly-listed firms in Singapore: Singapore Telecommunications Ltd, M1 Limited and StarHub Ltd. Jim has formed three cross-functional teams comprising the brightest and most promising managers within his firm. You and your group members have been selected into one of the teams. Jim would like your group to conduct a strategic audit on Singapore Telecommunications Ltd. However, unlike a typical strategic audit, your group has been tasked to justify SingTel as the best investment option among the three firms, while the other groups have been tasked to justify M1 and StarHub as the best option. All three groups will present their arguments on the same day in April 2016. Jim also requires your group to recommend ways that SingTel can improve its strategies to create more value for shareholders so as to improve its attractiveness as an investment choice. In addition, your group should also actively anticipate and prepare to verbally rebut the points that the other groups are likely to highlight. Jim has set aside a time to meet your group on the week starting 21 March 2016 and awaits your confirmation of the meeting date/time. He advised your group to come prepared for the meeting to clarify any doubts regarding the requirements...
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...TIM 685 STRATEGIC PLANNING COMPANY AUDIT HEWLETT PACKARD Contents Abstract 3 HP Background 3 Company Mission 4 HP’s Corporate Objectives 5 Mission and governance Analysis 5 Recommendations 6 HR Report on HP 7 Recommendation 8 Internal Analysis 8 Recommendation 8 Mergers Acquisitions and Spin-offs 9 Recommendation 9 External and Global Environment 9 External Analysis 10 Recommendation 11 Porter five forces Analysis of HP 12 Recommendation 14 SWOT Analysis 14 Conclusion / Recommendation 15 Reference: 16 Abstract This Company audit was conduct using publicly available information about Hewlett-Packard. The Audit includes mission statement, company philosophy, PEST SWOT, Financial Analysis, market position analysis, corporate governance analysis. The analysis uses industry standards for company audits such as, Porter, SWOT, and PEST as a guideline for the areas to be assessed. HP Background Hewlett Packard is a publicly traded company on the New York Stock Exchange. The firm was started by Bill Hewlett and David Packard. The merger with Compaq was one of HP’s major strategic moves recently. Even in naming the new company the two founders flipped a coin in the famous garage, Dave Packard won the coin toss but conceded to pit Hewlett name at the front. "It is...
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...Strategic Audit of Starbucks Traci Hall Jones College Business Policy and Administration Professor E. Smith June 20, 2011 I. Current Situation A. Current Performance Starbucks is the fastest growing food chain and shows no signs of slowing down. it plans to boost earnings by 20% to 25% annually over the next three to five years and to bring its number of storefronts to 40,000 worldwide which is 10,000 more than McDonald’s. Starbucks is conservative in how it finances its goals. Operating cash flow from existing stores pays for new-store development. So far, the return on new stores has been excellent. Increasing same-store sales has been a tougher order, though, and Chairman Howard Schultz has expressed worries that moves to improve same-store sales with automatic equipment and off-brand merchandise could be turning consumers off. The return on investment (ROI) for Starbucks in 2010 was 22.50%. The market share was $27.33 billion while the profitability was at 30.4% (Donald, 2007). B. Strategic Posture Starbucks has an impressive mission statement because it addresses their product as a whole and their mission for different relationships. “The Starbucks Mission Statement-To inspire and nurture the human spirit - one person, one cup, and one neighborhood at a time. Here are the principles of how we live that every day: Our Coffee-It has always been, and will always be, about quality. We’re passionate about ethically sourcing the finest coffee beans, roasting them...
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...Executive Summary Introduction History of Nordstrom, Inc. NAICS: 448140 SIC: 5651 Ticker: JWN Current Stock Price: 62.45 In 1887, 16-year old John W. Nordstrom emigrated from Sweden with the promise of New York City, five dollars and not a word of English to his name. The first couple of years were hard for John but he made a living working in mines and logging camps while crossing the country to reach Washington State. One morning in 1897, he picked up a newspaper with the headline “Gold Found in the Klondike in Alaska”; he immediately made the decision to pick up and leave for Alaska and bought his ticket the next day. Even though things were not easy, John worked and within two years, earned $13,000 from a gold-mine stake. John returned to Seattle ready to invest his money. He reunited with Carl Wallin, a friend he had met in Alaska who owned a shoe-repair shop in Seattle. In 1901, they opened Wallin & Nordstrom, a small shoe store located in downtown Seattle. This was the beginning of the Nordstrom, Inc. Company. From the start, John's approach to business was to provide exceptional service, selection, quality and value. The idea resonated with a devoted customer base, and in 1923 the partners added a second store. In 1928, John retired and sold his share of the company to his sons Everett and Elmer. Carl Wallin retired a year later and also sold his share to the Nordstrom sons. John's third son, Lloyd, joined the team in 1933. By 1960, the downtown Seattle shoe...
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...to boost earnings by 20% to 25% annually over the next three to five years and to bring its number of storefronts to 40,000 worldwide which is 10,000 more than McDonald’s. Starbucks is conservative in how it finances its goals. Operating cash flow from existing stores pays for new-store development. So far, the return on new stores has been excellent. Increasing same-store sales has been a tougher order, though, and Chairman Howard Schultz has expressed worries that moves to improve same-store sales with automatic equipment and off-brand merchandise could be turning consumers off. The return on investment (ROI) for Starbucks in 2010 was 22.50%. The market share was $27.33 billion while the profitability was at 30.4% (Donald, 2007). B. Strategic Posture Starbucks has an impressive mission statement because it addresses their product as a whole and their mission for different relationships. “The Starbucks Mission Statement-To inspire and nurture the human spirit - one person, one cup, and one neighborhood at a time. Here are the principles of how we live that every day: Our Coffee-It has always been, and will always be, about quality. We’re passionate about ethically sourcing the finest coffee beans, roasting them with great care, and improving the lives of people who grow them. We care deeply about all of this; our work is never done. Our Partners-We’re called partners, because it’s not just a job, it’s our passion. Together, we embrace diversity to create a place where each of...
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...Southwest Strategically Robert E. Woodward Embry Riddle Aeronautical University Abstract The following document will discuss and analyze how Southwest Airlines has become an industry leader in the air carrier business. How has Southwest Airlines adapted after the attacks on the Twin Towers of New York and the Pentagon on September 11, 2001. Where is the company headed in the future? Recommendations after a SWOT analysis will be made on how Southwest could remain one of the dominant leaders in the airline business. Southwest Airlines Corporate Stategy I. INTRODUCTION A. Executive Summary 1. Summary statement of the problem: Where did Southwest Airlines begin and how do they stay competitive in the air carrier industry since the attacks on America the morning of September 11, 2001. 2. Summary statement of the recommended solution: Southwest can stay competitive by reshaping its rewards program and trying to increase its customer loyalty. B. The Situation Southwest Airlines began business in 1971 offering flights between Houston, Dallas and San Antonio Texas. Now Southwest Airlines operates in more than 35 states. It offers shorter flights than other air carriers; that average less than 1.7 hours. Most of Southwest’s flights are non-stop. Southwest Airlines customer focused attitude helps them to become the leader in US flights, according to the bureau of transportation statistics (docstoc). On September 11, 2001, terrorist attacks shut down...
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...Chapter III ERMITA’S CULTURAL MERIT Philippines has different wonderful sites that every Filipino can be truly proud of. These places may be aesthetically pleasant but more importantly, they tell the history of the Filipino people which is translated to properties and built heritage. Some of these are recognized, designated and properly credited by the government while some are left by the development in the country. These properties and locations are also conserved and preserved as they are deemed important to the cultural heritage of the community. Ermita, Manila holds value of a heritage site. Considered today as a major commercial and business district, Ermita is a community that delivers to everyday life of not only the residents of Ermita, but also to people who live in the metropolis. Despite the prominent buildings and famous institutions that are located in the area, Ermita is also a home to significant and historic beginnings of Manila. The history and the developments are turned into concrete reminders in the fields of academe, research and medicine, religion, art, trade and industry, government and even private institutions which collectively contribute to the cultural merit of Ermita. ACADEME AND RESEARCH The history of the Philippines according to written records started in 1521 upon the arrival of Magellan. As early as that, the natives already have their own system of writing. It was in 1768 when Jesuit priests arrived in the Philippines and they...
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