MANAGEMENT

Strategic Management

Strategic Management

Answer 1)

“Environmental Analysis” is an important aspect or in other words strategic management gets failed without its existence. It is environmental analysis that help and organization in identifying its current and potential threats and opportunities in the external environment. Environmental analysis helps the organizations or businesses in maintaining and managing their presence in the market place as it keeps on informing the organization about the upcoming threats and opportunities on a continuous basis. Political, sociological, environmental and technological trends or events come under environmental analysis.

Environmental analysis is also known as PEST analysis in the context of strategic management that is an essential part of SWOT analysis. SWOT analysis is based on identifying and analysing the strengths, weaknesses, opportunities and threats that an organization can face according to its business market. The environmental analysis can be conducted by the businesses on quarterly, semi-annually and annually basis and it provides competitive edge to the businesses and also helps in decreasing the business risks. Environmental analysis plays an important in organisation's strategic management process as it guides the organization in following the right strategies that would lead them towards success (Covin, 2006, p.78).

Answer 2)

Core competence is an important concept of management theory that can be found in variety of forms. The core competency serves as a competitive edge or advantage of an organization over all its competitors as it cannot be copied that easily. The core competence for an organization can be in the form of product development, culture, employee honesty and dedication, quality human resource management, quality systems and market coverage etc. the concept of core competence is of great importance for an organization as it serves as a driving force behind strategic change and it can help the strategic managers in managing their organizational goals and objectives in an effective way (Helfat, 2011, p.218).

For Ford Motor Company its core competences are its quality systems; Ford Production System (FPS) and the Ford Product Development System (FPDS).

Answer 3)

The industry that I have selected for the study is fashion industry that is getting more and more competitive these days. Fashion industry is following the latest trends and the preferences of the customers. The sustainable competitive advantage can apply to this industry by following the latest trends and meeting the demands of the customers within short deadline. It is extremely important for fashion industry to have complete knowledge about the preferences ...