Describe the process of performing an external audit in an organization doing strategic planning for the first time. BUS 4951
Describe the process of performing an external audit in an organization doing strategic planning for the first time.
BUS 4951
Course Textbook: David, F. R., & David, F. R. (2015). Strategic management: A competitive advantage approach, concepts and cases [VitalSource Bookshelf version] (15th ed.). Retrieved from #www.vitalsource.com/textbooks?term=9780133740356
Assignment 1
Question 1
Describe the process of performing an external audit in an organization doing strategic planning for the first time. Your response should be at least 200 words in length.
Question 2
Explain the process of an internal audit and how an organization can identify their strengths. Your response should be at least 200 words in length.
Assignment 2
Below, Read Case study “Excellent Strategic Management Showcased: Priceline.com Inc.”
As you read, pay close attention to Priceline’s strategy, and write a case study describing the following points:
What are Priceline’s internal strengths and weaknesses?
Who are Priceline’s competitors?
Do you see Priceline’s strategy as effective or ineffective? Why?
Your case study must be at least one page in length, not including a title and reference page. Outside sources are not a requirement for this case study, but if you choose to use them, they must be cited and referenced according to APA standards.
CASE STUDY
This chapter focuses on identifying and evaluating a firm’s strengths and weaknesses in the functional areas of business, including management, marketing, finance and accounting, production and operations, research and development (R&D), and management information systems (MIS). Relationships among these areas of business are examined. Strategic implications of important functional area concepts are examined. The process of performing an internal audit is described. The resource-based view (RBV) of strategic management is introduced as is the value chain analysis (VCA) concept. Priceline.com does an excellent job using its strengths to capitalize on external opportunities. Priceline is showcased in the opening chapter boxed insert.
The Nature of an Internal Audit
All organizations have strengths and weaknesses in the functional areas of business. No enterprise is equally strong or weak in all areas. Maytag, for example, is known for excellent production and product design, whereas Procter & Gamble is known for superb marketing. Internal strengths and weaknesses, coupled with external opportunities and threats and clear vision and mission statements, provide the basis for establishing objectives and strategies. Objectives and strategies are established with the intention of capitalizing on internal strengths and overcoming weaknesses. The internal-audit part of the strategic-management process is illustrated in Figure 4-1with white shading.
