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How might changes in the external environment alter strategic initiatives?
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How does business environment affect the marketing strategy?
Strategic plans are important for any business, and they are never really complete. Business owners should consider strategic plans living documents that direct the work of the organization but that are flexible enough to be modified as changes in the environment require shifts in direction for the organization. It is important to have a process to monitor changes and incorporate them into a company's planning efforts.External ImpactsStrategic planning can be affected by various changes in the external environment in which a business operates. New competitors move into the market. Existing competitors leave the market. Population shifts result in increases or decreases in population. The economy may change either positively or negatively. No environment is stable over time, so organizations must be alert to external impacts that can affect their planning. This means businesses must view planning as an ongoing, not one-time, event, says Linda Pophal, a strategic planning consultant with Strategic Communications, LLC. Companies should have a process in place for continually monitoring the environment that represents their market and their industry and alerting the appropriate people to changes that can affect the plan, she says. Internal ImpactsThe internal environment also can affect strategic planning efforts. Suppose a key employee leaves or several employees suddenly leave. Suppose a new employee with unique skills in a new area joins the company. Suppose new technology is introduced that employees don't yet know how to use. Just as the external environment can shift, causing companies to revisit their planning efforts, so can the internal environment. Changes in the Planning TeamOrganizations that have a formal planning process often assign a team of people to create and manage the strategic plan. Changes in the team--from its leader to any one of the participants--can affect planning efforts. All teams go through standard and expected changes as they grow and mature--forming, norming, storming and performing, according to psychologist Bruce Tuckman's business model. As changes in team members occur, the team again will go through these expected stages, Pophal says.
Why strategic vision is important for a company?
Strategic vision is important to a company since it says; What are the impacts of technologies How cutomer need and expectation changes What it will take to outrun competetiors External and internal factors driving what a company needs todo to prepare for the future
What is the market forces and organizational response?
I think this is part if not the answer your looking for. I found this as i was reading and studying for my class: Principles of marketing. Marketing environment consists of external forces that directly or indirectly influence an organization's acquisition of inputs and creation of outputs (goods, services, or ideas). The marketing environment includes 6 such forces: competitive, economic, political, legal, and regulatory, technological, and sociocultural. Weather fluctuating rapidly or slowly, environmental forces are always dynamic. Changes in the marketing environment create uncertainty, threats, and opportunities for marketers. Marketing managers who fail to recognize changes in environmental forces leave their firms unprepared to capitalize on marketing opportunities or to cope with threats created by changes in the environment. Monitoring the environment therefore is crucial to an organization's survival and to the long-term achievement of its goals. This is all found in the Marketing Express, Pride & Ferrell, 2011. Book sold at colleges.
Distinguish between internal and external reconstruction?
INTERNAL RECONSTRUCTION- when the name of the co. remain as before but changes are made in assets and liabilities of the co. and entries are made in the books of the co. of such changes and balance sheet is amended it is called internal reconstruction. EXTERNAL RECONSTRUCTION- when such heavy changes are not possible or new capital is to be issued or there is much dissent among shareholders or by changing the name of the co. , an effort is made to give new life to the co. the co. is liquidated and a new co. is formed to purchase the assets and liabilities of old co. ,it is called external reconstruction.
Have Truworths adapted their marketing strategies during recession?
No, their strategy remains intact, as it has been shaped over n number of years. The short span of a recession only has an impact on their communication mix (POP, in-store visuals, ad content, communication to credit holders) and promotional initiatives (sales promotions e.g. markdowns, bundling, credit purchase incentives, basket tactics) as a reaction to consumer sentiment. These constitute marketing tactics. Changes in marketing strategy are typically long-term endeavors with fundamental impact on products, markets, pricing and mode of value delivery. Changes in communication however are short-term endeavors, usually in response to activity within the targeted market that is being served. Strategic marketing entails STP; that is segmenting; targeting and positioning. Changes in these areas are fundamental changes in direction of the business, and are rarely changed during recessions by relatively well-performing companies.
What is the maintenance of a stable internal environment despite changes to the external environment?
This is the definition of homeostasis.
What is the process by which organism's internal environment is kept stable in spite of changes in the external environment?
Homeostais
What system senses changes in the internal and external environment so that the body can adapt to the changes.?
The nervous system.
What are direct forces of the external environment?
The are six uncontrollable direct forces of the external environment. The six forces are competition, government policies, natural forces, technological changes, demographic changes, and social/cultural forces.
What is strategic change?
Strategic Change:Strategic Change means changing the organizational Vision, Mission, Objectives and ofcourse the adopted strategy to achieve those objectives.Strategic change is defined as " changes in the content of a firm's strategy as defined by its scope, resource deployments, competitive advantages, and synergy"(Hofer and Schendel 1978)Strategic change is defined as a difference in the form, qualiity, or state over time in organization's alignment with its external environment (Rajagopalan & Spreitzer, 1997 Van de Ven & Pool, 1995).Considering the definition of strategic change, strategic change could be affected by the states of firms and their external environments. Because the performance of firms might dependent on the fit between firms and their external environments, the appearances of novel opportunities and threats in the external environments, in other words, the change of external environments, require firms to adapt to the external environments again; as a result, firms would change their strategy in response to the environmental changes. The states of firms will also affect the occurrence of strategic change. For example, firms tend to adopt new strategies in the face of financial distress for the purpose of breaking the critical situations. Additionally, organizations would possess structural inertia that they tend to keep their previous structure and strategy (Hannan & Freeman, 1984).However, the former research on strategic change has not shown expected empirical results. To explain the unexpected empirical results, Rajagopalan and Spreitzer (1997)suggests that the external environment could not be constantly decided; it would be decided depending on the decision maker's cognition of external environment. Therefore, the occurrence of strategic change would be related to their cognition of external environment.Based on the argument of Rajagopalan and Spreitzer (1997), the factors which affect decision maker's cognition of external environment would affect strategic change.
Are circadian rhythms direct responses to changes in the external light environment?
Yes.
What are the relations and difference between business policy and strategic management?
Policies help businesses carry out their strategic objectives. When the business strategy changes, so will their policies. Strategies change as the business environment changes.
Regulating an internal environment despite changes in the external environment is called?
The human body self-regulates to maintain a stable internal environment despite changes in the external environment is a process called homeostasis. They begin by looking at how the human body regulates temperature and the value of a feverin fighting infection.
What are the differences between internal and external environment?
The differences between internal and external environment is: Internal environment involve within the organization, which are the employee attitudes,new equipment,strategy,work forces. The organization has the control of these matters because it happen within the organization unless like external environment. AND for the external environment,is clearly stated with the word external itself which means outside of the organizations which effect the changes in the organization which the organization does not have the control of it. External environment are involved by the PESTLE- Politic, Economy, Social, Technology, Legal and Environment.
What refers to making a course change due to shocks or evolution's in the strategic operational economic and technological sphere?
That process is known as strategic realignment, which involves adjusting a company's direction in response to changes in the external environment. It can involve reevaluating the organization's goals, redefining its strategies, and adapting its operations to stay competitive and relevant.
How do changes in the external environment affect hand-eye coordination?
Changes in the external environment such as change in light or distance affect hand-eye coordination by distance and location perception. The change in pitch field orientation also affects coordination in the same manner.
What system senses changes in the internal and external environment so that the body can adapt to the changes?
The nervous system.
