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– Unit3chapterpdf.pdf
**## Unit3textbookcitationforpaper.docx**
Unit 3 Business Policy and Strategy
textbook citation for paper
David, Fred, R. et al. Strategic Management. Available from: VitalSource Bookshelf, (17th Edition). Pearson Education (US), 2019.
INSTRUCTIONS:
## image1.png
**## Unit3studyguide.pdf**
BUS 4302, Business Policy and Strategy 1
Course Learning Outcomes for Unit III
Upon completion of this unit, students should be able to:
3. Analyze external and internal audit processes.
3.1 Examine a company’s internal and external strengths and weaknesses.
8. Assess the strategy evaluation process.
8.1 Determine the effectiveness of a business strategy.
Required Unit Resources
Chapter 3: The External Assessment
Chapter 4: The Internal Assessment
Unit Lesson
External Assessments
During this unit, we will explore the factors that impact an internal and external assessment. Let us begin with
the external assessment. To effectively develop a successful strategic plan, the organization must be aware
and adapt to the external environments. These environments include identifying and incorporating trends
affecting their stakeholders. These trends can shift and be affected by the economy, competition, tax burdens,
and many other factors.
As an example, consider Chipotle Mexican Grill. Chipotle is a chain of about 1,700 restaurants in the United
States and in several other countries. Chipotle Mexican Grill is considered as a fast, casual dining
establishment whose vision statement is Food With Integrity. It extends many benefits to its salaried, part-
time, and entry-level workers. It tries to meet society’s expectations for the humane treatment of animals.
Unlike its competitors, it is experiencing revenue growth of about 20% a year. The restaurant sector grows
about 1% annually. Consider the sustainability of the Chipotle business strategy that invests in its workers,
promotes its managers from within, and insists on humane operations. Do you think it will be able to maintain
its revenue growth in 5, 10, and 20 years in a changing economy and with potential new competitors? What
strategies would you recommend for them?
Let us also consider external assessments outside of the United States. What happens when a company has
reached its fullest potential within the United States? Should they remain steady, or should they seek global
opportunities? Many organizations to include retailers, fast food, and other entities have expanded
internationally to grow their companies. Examples include Starbucks, McDonalds, and Walmart, which can be
found in many different countries. In addition, you may notice outside companies expanding within the United
States. A prime example is Ikea, who continuously grows their North American operations. Organizations also
consider the economic outlook before proceeding with development in a country. For example, China has had
a decade long economic boom, and many corporations have taken this opportunity to expand into new
territories, thus increasing our overall reliance on a global-based community.
Other external factors often affecting a corporation include political, governmental, and legal challenges both
domestically and abroad. One issue with a clear divide is minimum wage and a living wage. The minimum
wage is determined by the government, while a living wage can be influenced by the corporation and other
competing factors. Another governmental external factor is the Health care Reform Act, which requires
corporations to provide health insurance for their employees. This cost can be expensive to the company and
UNIT III STUDY GUIDE
External and Internal Assessment
BUS 4302, Business Policy and Strategy 2
UNIT x STUDY GUIDE
Title
is generally passed on to consumers and also may decrease the overall salary of the employee. Another
challenge is deciphering whether to tax or not to tax Internet commerce. Many states feel they are losing out
on needed revenue due to the tax-free association with Internet sales. Some states have lobbied and passed
bills to formally tax all internet sales transactions. Amazon.com has been an opponent of taxation but must
abide by the state requirements.
As we have learned, the external assessment can be a very powerful tool if approached with the correct
perspective. If the external assessment is used in a punitive way to restructure leadership or redesign the
business structure, we have missed the boat on the real power of the external assessment. As leaders, we
need to have a general understanding of the industry and be able to identify areas in which competitors are
vulnerable and be able to predict potential moves that competitors might make that could be a threat to us.
Successful businesses are constantly looking in the rear-view mirror while, at the same time, looking well into
the economic future (David et al., 2020). The key is to constantly be aware of the needs of the customer.
Internal Assessments
There is not a one size fits all related to an internal assessment of an organization. There are multiple types of
organizations to include colleges, hospitals, retailers, and government. These entities all function differently
and often need a customized assessment to truly assess their performance. An internal audit is the
organization’s self-evaluation of their strength and weaknesses. The audit can better illustrate how an
organization’s departments are incorporated and how modifications and updates can be implemented. It is
also just as important to ensure the organization properly communicates their intent and expectations of an
audit to their employees.
Every organization has an organizational culture. Let us use an example of the U.S. Armed Forces; the Army
and Air Force have a very distinctive culture, even though they are both on the same side and work toward
the same goals. An organizational culture is defined by a pattern of behavior that an organization has
developed to handle a problem or external threat. New members coming into the organization will often be
integrated into the organization’s culture, thus continuing the pattern of behavior. These examples include
ceremonial, values, beliefs, and rituals.
Management and Marketing
There are five main characteristics related to the activities of management. These include planning,
organizing, motivating, staffing, and controlling.
Function Description Stage of Strategic
Management
Example
Planning Preparing for the
future
Strategy formulation Planning for the next release of a product or
service
Organizing Job description,
control and
coordination
Strategy
implementation
Coordinating the efforts to release the product
to include where and how
Motivating Shaping human
behaviors
Strategy
implementation
Encouraging the company’s sales associates
to become excited and motivated by the
release of the new product—this excitement
will trickle down to the consumer and other
stakeholders.
Staffing Human resource
management
Strategy
implementation
Identifying the right personnel for the
organization to include implementers,
managers, and leaders
Controlling Results oriented,
rewards, sanctions
Strategy evaluation Identifying goals and rewards for top
salesperson(s) for the new product release
Marketing
Marketing includes the process of creating and fulfilling a customer’s needs and wants for a particular service
or product. Let us use an example of the energy drink Red Bull. Who are the commercials targeting for this
beverage? The target audience can be a demographic of adventurous young adults who are seeking new
BUS 4302, Business Policy and Strategy 3
UNIT x STUDY GUIDE
Title
challenges. The commercials promote that Red Bull “gives you wings,” thus you will feel a huge rush of
energy and will have the ability to keep going well into the night. Red Bull must also consider pricing and
distribution in an effort to remain relevant and profitable. For example, do you feel Red Bull would be a drink
of choice at an affluent sushi bar, or would this drink be more appropriate at a sporting venue or a late-night
concert?
Reference
David, F. R., David, F. R., & David, M. E. (2020). Strategic management: A competitive advantage approach,
concepts and cases (17th ed.). Pearson. https://online.vitalsource.com/#/books/9780135203736
Suggested Unit Resources
In order to access the following resources, click the links below.
The chapter presentations below will provide you with additional information on this unit’s concepts.
Access the Chapter 3 Presentation.
Access the PDF version of the Chapter 3 Presentation.
Access the Chapter 4 Presentation.
Access the PDF version of the Chapter 4 Presentation.
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859805_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859805_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859804_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859804_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859807_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859807_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859806_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859806_1)
– Course Learning Outcomes for Unit III
– Required Unit Resources
– Unit Lesson
– External Assessments
– Internal Assessments
– Management and Marketing
– Marketing
– Reference
– Suggested Unit Resources
**Unit3chapterpdf4.pdf**
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**Unit3chapterpdf.pdf**
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**Unit3chapterpdf.pdf**
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**## Unit3textbookcitationforpaper.docx**
Unit 3 Business Policy and Strategy
textbook citation for paper
David, Fred, R. et al. Strategic Management. Available from: VitalSource Bookshelf, (17th Edition). Pearson Education (US), 2019.
INSTRUCTIONS:
## image1.png
**## Unit3studyguide.pdf**
BUS 4302, Business Policy and Strategy 1
Course Learning Outcomes for Unit III
Upon completion of this unit, students should be able to:
3. Analyze external and internal audit processes.
3.1 Examine a company’s internal and external strengths and weaknesses.
8. Assess the strategy evaluation process.
8.1 Determine the effectiveness of a business strategy.
Required Unit Resources
Chapter 3: The External Assessment
Chapter 4: The Internal Assessment
Unit Lesson
External Assessments
During this unit, we will explore the factors that impact an internal and external assessment. Let us begin with
the external assessment. To effectively develop a successful strategic plan, the organization must be aware
and adapt to the external environments. These environments include identifying and incorporating trends
affecting their stakeholders. These trends can shift and be affected by the economy, competition, tax burdens,
and many other factors.
As an example, consider Chipotle Mexican Grill. Chipotle is a chain of about 1,700 restaurants in the United
States and in several other countries. Chipotle Mexican Grill is considered as a fast, casual dining
establishment whose vision statement is Food With Integrity. It extends many benefits to its salaried, part-
time, and entry-level workers. It tries to meet society’s expectations for the humane treatment of animals.
Unlike its competitors, it is experiencing revenue growth of about 20% a year. The restaurant sector grows
about 1% annually. Consider the sustainability of the Chipotle business strategy that invests in its workers,
promotes its managers from within, and insists on humane operations. Do you think it will be able to maintain
its revenue growth in 5, 10, and 20 years in a changing economy and with potential new competitors? What
strategies would you recommend for them?
Let us also consider external assessments outside of the United States. What happens when a company has
reached its fullest potential within the United States? Should they remain steady, or should they seek global
opportunities? Many organizations to include retailers, fast food, and other entities have expanded
internationally to grow their companies. Examples include Starbucks, McDonalds, and Walmart, which can be
found in many different countries. In addition, you may notice outside companies expanding within the United
States. A prime example is Ikea, who continuously grows their North American operations. Organizations also
consider the economic outlook before proceeding with development in a country. For example, China has had
a decade long economic boom, and many corporations have taken this opportunity to expand into new
territories, thus increasing our overall reliance on a global-based community.
Other external factors often affecting a corporation include political, governmental, and legal challenges both
domestically and abroad. One issue with a clear divide is minimum wage and a living wage. The minimum
wage is determined by the government, while a living wage can be influenced by the corporation and other
competing factors. Another governmental external factor is the Health care Reform Act, which requires
corporations to provide health insurance for their employees. This cost can be expensive to the company and
UNIT III STUDY GUIDE
External and Internal Assessment
BUS 4302, Business Policy and Strategy 2
UNIT x STUDY GUIDE
Title
is generally passed on to consumers and also may decrease the overall salary of the employee. Another
challenge is deciphering whether to tax or not to tax Internet commerce. Many states feel they are losing out
on needed revenue due to the tax-free association with Internet sales. Some states have lobbied and passed
bills to formally tax all internet sales transactions. Amazon.com has been an opponent of taxation but must
abide by the state requirements.
As we have learned, the external assessment can be a very powerful tool if approached with the correct
perspective. If the external assessment is used in a punitive way to restructure leadership or redesign the
business structure, we have missed the boat on the real power of the external assessment. As leaders, we
need to have a general understanding of the industry and be able to identify areas in which competitors are
vulnerable and be able to predict potential moves that competitors might make that could be a threat to us.
Successful businesses are constantly looking in the rear-view mirror while, at the same time, looking well into
the economic future (David et al., 2020). The key is to constantly be aware of the needs of the customer.
Internal Assessments
There is not a one size fits all related to an internal assessment of an organization. There are multiple types of
organizations to include colleges, hospitals, retailers, and government. These entities all function differently
and often need a customized assessment to truly assess their performance. An internal audit is the
organization’s self-evaluation of their strength and weaknesses. The audit can better illustrate how an
organization’s departments are incorporated and how modifications and updates can be implemented. It is
also just as important to ensure the organization properly communicates their intent and expectations of an
audit to their employees.
Every organization has an organizational culture. Let us use an example of the U.S. Armed Forces; the Army
and Air Force have a very distinctive culture, even though they are both on the same side and work toward
the same goals. An organizational culture is defined by a pattern of behavior that an organization has
developed to handle a problem or external threat. New members coming into the organization will often be
integrated into the organization’s culture, thus continuing the pattern of behavior. These examples include
ceremonial, values, beliefs, and rituals.
Management and Marketing
There are five main characteristics related to the activities of management. These include planning,
organizing, motivating, staffing, and controlling.
Function Description Stage of Strategic
Management
Example
Planning Preparing for the
future
Strategy formulation Planning for the next release of a product or
service
Organizing Job description,
control and
coordination
Strategy
implementation
Coordinating the efforts to release the product
to include where and how
Motivating Shaping human
behaviors
Strategy
implementation
Encouraging the company’s sales associates
to become excited and motivated by the
release of the new product—this excitement
will trickle down to the consumer and other
stakeholders.
Staffing Human resource
management
Strategy
implementation
Identifying the right personnel for the
organization to include implementers,
managers, and leaders
Controlling Results oriented,
rewards, sanctions
Strategy evaluation Identifying goals and rewards for top
salesperson(s) for the new product release
Marketing
Marketing includes the process of creating and fulfilling a customer’s needs and wants for a particular service
or product. Let us use an example of the energy drink Red Bull. Who are the commercials targeting for this
beverage? The target audience can be a demographic of adventurous young adults who are seeking new
BUS 4302, Business Policy and Strategy 3
UNIT x STUDY GUIDE
Title
challenges. The commercials promote that Red Bull “gives you wings,” thus you will feel a huge rush of
energy and will have the ability to keep going well into the night. Red Bull must also consider pricing and
distribution in an effort to remain relevant and profitable. For example, do you feel Red Bull would be a drink
of choice at an affluent sushi bar, or would this drink be more appropriate at a sporting venue or a late-night
concert?
Reference
David, F. R., David, F. R., & David, M. E. (2020). Strategic management: A competitive advantage approach,
concepts and cases (17th ed.). Pearson. https://online.vitalsource.com/#/books/9780135203736
Suggested Unit Resources
In order to access the following resources, click the links below.
The chapter presentations below will provide you with additional information on this unit’s concepts.
Access the Chapter 3 Presentation.
Access the PDF version of the Chapter 3 Presentation.
Access the Chapter 4 Presentation.
Access the PDF version of the Chapter 4 Presentation.
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859805_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859805_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859804_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859804_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859807_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859807_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859806_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859806_1)
– Course Learning Outcomes for Unit III
– Required Unit Resources
– Unit Lesson
– External Assessments
– Internal Assessments
– Management and Marketing
– Marketing
– Reference
– Suggested Unit Resources
**Unit3chapterpdf4.pdf**
This file is too large to display. [View in new window](https://www.sweetstudy.com/files/unit3chapterpdf4-pdf-10280885)
**Unit3chapterpdf.pdf**
This file is too large to display. [View in new window](https://www.sweetstudy.com/files/unit3chapterpdf-pdf-10280887)
**## Unit3textbookcitationforpaper.docx**
Unit 3 Business Policy and Strategy
textbook citation for paper
David, Fred, R. et al. Strategic Management. Available from: VitalSource Bookshelf, (17th Edition). Pearson Education (US), 2019.
INSTRUCTIONS:
## image1.png
**## Unit3studyguide.pdf**
BUS 4302, Business Policy and Strategy 1
Course Learning Outcomes for Unit III
Upon completion of this unit, students should be able to:
3. Analyze external and internal audit processes.
3.1 Examine a company’s internal and external strengths and weaknesses.
8. Assess the strategy evaluation process.
8.1 Determine the effectiveness of a business strategy.
Required Unit Resources
Chapter 3: The External Assessment
Chapter 4: The Internal Assessment
Unit Lesson
External Assessments
During this unit, we will explore the factors that impact an internal and external assessment. Let us begin with
the external assessment. To effectively develop a successful strategic plan, the organization must be aware
and adapt to the external environments. These environments include identifying and incorporating trends
affecting their stakeholders. These trends can shift and be affected by the economy, competition, tax burdens,
and many other factors.
As an example, consider Chipotle Mexican Grill. Chipotle is a chain of about 1,700 restaurants in the United
States and in several other countries. Chipotle Mexican Grill is considered as a fast, casual dining
establishment whose vision statement is Food With Integrity. It extends many benefits to its salaried, part-
time, and entry-level workers. It tries to meet society’s expectations for the humane treatment of animals.
Unlike its competitors, it is experiencing revenue growth of about 20% a year. The restaurant sector grows
about 1% annually. Consider the sustainability of the Chipotle business strategy that invests in its workers,
promotes its managers from within, and insists on humane operations. Do you think it will be able to maintain
its revenue growth in 5, 10, and 20 years in a changing economy and with potential new competitors? What
strategies would you recommend for them?
Let us also consider external assessments outside of the United States. What happens when a company has
reached its fullest potential within the United States? Should they remain steady, or should they seek global
opportunities? Many organizations to include retailers, fast food, and other entities have expanded
internationally to grow their companies. Examples include Starbucks, McDonalds, and Walmart, which can be
found in many different countries. In addition, you may notice outside companies expanding within the United
States. A prime example is Ikea, who continuously grows their North American operations. Organizations also
consider the economic outlook before proceeding with development in a country. For example, China has had
a decade long economic boom, and many corporations have taken this opportunity to expand into new
territories, thus increasing our overall reliance on a global-based community.
Other external factors often affecting a corporation include political, governmental, and legal challenges both
domestically and abroad. One issue with a clear divide is minimum wage and a living wage. The minimum
wage is determined by the government, while a living wage can be influenced by the corporation and other
competing factors. Another governmental external factor is the Health care Reform Act, which requires
corporations to provide health insurance for their employees. This cost can be expensive to the company and
UNIT III STUDY GUIDE
External and Internal Assessment
BUS 4302, Business Policy and Strategy 2
UNIT x STUDY GUIDE
Title
is generally passed on to consumers and also may decrease the overall salary of the employee. Another
challenge is deciphering whether to tax or not to tax Internet commerce. Many states feel they are losing out
on needed revenue due to the tax-free association with Internet sales. Some states have lobbied and passed
bills to formally tax all internet sales transactions. Amazon.com has been an opponent of taxation but must
abide by the state requirements.
As we have learned, the external assessment can be a very powerful tool if approached with the correct
perspective. If the external assessment is used in a punitive way to restructure leadership or redesign the
business structure, we have missed the boat on the real power of the external assessment. As leaders, we
need to have a general understanding of the industry and be able to identify areas in which competitors are
vulnerable and be able to predict potential moves that competitors might make that could be a threat to us.
Successful businesses are constantly looking in the rear-view mirror while, at the same time, looking well into
the economic future (David et al., 2020). The key is to constantly be aware of the needs of the customer.
Internal Assessments
There is not a one size fits all related to an internal assessment of an organization. There are multiple types of
organizations to include colleges, hospitals, retailers, and government. These entities all function differently
and often need a customized assessment to truly assess their performance. An internal audit is the
organization’s self-evaluation of their strength and weaknesses. The audit can better illustrate how an
organization’s departments are incorporated and how modifications and updates can be implemented. It is
also just as important to ensure the organization properly communicates their intent and expectations of an
audit to their employees.
Every organization has an organizational culture. Let us use an example of the U.S. Armed Forces; the Army
and Air Force have a very distinctive culture, even though they are both on the same side and work toward
the same goals. An organizational culture is defined by a pattern of behavior that an organization has
developed to handle a problem or external threat. New members coming into the organization will often be
integrated into the organization’s culture, thus continuing the pattern of behavior. These examples include
ceremonial, values, beliefs, and rituals.
Management and Marketing
There are five main characteristics related to the activities of management. These include planning,
organizing, motivating, staffing, and controlling.
Function Description Stage of Strategic
Management
Example
Planning Preparing for the
future
Strategy formulation Planning for the next release of a product or
service
Organizing Job description,
control and
coordination
Strategy
implementation
Coordinating the efforts to release the product
to include where and how
Motivating Shaping human
behaviors
Strategy
implementation
Encouraging the company’s sales associates
to become excited and motivated by the
release of the new product—this excitement
will trickle down to the consumer and other
stakeholders.
Staffing Human resource
management
Strategy
implementation
Identifying the right personnel for the
organization to include implementers,
managers, and leaders
Controlling Results oriented,
rewards, sanctions
Strategy evaluation Identifying goals and rewards for top
salesperson(s) for the new product release
Marketing
Marketing includes the process of creating and fulfilling a customer’s needs and wants for a particular service
or product. Let us use an example of the energy drink Red Bull. Who are the commercials targeting for this
beverage? The target audience can be a demographic of adventurous young adults who are seeking new
BUS 4302, Business Policy and Strategy 3
UNIT x STUDY GUIDE
Title
challenges. The commercials promote that Red Bull “gives you wings,” thus you will feel a huge rush of
energy and will have the ability to keep going well into the night. Red Bull must also consider pricing and
distribution in an effort to remain relevant and profitable. For example, do you feel Red Bull would be a drink
of choice at an affluent sushi bar, or would this drink be more appropriate at a sporting venue or a late-night
concert?
Reference
David, F. R., David, F. R., & David, M. E. (2020). Strategic management: A competitive advantage approach,
concepts and cases (17th ed.). Pearson. https://online.vitalsource.com/#/books/9780135203736
Suggested Unit Resources
In order to access the following resources, click the links below.
The chapter presentations below will provide you with additional information on this unit’s concepts.
Access the Chapter 3 Presentation.
Access the PDF version of the Chapter 3 Presentation.
Access the Chapter 4 Presentation.
Access the PDF version of the Chapter 4 Presentation.
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859805_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859805_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859804_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859804_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859807_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859807_1)
[https://online.columbiasouthern.edu/bbcswebdav/xid-147859806_1](https://online.columbiasouthern.edu/bbcswebdav/xid-147859806_1)
– Course Learning Outcomes for Unit III
– Required Unit Resources
– Unit Lesson
– External Assessments
– Internal Assessments
– Management and Marketing
– Marketing
– Reference
– Suggested Unit Resources
**Unit3chapterpdf4.pdf**
This file is too large to display. [View in new window](https://www.sweetstudy.com/files/unit3chapterpdf4-pdf-10280885)
**Unit3chapterpdf.pdf**
This file is too large to display. [View in new window](https://www.sweetstudy.com/files/unit3chapterpdf-pdf-10280887)