ORIGINAL WORK ONLY. APA FORMAT WITH ABSTRACT AND REFERENCES. BELOW IS THE ASSIGNMENT AND READING NOTES Strategic Audit (Assignment) The strategic audit system is a diagnostic tool to pinpoint an organization’s strengths and weaknesses. Use the Strategic Analysis Framework and other tools in order to conduct a strategic audit. You might consider using a SWOT analysis for both companies to analyze each of their situations. For this assignment, a mini strategic audit will be conducted for two companies with an overall goal to compare how each company differs in the strategy management and implementation, while identifying the importance of strategic management. •Conduct a Strategic Audit on two companies of your choice that are within the same industry. During this audit, you will be comparing each company, to do so be sure to create a SWOT analysis for each company. •In addition, visit each company’s website and conduct research to identify key strategies that each company has. List a brief introduction of each company, to include the Mission Statement and compare key aspects of each company. •Be sure to include the concepts identified in the readings for this week's topics. The requirements below must be met for your paper to be accepted and graded: •Write between 850 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below. •Use font size 12 and 1” margins. •Include cover page and reference page. •At least 80% of your paper must be original content/writing. •No more than 20% of your content/information may come from references. •Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement. •Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style. References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing. READING Role of Strategy The focus of this lecture will be on the concepts of strategic management, the framework for strategy analysis and the link between strategy and the industry environment. The Concept of Strategy Key questions to consider: 1.Why are decisions important? 2.What is strategic management? 3.Why has strategic management become so important to today’s corporations? Strategic Management is described as a set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. Importance of Strategic Managem.

1. ORIGINAL WORK ONLY. APA FORMAT WITH ABSTRACT
AND REFERENCES. BELOW IS THE ASSIGNMENT AND
READING NOTES
Strategic Audit (Assignment)
The strategic audit system is a diagnostic tool to pinpoint an
organization’s strengths and weaknesses. Use the Strategic
Analysis Framework and other tools in order to conduct a
strategic audit.
You might consider using a SWOT analysis for both companies
to analyze each of their situations.
For this assignment, a mini strategic audit will be conducted for
two companies with an overall goal to compare how each
company differs in the strategy management and
implementation, while identifying the importance of strategic
management.
•Conduct a Strategic Audit on two companies of your choice
that are within the same industry. During this audit, you will be
comparing each company, to do so be sure to create a SWOT
analysis for each company.
•In addition, visit each company’s website and conduct research
to identify key strategies that each company has. List a brief
introduction of each company, to include the Mission Statement
and compare key aspects of each company.
•Be sure to include the concepts identified in the readings for
this week's topics.

2. The requirements below must be met for your paper to be
accepted and graded:
•Write between 850 – 1,250 words (approximately 3 – 5 pages)
using Microsoft Word in APA style, see example below.
•Use font size 12 and 1” margins.
•Include cover page and reference page.
•At least 80% of your paper must be original content/writing.
•No more than 20% of your content/information may come from
references.
•Use at least three references from outside the course material,
one reference must be from EBSCOhost. Text book, lectures,
and other materials in the course may be used, but are not
counted toward the three reference requirement.
•Cite all reference material (data, dates, graphs, quotes,
paraphrased words, values, etc.) in the paper and list on a
reference page in APA style.
References must come from sources such as, scholarly journals
found in EBSCOhost, CNN, online newspapers such as, The
Wall Street Journal, government websites, etc. Sources such as,
Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for
academic writing.
READING
Role of Strategy

3. The focus of this lecture will be on the concepts of strategic
management, the framework for strategy analysis and the link
between strategy and the industry environment.
The Concept of Strategy
Key questions to consider:
1.Why are decisions important?
2.What is strategic management?
3.Why has strategic management become so important to
today’s corporations?
Strategic Management is described as a set of managerial
decisions and actions that determines the long-run performance
of a corporation. It includes environmental scanning (both
external and internal), strategy formulation (strategic or long-
range planning), strategy implementation, and evaluation and
control.
Importance of Strategic Management:
Research indicates that organizations that engage in strategic
management generally outperform those that do not. The
attainment of an appropriate match or fit between an
organization’s environment and its strategy, structure, and
processes has positive effects on the organization’s
performance. The three most highly rated benefits of strategic
management are a clearer sense of a firm’s strategic vision, a
sharper focus on what is strategically important, and an
improved understanding of a rapidly changing environment. As
the world’s environment becomes increasingly complex and

4. changing, today’s corporations use strategic management as one
way to make the environment more manageable.
The Role of Strategy in Success
Key questions to consider:
1.Does every business have business strategies?
2.Should they have a strategy? Why?
Every business firm should have a business strategy for every
industry or market segment it serves. A business strategy aims
at improving the competitive position of a business firm’s
products or services in a specific industry or market segment.
Firms must therefore have business strategies even if they are
not organized on the basis of operating divisions. Nevertheless,
it is still possible that some business firms do not have clearly
stated business strategies. If they hope to be successful,
however, they must have at least some rudimentary (even
though unstated) position they take in terms of getting and
keeping customers or clients.
The following points are the most highly rated benefits of
strategic management.
Key points:
•Long-term performance
•Adapt to new and changing markets
•Stabilize and increase performance

5. •Clearer sense of strategic vision for the firm
•Sharper focus on what is strategically important
•Improved understanding of a rapidly changing environment
The four elements of a successful strategy shown in Figure 1.1
The Elements of a Successful Strategy:
•Goals that are consistent and long term – a focused
commitment to goals
•Profound understanding of the competitive environment –
awareness of the changing economics
•Objective appraisal of resources – awareness of the limitations
within available resource.
•Effective implementation – Without effective implementation,
the best strategies are of little use.
The Basic Framework for Strategy Analysis
This view of strategy as a link between the firm and its industry
environment has close similarities with the widely used SWOT
framework.
A term Strategic Fit refers to the consistency of a firm ’s
strategy, first, with the firm ’s external environment and,
second, with its internal environment, especially with its goals
and values and resources and capabilities.
Strategy Formulation Sections:

6. •Environmental scanning
•Strategy formulation
•Strategy implementation
•Evaluation and control
Phases of Strategic Management
•Phase 1—Basic financial planning
•Phase 2—Forecast-based planning
•Phase 3—Externally oriented (strategic) planning
•Phase 4—Strategic management
The Strategy Process
Key questions to consider:
1.What information is needed for the proper formulation of
strategy? Why?
2.What is meant by a hierarchy of strategy?
3.Why are strategic decisions different from other types of
decisions?
To properly formulate strategy, it is essential to have

7. information on the important variables in both the external and
internal environments of the corporation. This includes general
forces in the societal environment as well as the more easy-to-
identify groups such as customers and competitors in the task
environment. A corporation needs to have this information to
identify a need it can fulfill via its corporate mission. It is also
important to have information on the corporation’s structure,
culture, and resources. A corporation needs to have this
information to assess its capabilities to satisfy a customer’s
need by making and/or distributing a product or service.
Information on both the internal and external environments can
also help a corporation to predict likely opportunities and
threats. Long-term strategies can be designed with these in
mind.
A hierarchy of strategy is a term used to describe the
interrelationships among the three levels of strategy (corporate,
business, and functional) typically found in large business
corporations. Beginning with the corporate level, each level of
strategy forms the strategic environment of the next level in the
corporation. This means that corporate level objectives,
strategies, and policies form a key part of the environment of a
division or business unit. The objectives, strategies, and
policies of the division or unit must therefore be formulated so
as to help achieve the plans of the corporate level. The same is
true of functional departments, which must operate within the
objectives, strategies, and policies of a division or unit.
Strategic Decision-Making Process
Unlike many other decisions, strategic decisions deal with the
long-run future of an entire organization and have three
characteristics:

8. 1.Rare: Strategic decisions are unusual and typically have no
precedent to follow.
2.Consequential: Strategic decisions commit substantial
resources and demand a great deal of commitment from people
at all levels.
3.Directive: Strategic decisions set precedents for lesser
decisions and future actions throughout an organization.
Summary
Role of Strategy:
•Strategy is a key ingredient of success both for individuals and
organizations:
•A sound strategy cannot guarantee success, but it can improve
the odds.
•Successful strategies tend to embody four elements: clear,
long-term goals; profound understanding of the external
environment; astute appraisal of internal resources and
capabilities; and effective implementation.
What Strategy is today?
•Strategy is no longer concerned with detailed planning based
upon forecasts
•Strategy is increasingly about direction, identity, and
exploiting the sources of superior profitability.
Components of a Strategy:

9. •To describe the strategy of a firm (or any other type of
organization) we need to recognize where the firm is competing,
how it is competing, and the direction in which it is developing.
•Developing a strategy for an organization requires a
combination of purpose led planning (rational design) and a
flexible response to changing circumstances (emergence).
Who Should Use Strategic Management?
•The principles and tools of strategic management have been
developed primarily for business enterprises; however, they are
also applicable to guiding the development and decision making
of not-for-profit organizations, especially those that inhabit
competitive environments.