CHAPTER 3

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Unformatted text preview: r chapters, involvement in the strategic-management process can lead to understanding and commitment from organizational members. The Process of Performing an External Audit To perform an external audit, a company first must gather competitive intelligence and information about social, cultural, demographic, environmental, economic, political, legal, governmental, and technological trends. a. Individuals can be asked to monitor various sources of information such as key magazines, trade journals, and newspapers. b. The Internet is another source for gathering strategic information, as are corporate, university, and public libraries. c. Suppliers, distributors, salespersons, customers, and competitors represent other sources of vital information. The Process of Performing an External Audit • Once information is gathered, it should be assimilated, evaluated, and prioritized. • Key external factors should be important to achieving long term and annual objectives, measurable, applicable to all competing firms, and hierarchical in the sense that some will...
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This document was uploaded on 02/19/2014.

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