Business Strategic Analysis and Stakeholder Management

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Questions and Answers

What is the focus of strategic analysis in the internal environment?

Product/Services

Customers

SWOT Analysis (correct)

Industry & Markets

What does Mendelow's Matrix help in identifying?

Industry & Markets

Core Competency

Key Stakeholders (correct)

Porter's Generic Strategies

In strategic analysis of the internal environment, what plays a role in shaping the firm's strategic advantage?

Focussed

Cost Leadership

Differentiation

Channels (correct)

What is the main purpose of integrating analyses of internal and external environments?

Formulation of business level strategies Signup and view all the answers

What does the internal environment of an organization encompass?

The sum total of people, processes, physical infrastructure, administrative apparatus, and intangible aspects of working Signup and view all the answers

Who are considered stakeholders in an organization?

Employees, shareholders, customers, vendors, and other individuals or groups that have an interest in the business Signup and view all the answers

What is the main difference between the earlier view of a firm and the stakeholder view?

The earlier view considers only the shareholders' interests while the stakeholder view includes all individuals and groups with interest in the organization Signup and view all the answers

What is important for an organization involved in healthcare innovation?

Long-term perspective about return on investment (ROI) Signup and view all the answers

Why is it important to first identify the key stakeholders in an organization?

Because each stakeholder exerts a different level of influence and can have differing levels of interest in the organization Signup and view all the answers

What does the strategic analysis of internal environment aim to understand?

The work environment, employee friendliness, confidence of investors, and other philosophical and cultural aspects of business Signup and view all the answers

In what way is the internal environment specific to each organization?

It is based on its structure and business model and includes all stakeholders like top management, investors, employees, board of directors, etc. Signup and view all the answers

What are considered as stakeholders besides management, employees, shareholders, customers, and vendors?

Governments, labour unions, and local groups Signup and view all the answers

What is included in the sum total of people that make up the internal environment of an organization?

Both individuals and groups that shape an organization’s identity Signup and view all the answers

What does understanding key stakeholders involve?

Identifying their differing levels of influence and interest in the organization Signup and view all the answers

What do stakeholders have the power to influence?

The strategy or performance of an organization Signup and view all the answers

What does it mean for a firm to be viewed as a coalition of stakeholders?

It means that all individuals and entities are considered as stakeholders Signup and view all the answers

Study Notes

Strategic analysis of internal environment is crucial for business success.
Internal environment consists of people, processes, physical infrastructure, administrative apparatus, and intangible aspects that shape an organization.
Stakeholders are individuals or entities with a stake in an organization and can impact its strategy and performance.
A firm may be viewed as a coalition of stakeholders, including management, employees, shareholders, customers, regulators, and more.
Key stakeholders exert different levels of influence and have varying interests in the organization.
Identifying key stakeholders is important to understand their expectations and align business strategy accordingly.
An organization in healthcare innovation may require a long-term perspective on investments due to long research timelines and commercial outcomes.
Shareholders, who focus on quick profits, may be less supportive of long-term investments.
Understanding stakeholders' expectations and aligning business strategy accordingly contributes to organizational success.

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Description

Explore the significance of strategic analysis of the internal environment and the management of key stakeholders for organizational success. Learn about the diverse elements that shape the internal environment and the impact of stakeholder expectations on business strategy.