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Strategic Environmental Factors and Business Decisions

What can a corporation do to:

1. Ensure that information about strategic environmental factors gets the attention of strategy makers.

2. Ensure that those strategy makers use that information as appropriate.

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What can a corporation do to:

1. Ensure that information about strategic environmental factors gets the attention of strategy makers.

Internalizing within the strategy makers the threat of competition will surely capture their attention.
One strategy for strategy makers is to assess the competitive environment using SWOT analysis. According to Wheelen (2011), "a SWOT analysis should not only result in the identification of a corporation's core competencies, but also in the identification of opportunities that the firm is not currently able to take advantage of due to a lack of appropriate resources".

Another is the conduct of business strategy audit. Strategy audit involve assessing the actual direction of a business and comparing that course to the direction required to succeed in a changing environment - market competitor and financial realities (Carey, on how to Audit your Business ...

Solution Summary

This solution discusses the importance of incorporating strategic environmental factors in the policy formulation of strategy makers.
One suggestion is internalizing within the strategy makers that the imminent threat of every business is competition. Another suggestion is the use of SWOT analysis and environmental scanning.

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