strategic management journal

Hi i provided you pages from chapter 2 please read them carefully and answer the questions in the word fileplease type your answers in the same the word file also use i want references from the book that i provided you Strategic Management: Concepts and Cases: Competitiveness and Globalization, 12th Edition Michael A. Hitt; R. Duane Ireland; Robert E. Hoskisson this is the name of the book
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chapter_2_external_analysis__1_.docx

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SMJ #2
Student name: __________________
Chapter 2 External Analysis
What is the purpose of external analysis?
Managers usually conduct analysis on the management issues only when there are unmet
expectations, such as slow sales growth and high turnover rates. A periodic analysis of external
environment analysis can keep managers alert about the potential opportunity and challenge
for the organization, and avoid the trap of complacency. The external environment consists of
three layers of analysis including 1) general environment, 2) industry environment, and 3)
competitor environment.
Both industry environment and competitor environment have more immediate consequences
to the organization?s performance. However, it is noteworthy that the general environment
consists of prevailing societal trend can also have drastic impacts on an organization?s longterm performance. The textbook classifies general environment into seven segments (Hitt et
al., 2017, p. 45). Reference the opening case ?Are there cracks in the golden arches?? and
discuss which segment of the general environment has presented a critical challenge to
McDonald?s continuous success.
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How to define industry boundary?
The industry environment consists of factors that directly influence a firm and its competitive
actions and responses. The textbook defines an industry as ?a group of firms producing
products that are close substitutes? (Hitt et al., 2017, p. 55). Various agencies provide
classification codes for the purpose of reporting statistics. For instance, the Standard Industrial
Codes (SIC) have been used since 1921 in the U.S. to report major economic trend that consists
of various industry analysis. SIC were later transitioned to North American Industry
Classification System (NAICS) in 1997, but SIC are still commonly referred to in analysts? reports.
Use the library database IBISWorld and search for McDonald?s and see how different industry
codes lead to different analysis of the industry trend. Which industry classification provides a
more meaningful report to analyze the challenges described in the opening case? Why?
SMJ #2
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A firm may compete in multiple markets simultaneously. The SIC and NAIC provide a handy
category for looking up the industry report. However, the boundary of the industry can be
determined in various ways depending on the target markets and business strategy. For
instance, McDonald?s has long operated as a fast food restaurant, but in recent years has
provided specialty coffee and directly competes with coffee shops. Thus, it relies on strategic
manager?s judgment call for identifying a critical industry classification to analyze the issues at
hand.
What factors affect industry evolution?
Porter?s Five Force Model provides a great tool for evaluating the attractiveness of an industry
by analyzing the five major driving forces that influences the profitability of an industry,
including the threat of new entrants, the bargaining power of suppliers and consumers, the
threat of substitutes, and the rivalry competition. Each driving force influences the extent of
the given industry?s profitability and the driving forces differ across periods of time as the
general environment shifts as well as the competitors? strategy changes.
How does the general environment affect the industry environment?
The general environments present the prevailing societal trend that impacts the industry
profitability. In McDonald?s case, how would the trend you describe in the general environment
impact the industry environment?
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Reference: Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic management cases:
competitiveness and globalization. Cengage Learning.

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