Gathering, organizing and interpreting an external information is very important before finalizing the strategic plan in an organizational context. The first source of external information is the government department websites where complete details of recent development are mentioned. It gives an idea about regulatory changes and promotional schemes. The second source is the web portal of the central banks of the economy. It will provide information related to the economic scenario and the purchasing power of people. Third sources if the websites of industry association where market information can be gathered for analysis. The fourth source is the business-oriented magazines, research journals and survey results where latest updates on changes in the external environment can be found out.
External assessment tools analyze the environment and help in formulating the strategies (David & David; 2017). For example, a company can decide the type of pricing strategy by purchasing power of individuals. The company can also opt for cost leadership strategy or differentiation strategy by market and competition. Further, a company can formulate a marketing communication plan such as value-based plan or product based plan. These strategies will take final shape by inputs provided by the tolls. Even, a company can assess the upcoming opportunities and threats in the business environment.
David, F. R., & David, F. R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts, and Cases (Sixteenth ed.). Boston: Prentice Hall.
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