What is a strategic audit and why is it important?

  

Using the same company of choice that is proposing an expansion opportunity oversea, conduct a strategic audit on the following areas:Internal environmentExternal environmentStrengthsProblem analysisRecommendations and implementation costsEvaluation and Control ProcessesSubmit a two- to three-page Word document using 12-pt. font and APA format. In your paper include a title sheet and 2-3 references. Only one reference may be found on the internet. The other references must be found in the Grantham University online library. Only the body of the paper will count toward the word requirement.

Introduction: Conducting a Strategic Audit for a Prospective Overseas Expansion Opportunity

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Expanding a business overseas is a challenging and complex process that requires careful consideration and meticulous planning. Understanding the internal and external environment, assessing strengths, identifying problems, and providing recommendations are all crucial steps in conducting a strategic audit that can help a company achieve its goals while minimizing risks and costs. In this paper, we will conduct a strategic audit for a company that is proposing an expansion opportunity overseas. We will analyze the internal and external environment, identify strengths and weaknesses, analyze problems and opportunities, and recommend actionable steps for successful implementation.

Description: Process of Conducting a Strategic Audit

To conduct a strategic audit, we will follow a systematic process that involves several stages. First, we will examine the internal environment of the company, including its mission, vision, goals, strengths, and weaknesses. This analysis will help us understand the company’s core competencies, resources, and capabilities, as well as any internal limitations or constraints that may affect its ability to expand overseas.

Next, we will analyze the external environment of the company, including market trends, industry competition, technological changes, legal/regulatory factors, and cultural differences. This analysis will help us assess the potential opportunities and threats of the overseas expansion and identify the key success factors for the company in the new market.

Then, we will conduct a SWOT analysis (strengths, weaknesses, opportunities, and threats) to synthesize the internal and external factors and identify the key strategic issues that the company needs to address in the overseas expansion.

Based on the SWOT analysis, we will provide recommendations and implementation costs for the company, including strategies, tactics, timelines, budgets, and resources needed to achieve its goals in the new market.

Finally, we will develop an evaluation and control process to monitor and measure the performance of the overseas expansion, identify any variances or deviations from the planned objectives, and take corrective actions as needed.

Overall, this strategic audit process will provide a comprehensive framework for assessing and implementing a successful overseas expansion opportunity for the company.

Objectives:
1. To conduct a strategic audit of a company’s internal and external environment and identify existing strengths and problem areas.
2. To formulate practical and effective recommendations and implementation costs to address the identified problems.
3. To develop an evaluation and control process that will ensure the implementation of recommendations and monitor progress.

Learning Outcomes:
1. Understand the importance of conducting a strategic audit on a company’s internal and external environment
2. Learn how to identify and evaluate existing strengths and problem areas in a company.
3. Become proficient in developing practical and effective recommendations and implementation costs to address identified problems.
4. Gain knowledge of developing an evaluation and control process to monitor progress and implementation of recommendations.
5. Improve writing skills by adhering to APA format for a written report.

Solution 1: Strategic Audit for Overseas Expansion Opportunity

Introduction
The purpose of this strategic audit is to evaluate the internal and external environment of the company proposing an expansion opportunity overseas. The audit will assess the strengths of the company and identify any problems in the process. Based on this analysis, the paper will provide recommendations and implementation costs to improve the expansion process. Finally, evaluation and control processes will be suggested to ensure the success of the expansion.

Internal Environment
The internal analysis signifies the organization’s assets, capabilities and resources to evaluate the current position. In this case, the company has a strong financial position, advanced technology, and a loyal customer base. However, the company’s workforce has limited diversity and may face staffing issues in the new country. Additionally, the company may lack the necessary knowledge and expertise for doing business in a new international market.

External Environment
The external analysis helps to identify opportunities and threats from the market, industry, competition, and macro-environment. Opportunities for this company include a growing market abroad and lower costs for raw material and production expenses. However, the company may face threats of political instability, legal barriers, and cultural differences which may impact the success of the expansion.

Strengths
The company has a strong financial position, advanced technology, and a loyal customer base which can support the expansion process. The company’s management team familiar with the existing customers and possess industry knowledge, which can help to mitigate the risks of unknown markets.

Problem Analysis
The expansion process will require the company to navigate new markets’ demographics, culture, regulations, and business practices. The company may also have limited exposure to international trade policies and quality management systems that meet international standards.

Recommendations and Implementation Costs
The Company will need to do comprehensive market research and adapt to foreign markets to ensure a successful expansion ($100,000). Hiring a qualified team with international experience will help the company with staffing issues ($200,000). Developing a quality management system that meets international standards will require significant investment in training, technology, and documentation ($250,000).

Evaluation and Control Processes
A project manager should be assigned to oversee the entire expansion process. Periodic evaluation of the progress should be done with tailored key performance indicators for tracking ($50,000). Documentation and reporting process of risks, ambiguity, and corrective measures must be in place.

Solution 2: Enhancing the Digital Presence of a Small Business

Introduction
The aim of this strategic audit is to devise strategies and recommendations to help a small business enhance its digital presence. The audit will evaluate the current situation and list the necessary steps to improve digital marketing. Finally, appropriate evaluation criteria will be suggested to monitor the effectiveness of the proposed digital enhancements.

Internal Environment
The company has a team of dedicated and skilled personnel who work well together. They possess extensive knowledge of the product line. However, they lack expertise in digital marketing skills.

External Environment
There is a growing demand for the company’s products in the market, which is currently being addressed by traditional marketing methods. There is a significant opportunity for growth in digital platforms. Moreover, more than 80% of future customers are likely to search for a product or service online before making a purchase.

Strengths
The company’s team is skilled and dedicated, and its products have great potential in the market. The company can leverage its existing brand and loyal customer base to promote its digital presence.

Problem Analysis
The company’s current marketing strategies only focus on traditional marketing methods, ignoring the significant potential value of digital marketing.

Recommendations and Implementation Costs
Creating a digital presence strategy ($30,000) that includes the following:

– Developing a dedicated website that showcases products and services and implementing Search engine optimization practices ($20,000).
– Developing a digital content marketing campaign across social media platforms, including Facebook, Instagram, Twitter, and LinkedIn ($40,000).
– Developing an email marketing campaign to maintain communication with existing customers ($10,000).
– Collaborating with Google My Business to integrate location and contact details, and online reviews ($15,000).

Evaluation and Control Processes
The effectiveness of the digital marketing strategy can be monitored by analyzing metrics such as website traffic and social media engagement. Securing feedback from existing customers would be essential in monitoring the strategy’s feedback. An annual review of metrics, performance, and customer feedback will provide data for continued enhancements ($15,000).

Suggested Resources/Books:

1. Strategic Management and Business Policy: Globalization, Innovation and Sustainability by Thomas L. Wheelen and J. David Hunger
2. Business Analysis and Valuation: Using Financial Statements, Texts and Cases by Krishna G. Palepu and Paul M. Healy
3. Case in Point: Complete Case Interview Preparation by Marc P Cosentino
4. Strategic Planning: A Practical Guide to Strategy Formulation and Execution by B. Keith Simerson
5. Strategic Management: An Integrated Approach by Charles Hill and Gareth Jones

Similar Asked Questions:

1. What is a strategic audit and why is it necessary for businesses?
2. What are the steps involved in conducting a strategic audit?
3. How can businesses perform SWOT analysis as part of a strategic audit?
4. What are the key components of an effective strategic plan?
5. What are some examples of successful strategic planning from real businesses?

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