Strategic management Assignment Example | Topics and Well Written Essays - 1750 words

Strategic management - Assignment Example In addition, an environmental analysis plays an important role in pointing out the potential opportunities or threats that a company may face in its external environment. The examples of external environment include the technological, political, environmental, and sociological trends that affect the business operations directly or indirectly. The main purpose of an environmental analysis is to aid in the development of strategies that helps in decision making within an organization in regards to the external environment (Caratti, 2004). An environmental analysis involves the strengths, weaknesses, opportunities, and threats during the development of a strategic plan. It is important for managers to conduct environmental analysis after a certain period of time depending on the nature of the business and be able to identify conditions or events in the external environment that help achieve a competitive advantage (Hitt & Ireland, 1999). Walmart is a multinational retail corporation founded in 1962 by Sam Walton. Their focus is to make a difference in people’s lives by selling their products at a discount thus making them save money and live better. The objectives of Walmart are to meet the needs of their customers at a value and treating people with dignity and depend on the associate partners for success. The company has implemented some environmental measures to increase efficiency and has grown to be the world’s largest and emulated retailer. A SWOT analysis represents an organizations core competency. Its framework is popular due to its ability and power to develop strategy. The analysis of the internal strengths and weaknesses of a company focuses on the internal factors that give it various advantages and disadvantages in meeting the needs of its target market. Strengths are the core competencies that provide a firm with the advantage of satisfying its customers. Analysis of an organizations strengths