Create a 1 page page paper that discusses remote environment (strategic management).
Create a 1 page page paper that discusses remote environment (strategic management). Remote Environment Remote Environment The remote environmental factor that has the most significance in strategy related decision making is the technological factor. The technological factor is the most important factor because it has a direct impact on an organizations ability to compete with its competitors (Moehrle, 2013). Technological advancements provide organizations with the ability to produce goods and services at lower cost and organizations that are able to be the first to adopt technological changes are able to secure higher profits and stay in the business. Since technological changes occur at a faster pace as compared to other factors, an organization needs to keep an eye on this factor while devising its strategy. Forces that impact the dynamics of a particular industry includes the ease with which new firms can enter an industry, the bargaining power of both the suppliers as well as the customers, the availability of different substitutes within a particular industry and the intensity of competition between different firms operating in a particular industry (Porter, 2008). The enterprise competitive position helps in identifying the level of competition that is taking place in the environment in which an organization is operating. Customer profile helps an organization in identifying the needs and wants of the customers to which the organization is responding to or will be responding (Hill, 2012). The characteristic of availability of human resources helps in identifying the characteristics of the employees that are working in an industry (Enz, 2010). It even helps in identifying what the human resources perceive about a company and the ease with which these human resources can be obtained.
Enz, C. (2010). Hospitality strategic management. Hoboken, N.J.: John Wiley & Sons.
Hill, C., & Jones, G. (2012). Essentials of strategic management. Australia: South-Western/Cengage Learning.
Moehrle, M., Isenmann, R., & Phaal, R. (2013). Technology roadmapping for strategy and innovation. Berlin: Springer.
Porter, M. (2008). The Five Competitive Forces That Shape Strategy. Harvard Business Review. Retrieved 4 February 2015, from https://hbr.