Strategic Audit Part One
my company: Tootsie Roll Industries
Industry: Candy and other confectionery products
Guidelines for Preparing Part 1 and Part 2 of the Company Strategic Audit
Each part of the audit should be a professional report consisting of 3-4 single-spaced pages excluding figures, charts, references.
Bear in mind that this is a writing enhanced course. You will need to first submit your paper through the Bb Assignment link to an English professor who will grade your spelling and grammar. You can lose up to 10 points for writing mistakes. You will also submit your paper through the Strategic Audit link to Turnitin. Your paper will be checked for plagiarism when you make this submission; it must have less than 20% similarity score. (You can find out what your similarity score is by submitting your rough draft through the Strategic Audit link. I suggest you submit early enough to revise your paper if your score comes in over 20). I will grade your paper for the quality of your analysis. If you carefully follow the following guidelines, you will have a high quality analysis.
Below I have indicated the relevant chapters in your etextbook and provided you with websites that might be useful. If they don’t work, Google the topic to find other sites. Monitor my announcements throughout the semester for references to other helpful information.
Part 1 of the Strategic Audit
Describe your company’s current situation (Chapters 1, 2)
1.Briefly describe your company: its structure, products. What is the main industry that the company operates in? Provide the SIC or NAICS code. http://www.youtube.com/watch?v=EhDB391E944 Disregard the ReferenceUSA database; just listen to the part which describes SIC and NAICS codes.
2.Present a strategic vision statement and mission statement for your company as well as financial and strategic objectives? If what you find needs improvement, you may need to rewrite the vision and mission to better fit the definitions in your textbook)
Mission http://www.youtube.com/watch?v=XtyCt83JLNY&feature=list_related&playnext=1&list=PL914EBDD5F946340C
Vision statement http://www.youtube.com/watch?v=ioY-YSOKBtY&feature=related
Vision and mission http://www.youtube.com/watch?v=b2MyaR0gMo0&feature=related
3.List all the types of strategies your company is using. Be sure to explain what competitive strategy your company is using. What hard evidence can you cite that indicates your company’s strategies are working fairly well (or perhaps not working so well, if your company’s performance is lagging that of rival companies)? (Use Chapters 5)
4.Describe the business model being used by your company. (Be sure to identify both the customer value proposition and the profit proposition.) http://www.youtube.com/watch?v=hozC9lM4ltA&feature=related http://i360insight.com/2011/06/20/reinventing-your-value-proposition-with-business-model-innovation
5.Evaluate your company’s ethics and social responsibility. (use Chapter 9 as your guide)
Evaluate your company’s external environment (Refer to Chapter 3)
6.Discuss each of the five forces affecting the intensity of rivalry in the industry in which your company is competing. Describe each of them, e.g. who are the suppliers, what are the substitutes, etc.? For each factor, evaluate the competitive pressure as fierce, very strong, strong, moderate, or relatively weak. Then tell us why you made that evaluation.
Porter 5 Force Model
· http://tutor2u.net/business/strategy/porter_five_forces.htm
· http://www.youtube.com/watch?v=b2MyaR0gMo0&feature=related
· http://www.youtube.com/watch?v=57TzFsHqPLo&feature=related
7.What are the driving forces in the industry in which your company is competing? What impact will these driving forces have? Will they cause competition to be more or less intense? Will they act to boost or squeeze profit margins? List at least two actions your company should consider taking in order to combat any negative impacts of the driving forces.
· http://www.globalfuture.com/planning7.htm
8.How are the industry rivals positioned? What is the relative market share of each of the major rivals? Draw a strategic group map showing the positions of the companies in your industry. Which companies do you believe are in the most attractive position on the map? Which companies are the most weakly positioned? Which companies do you believe are likely to try to move to a different position on the strategic group map?
· http://www.youtube.com/watch?v=sQMn9AUjAZ0
· http://www.youtube.com/watch?v=wphoXc0qANE&feature=relate
9.What do you see as the key factors for being a successful competitor in the industry? List at least three.
Discuss why or why not the industry offers good prospects for attractive profits?
Point distribution
Part 1: 100 points, 20% of final grade; Part 2: 100 points, 20% of final grade
Points attributed to each section: 8 pts. for sections 1,2,3,4,5,7,9,11,12,
22 pts. for sections 6,8,10,13,14 and 18 pts. for section 15.
You cannot gain points for having references or using correct grammar, spelling, and complete sentences. However, You can lose up to 10 points for not producing a professional paper. The SHSU Writing Center can help you. If you plagiarize, you are likely to fail…so be sure to submit your paper early enough so you can rewrite it if it has a similarity score higher than 20%.
This is the end of Part 1 of the Strategic Audit (First, Submit Part 1 through the Bb Assignment link. Later you will need to submit Part 1 through the Strategic Audit Part 1 link. Click on the Strategic Audit link in the Menu. Click on the Strategic Audit link on the next screen. From the Table of Contents select “Click here to turn it in” and then click “View /Complete”
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