Strategic Planning and Environmental Analysis

8/2/2019 Strategic Planning and Environmental Analysis

1/14

EuropeanJournal ofMarketing22,214

St r a t eg i c P l ann ing andE n v i r o n m e n t a l A n a l y s i sbyS.M. Sanderson and G.A. LuffmanUniversity of Bradford Management Centre

All is flux, nothing stays still Heracleitus 6th Century BCIntroductionIn a recent speech Sir John Harvey Jones, the chairman of Imperial ChemicalIndustries, asserted that, of all forms of human creativity, the businessorganisation is perhaps the most ephemeral. The history of enterprise is litteredwith household names which have gone out of existence. Amongst thereasons for such a phenomenon, of prime importance is a form of corporateDarwinism in which firms have failed to adapt to changes in the environment.Strategic planning includes amongst its chief concerns the understanding anddiagnosis of the environment. Indeed any strategy is a tangible manifestation ofhow well the firm has understood and responded to the environment that it faces.The task is not easy for there are no simple models or algorithms that ensuresuccess; there are an almost infinite number of environmental variables, and,further, there is a close relationship between what a firm wants to look at, howit does it and the strategy that it wishes to pursue. Yet, the fact remains that,at the limit, if you get it wrong, you go out of business, but that getting it rightdoes not ensure success , although there is some evidence to suggest that firm swhich have well-developed systems of environmental analysis perform better insome domains than others[1].The environment consists of a large number of non-controllable variableswhich, together, pose both threats and opportunities for companies in pursuit of their objectives. Such threats and opportunities are both current andin the future, but as the essence of strategy is that it has a future orientation,the emphasis of threats and opportunities analysis should be on the futureshape of the environment. The process is essentially two-fold: first, environmentalanalysis which identifies and monitors potential threats and opportunities, and,secondly, diagnosis which, through a process of decision making, assesses thesignificance to the company of such threats and opportunities. In terms of amarketing strategy, the analysis of the environment will be against currentproduct/market strategies and predictions of variance, whilst the diagnosis stagewill concern itself with the significance of environmental change in terms ofimprovements to existing strategies, new products and/or markets. Thus,environmental appraisal, although not peculiar to marketing strategy, is an integralpart of the strategic planning process.


2/14

StrategicPlanning andEnvironmentalAnalysis15

A Model of the EnvironmentAlthough comprising a large number of variables or forces, the environment maybe described by aggregating many of the variables into sub-environments as shownin Figure 1.The effects of the state and dynamics of the environment are felt by all majorareas of an organisation, and thus environmental analysis is part of strategic decisionmaking for the major functions of a company. Generally, most functions will dealwith that part of the environment with which they closely interact as part of ageneral corporate planning function. Marketing strategy, however, because it hasthe responsibility for managing demand which itself is a function of environmentalchange, needs to be sensitive to changes in the wider environment, not just theproximate m arketplace. Changes in all of the environments shown in Figure 1 canhave a significant effect on both what a firm markets and how it does it. For thepurpose of illustration, major environmental variables and their effects on marketingstrategy are discussed.

Figure 1.The Firm and itsEnvironment ADescriptive Model


3/14

EuropeanJournalofMarketing22,216

The Economic EnvironmentThe economic environment consists of the current and future state of key economicvariables used to describe wealth, purchasing power, savings and consumption,together with government economic policy deployed to affect those variables. Formany products, economic variables, such as GNP or disposable income, are keydeterminants of demand, particularly in capital goods or industrial products. T hedistribution of income in society provides opportunities for firms to differentiateproduct or service offerings in term s of levels of disposable income. The rate ofinflation and government policy towards it can greatly affect consumers' attitudesto credit.Th e relationship between strategy and the economic environment is not simplythat when the economy improves all firms can do bet ter. In periods of downturn,although seemingly posing a threat, opportunities may exist for firms to marketlower-priced substitutes.

In terms of strategic marketing tasks, of prime importance as part of the strategicplanning process is the identification, monitoring and forecasting of those economicvariables to which the com pany's market effort is m ost sensitive. In most cases,this involves forecasts of market size rather than market share, as the latter ismore often a function of marketing effort, as well as exogenous variables suchas GNP. Fortunately, economic forecasts are readily available in the financial press.The key marketing task is to attempt to realise the relationships betweenmovements in the economy and changes in the marketplace.The Social EnvironmentThe social environment is a complex of demographic (population size, age structure,location) and cultural (social values, attitudes, education) variables. The pace ofchange in the social environment may be slow, but its effects are inexorable.Demography is a prime component of demand and changes in the demographicstructure can have lasting effects on marketing strategy. A threat to many companieshas been the general ageing of the population. Thus companies specialising inbaby and infant products have had to search for new markets or products.Opportunities presented by the growing older sec tor of the population have beensomewhat limited due to income constraints, but, with more people retiring withoccupational pensions, the spending power of this segment will increase for certainproducts and services.

Cultural variables, as they affect values and attitudes, although seemingly slowmoving, can have profound effects on marketing strategy, providing both threatsand opportunities. For example, equal opportunity is beginning to result in womenmoving into higher paid, more demanding occupations, which has presentedopportunities for specialist retailers of women's wear.Social values regarding healthhave had a threatening effect on tobacco companies. Nor is the effect limited toconsumer goods. M anufacturers have been affected, as can be seen in the currentdebate about nuclear energy generation. Some of the effects of social change canresult in rapid change, for example, fashion, but, generally, the strategist has timeto evaluate the corporate response to such changes.


4/14


Marketing strategy has a two-fold response to social change: first, to monitorand evaluate its impact in term s of product offerings and marketing methods, but,secondly, a m ore proactive role of building company image within society via whathas been termed the company's publics. Social attitudes to companies can translatethemselves into competitive advantage or disadvantage in a number of socialdomains, or publics, as can be seen in Figure 2. Social acceptance is, for manycompanies in hostile environments, a key area of marketing strategy.The Technological EnvironmentThe technological environment is compounded of the impact of science andtechnology in product and process innovation. Thus, its effects can be felt by acompanyfromraw material through to final goods marketing. In term s of marketingstrategy, technological change offers the opportunity to purchase cheaper/betterraw materials, improve product quality through process improvements, and thepotential to alter the marketing of products and services in order to gain competitiveadvantage. The major threa ts are to product absolescence, a general shorteningof product and service life cycles and the ability of technology to alter methodsof marketing such that the individual firm cannot afford to compete. An exampleof this latter phenomenon is in the financial services industry where computerisationof financial serv ices has led to a proliferation of automatic telling machines (ATMs).The cost of such systems means that only the large institutions can afford to deploythem , which has led to consortia being formed by competing companies in orderto keep up with the growth in customer service. Thus, companies in competitionhave been forced into strategies of co-operation.

The major task for marketing management is to monitor the effects oftechnological change as it affects competitive advantage, but, as can be seen, theeffects are not limited to the final goods market or simply new product innovation,but can affect processes and marketing methods. Similarly, there has to be aninterface with R&D functions in the company in order to give research a marketorientation.The Political EnvironmentGovernment at both national and local levels can affect companies not only ona day-to-day basis through laws, policies and its authority, but also at a strategiclevel by creating opportunities and threats. Specifically, these arise because, ata competitive level, government can determine industry structure via monopoly,and restrictive trade practices legislation further. By legislating it can thus encourage competition. Companies can be beneficiaries of fiscal and trade benefits throughregional development programmes and industrial regeneration policies, which, inturn, can bestow cost benefits. Protection of infant industries and indigenouscompanies can render market penetration difficult, particularly overseas. Finally,Government, of itself, is a large consumer and producer of products and services;thus, government purchasing power and buying methods are of importance to manycompanies. In terms of politics rather than government, different political ideologiescan greatly affect the mood of enterprise by privatisation and nationalisation.


5/14


As can be se en , the effect on marketing strategy goes well beyond the effectsof the government's role as protector of consumers through consumer law. Thenature of competition can be affected by government, either as a result of structuralor procedural change; for example, the recent Financial Services Act that hasresulted in a far m ore open market for personal financial services allowing buildingsocieties to embark on new product development from which hitherto they werebarred by legal status.The strategic response by firms to the effects of government ranges from closemonitoring of government by those firms who are closely affected to a moreproactive response of lobbying and public relations aimed at government, as wellas traditional methods such as financial support of political parties. For manycompanies, such as defence contractors, educational suppliers, manufacturers ofhospital products, etc, the actions and mood of government are vital inputs tothe strategic planning process.The Marketing EnvironmentAs can be seen in Figure 1, the four foregoing environments are seen as importantinfluences on companies. In term s of marketing strategy, it can be seen that someareas of the environment are prime components of demand (population, wealth,etc) and that others are of themselves the components of a marketing system(suppliers, competition, customers), but that all of them are instrumental in creatingand influencing markets. Recent authorities [3] have pointed to the need for firmsto attempt to create a gestalt of environmental change rather than focus onindependent variables. Whilst it is not impossible for single environmental effectsto pose threats and opportunities for companies, generally the effects are feltbecause of the dynamics of a number of variables. For example, the dramatic risein supermarket shopping since the war arises from changes in wealth and carownership, the rise in importance of the weekend as a leisure maximising time,which, in turn, was assisted by changes in office hours, such that Saturday workingdisappeared, changes in technology which allow for food to last longer, ownershipof refrigerators, the availability of media to advertise products, changes in the lawregarding shop opening hours and, finally, changes in the attitudes of customersto shopping. Although the supermarket may now have become something of aretail institution, the dynamics of the environment which created it are currentlyshaping it in different directions via competition which is tending to concentratethe industry, technology which is creating new forms of payment systems, andthe potential for home shopping and customer expectations which are leading toa widening of the product base and new forms of retailing. Concentration on anyone of these variables would show a partial picture, whereas the whole effect isprobably more than the sum of the parts.

Kotler[4] has suggested that a firm's total environment can be usefully subdividedinto the micro and macro environments. Essentially a firm's micro environmentconsists of those elements of the wider environment with which the firm nteractsin order to fulfil the marketing function together with the competitive environmentand what he terms a set of publics. Such an environment is shown in Figure 2.


6/14


Figure 2The behaviour of the micro environment is to a large degree a function of themacro environment. T he utility of the distinction is that it focuses the attentionof managers on the important aspects of environment appraisal, in that marketingmanagement knows that part of the wider environment which it has to monitormost closely in terms of its function whilst being aware of movements in the widerenvironment but w here monitoring is either not as important in the shorter termor is done by some other part of the organisation. The importance, however, shouldnot be understressed, as m ost surveys of executives[5] show that the competitiveenvironment is perceived as the most important to monitor.The Competitive EnvironmentOne of the major reasons for this sensitivity may well be that the environmentis composed of actors whose prime role is to pose threats for any company. Thenature of the competitive process has gained much comment, particularly since


7/14

EuropeanJournalofMarketing22,220

the work of Porter[6], but of prime concern to the marketing strategist are thecurrent strategies of competitors, the potential of new competition to enter themarket, the behaviour of suppliers and buyers, and the availability of substituteproducts. The competitive environment is where the marketing function in acompany has to live on a daily basis, and its effects are thus so proximate to afirm that it becomes a major user of resources in environment appraisal. Changesin competitors' strategies can presen t both threats and opportunities. Examplesof the lat ter may be the exit of a major com petitor, opportunities for new productdevelopment as substitutes or successful realisation of market opportunities inadvance of competition.The nature of competition in a given market is to a large extent a function ofits structure. Economists have for some time pointed to the degree of concentrationas being a prime determinant of competitive behaviour. This has led firms toconcentrate a market positively in order to gain advantage through price leverageor economies of scale.The Supplier or Factor EnvironmentThe factor market comprises the supply of raw material, labour and capital whichare endemic to business. The major effects of this environment on strategy areseen in terms of price and availability. Whilst these two areas may be a functionof physical supply, often the negotiating powers of the supplier and buyer can affectboth. This has important implications for marketing strategy as the price of rawmaterials can greatly affect competitiveness in the market. There is now a generalrealisation that the factor market and its dynamic forms an important area ofinfluence in marketing strategy. This effect becomes greater the higher theproportion of turnover which is accounted for by externally sourced inputs.BuyersBuyers are created and influenced by changes in other environments, but, w herebuying is done for the purpose of resale, as in retailing, there are other strategicconsequences of their behaviour. Large buyers, particularly in concentratedmarkets, have power. This power increases the grea ter the concentration of thebuying market, as compared with the supplying industry. Power can manifest itselfto the strategic detriment of the supplier by having prices and qualities squeezedby buyers. The strategic consequences of marketing to large powerful buyersinvolves balancing the potential for market share against the exercise of powerby retailers. This has resulted in some companies embarking on a policy of avoidinglarge customers or attempting to balance the customer portfolio with both largeand small. In the longer term, it is an integral part of environment appraisal tomonitor the structural variables of the marketplace.The International EnvironmentAlthough the model of environmental appraisal presented above is perfectly capableof being used in any country, appraisal of international m arkets is different, assome of the environmental factors may be difficult to quantify and may assume


8/14


a greater importance. As Glueck and Jauch[7] have pointed out, environmentalappraisal of overseas markets often promotes the importance of the socio-economic,government and competitor sectors. A number of techniques have been assembledin order to evaluate potential and risk in overseas environments, what they allshare in common as the identification of key environment variables, weighting themin order to arrive at a benchmark score for a foreign economy. Brooke [8] offersa complete list of such variables which may then be aggregated into an index ofcountry risk. The complete list is shown in Table I.

(1)

(2)

(3)

(4)

The National Economy(1.1)(1.2)(1.3)(1.4)(1.5)(1.6)(1.7)(1.8)(1.9)(1.10)

Gross domestic product per headPersonal savings/gross domestic productAverage annual percentage increase in consumer price index over the last five yearsfor which figures are availableEnergy consumption per headNational budget prioritiesNational credit positionIncome distributionBalance of paymentsExchange ratesIndustry-specific items

The Social Facts(2.1)(2.2)(2.3)(2.4)(2.5)(2.6)(2.7)(2.8)(2.9)

Total populationPopulation density (people per square kilometer)Life expectancy at birthAverage annual increase in population over last five yearsInhabitants per doctorExistence of culture clash and other potential for disturbanceAvailability of managersProblems over foreign managers or workersIndustry-specific itemsThe Political Conditions(3.1)(3.2)(3.3)(3.4)(3.5)(3.6)(3.7)(3.8)(3.9)(3.10)

Mem bership of a treaty organisation (score according to the effect of the regulationson the business: if none weight zero)Membership of a development organisationStability of central governmentStability of civil serviceYears since independenceLoans from the International Monetary Fund or other such bodies their availabilityIncidence of riots or warOptions available for company formationAvailability of suitable collaboratorsIndustry-specific items

The Economic Policies(4.1)(4.2)(4.3)(4.4)

National industrial ambitionsNationalisationIndigenisationOther policies related to foreign ownership

Table I.Key InternationalEnvironmental VariablesContinued


9/14


(4.5)(4.6)(4.7)(4.8)(4.9)(4.10)

TariffsLocal content or assembly requiredCorporate taxationPersonal taxationCorruptionIndustry-specific items

(5) Geographical and Cultural(5.1)(5.2)(5.3)(5.4)(5.5)(5.6)(5.7)(5.8)(5.9)(5.10)

Position on trade routeExternal postal and telegraph linksInternal postal and telegraph communicationsLand areaClimateDistance from home baseTransport systemDistance from home cultureLiteracy rateIndustry-specific items

(6) Production and Supply(6.1)(6.2)(6.3)(6.4)(6.5)(6.6)(6.7)(6.8)(6.9)(6.10)

Supply centre potentialAvailability of raw materials and componentsStorage facilitiesLegal constraintsPatent lawsDegree of industrialisationTechnology transferResearch and development potentialOther location considerationsIndustry-specific items(7) Marke ting factors

(7.1)(7.2)(7.3)(7.4)(7.5)(7.6)(7.7)(7.8)(7.9)(7.10)

How well established is the local industryThe strength of the competitionCustomer positionConsumer protectionCompetition policiesAdvertising regulationsAcceptability of productsDistribution channelsAvailability of research servicesIndustry-specific items(8) Company Factors

(8.1)(8.2)(8.3)(8.4)(8.5)(8.6)(8.7)(8.8)

Source: [8 ]

Existing marketsExisting agent/licensee unsatisfactory (this rates high when investment is underconsideration)Capital availableSatisfactory return on investment forecastsStaff availableProposal fits with existing investmentServicing other marketsLogistic factorsab le I .Key InternationalEnvironmental V ariables


10/14


He then suggests that the analyst scores each of the factors and weights themto arrive at an index which can be aggregated to arrive at a country index. Further,the scores can be estimated for current and past performance aswellas a five-year view of their dynamic. Kem[9] suggests that, for many aspects of internationaltrade, five years is too short a time period and recommends a period of 20-25years, particularly in terms of international indebtedness. Risk, it is suggested,arises out of:

Financial factors outstanding debt as a percentage of GNP; interest payments; growth in debt; reserves and balance of payments, and imports in relation to foreign currency reserv es.

Structural/economic factors commodity reliance in exports, and economic management. Political factors

political vulnerability and stability; internal conflict, and cultural differences.As with many models, each of the variables is scored to arrive at a r isk potential.All of these models have a degree of artificiality associated with using numericalvalues for each factor, but they offer a preliminary guide to the potential of a countrybased on environmental variables.Environmental Analysis and Strategy FormulationThe impact of environmental change on marketing strategy formulation involvesa process of decision making regarding the significance of environmental forces.As has been suggested, the total process of environmental appraisal involves choiceand, thus decision. To monitor the total environment comprehensively wouldnecessitate inordinate resource commitment. Thus firms have to focus theirscanning on those variables to which they are most sensitive. Such focusing isthe result of organisational learning which is bounded by values, objectives,strategies and performance. In essence, the strategic decision maker has to balancethe environmental force with its probable impact on the company. This is shownin Figure 3 where such a system will begin to establish priorities for m onitoring.Further, as environmental appraisal takes place continuously through time, thegeneral state of the environment will influence what is scanned. Glueck[11] hasshown that, in differing time periods with altered states of the economy, firmswill tend to prom ote different aspects of the environment for appraisal. For manycompanies, a guide to appraisal stems from the state of their own environment.For example, firms in volatile, hostile environments will tend to direct moreresources to scanning than those in stable, friendly environments.


11/14


Figure 3.Issues PriorityMatrixFor many organisations, environmental appraisal has become a regular part of thestrategic planning system. Such a process begins with search activity forenvironmental information. This can be done formally, via surveys, or informallyby simply talking to key actors in the system, such as customers, distribution,consultants or competitors. There is much evidence to support the view that muchsearch behaviour is informal and verbal in nature. Normally, such search behaviourwill be conducted in terms of the current product/market mix. Having describedwhat is, the next step is to plot its dynamic in order to show what the effectshave been over time and then to extrapolate to show future effects. These forecastsshould then be aggregated or reconciled in order to show a complete picture, asany marketing strategy, like demand analysis, is the result of a system ofindependent variables.With a picture of the likely environment, the key task is to assess impact interms of marketing strategy. At this stage, firms will be influenced by the varyingdegrees of hostility, reliability and friendliness when deciding how to respond.Further, the degree of risk and attitudes to risk are important. The results ofenvironmental appraisal feed directly into the objective-setting process, in thata set of threats and opportunities will allow the company to fine-tune its objectivesand create a time frame around the strategy selected. As an example ofenvironmental appraisal, Figure 4 shows a possible generic model of anenvironmental scanning system.Problems and ShortcomingsAlthough several authors have established a relationship between environmentalappraisal and corporate success, there appears to be some inherent shortcomingsand potential problems associated with the process. These arise in a number ofareas:


12/14


StageAnalysis

Diagnosis

TaskEnvironmentalReview

Decision makingabout impactand risk

VariablesEconomicGNP disposable income, savings levels,monetary fiscal policiesSocialPopulation size, distribution, family size,household formationTechnologicalR&D spend, sources of ideas, patentsPoliticalConsumer protection, location,product safety, structural policiesMarketingChanges in supplier marketChanges in channels, market dynamics

As above

Activity

Forecasts of keyvariablesCity opinionDescription and forecasts of variables

TechnologicalforecastingPolitical and environmental scanning viamedia legal departmentInterrogation ofmarketing informationsystemForecasts of marketsand market shareScenarioGeneration focusChanges to objectivesand current strategy Figure 4.Environmental Scanning

System

Personal attitudes to risk and uncertainty Differing managers will bringtheir own attitudes to risk to bear on the process of environmental diagnosis.Optimists will interpret environmental forces in a different manner frompessimists. This can arise either because of some innate personal styleor as a function of role perception within the organisation. Miller andFriesen[12] found archetypes of companies which were successful andunsuccessful at meeting the challenges of the environment where a gooddeal of the success or failure can be attributed to the attitudes of topmanagement.

Corporate attitudes to planning Planning is a cerebral response to theenvironment which requires the acceptance of a "thinking" attitude. Thisis often at odds with a "doing" culture and leads to phrases such as"paralysis by analysis". There has to be som e trade-off between thinkingand doing normally achieved by the former making the latter easie r to do.However, the a ttitudes of entrepreneurs as an example may be against thenotion of planning a strategic response to the environment.


13/14


Strategic ResponseThere appears to be two schools of thought regarding what companies actuallydo with the results of environmental diagnosis. Some authors see the organisationas being shaped by the environment, whilst others see managers taking a moreproactive role in attempting to influence the environment. Jauch, Osborn andGIueck[13] found little evidence that organisations with similar environments reactedin the same way. It appears that organisations have many strategies available fordealing with a given environment. Paine and Anderson[14] suggest that strategyis not just a function of the environment, but also includes internal perceptionsof the need for change. Thus, the view of a causation effect between environmentand strategy may not be strictly accurate. There is little doubt that the actionsof organisations can affect the environment through takeovers, mergers, aggressivestrategies and exit, and that such actions can be taken in order to further theobjectives of any one organisation. As Cooper and Schendel[15] have shown, suchbehaviour may well be to resist or ignore change, or to give the organisation timeto react.Corporate HealthFor organisations in crisis, environmental scanning is somewhat of a luxury.Alternatively, for those in a strong position, there may be more time and resourcesavailable to accomplish the task. The financial state of a company can affect attitudesto planning, particularly in terms of short vs. long-term considerations. Thus, theremay be a strong correlation between the perception of tasks needed to correcta situation and the willingness to indulge in planning.S u m m a r yChange and its management is the essence of successful management. The modelof analysis and diagnosis is essentially a simple one; however, the effects of itsuse are complex. There is now significant doubt regarding the degree of dependenceexisting between a firm and its environment. External appraisal depends to a largedegree on internal factors, such that appraisal may be a result of what a firm wantsto look at, and this affects how it searches and responds. For marketing strategies,the effects of the environment are endemic to the creation of successful strategies,they provide market opportunity for growth and pose threats to products andmarkets, as well as the elements of a marketing strategy. Incorporation of theresults of environmental analysis can affect corporate and marketing objectives,as well as methods of attaining these objectives.The task, however, is bounded by certain constraints, not least of which areresearching the process, attitudes to risk, the state of the organisation and thedegree of felt need for change; but perhaps the major area of concern is thatenvironmental appraisal is of itself a part of the strategic process, such that itsresults depend, to a large extent, on what the firm wants to look at. Thus, atworst, it can become a self-fulfilling prophecy which has little impact on strategicthinking.


14/14


References1. Miller, D. and Frie sen , P., "S trategy Making in Con text: Ten Empirical Ar ch ety pes '', Journalof Management Studies, Vol. 14 No. 3, 1977, pp. 253-80; Grinyer, P.H. and Norburn, D.,"Planning for Existing Mar ke ts: Perceptions of Executives and Financial Perform ance '', Journalof Royal Statistical Society,Vol.138, 1975; Grinyer, P.H. and No rburn , D ., "Plan ning for ExistingMarkets: An Empirical Study", International Studies in M anagement and Organisation, Vol.7 No. 3-4, 1977/78.

2 . Lowes, B. and Sparkes, J.R., Modern Managerial Economics, Heinemann, London, 1974.3. Miller, D. and Mintzberg , H ., "T he Case for Configuration", w orking paper, M cGill University,November 1980. Abstracted in Glueck, W.F. and Jauch, L.R., Business Policy an d StrategicManagement, 4th ed., McGraw-Hill, New York, 1984.4. Kotler, P., Marketing Management, 5th ed., Prentice-Hall, 1985.5. Se e, for ex ample, Aguilar, F., Scanning the Business Environment, Macmillan, London, 1967;Wall, S.L., "W ha t the Com petition is Doing: You Nee d to Kno w", Harvard Business Review,November-December 1974, p. 22.6. Po rter, M .E., Competitive Strategy, Free Press, New York, 1980.7. Glueck, N.F. and Jausch, L .R., Business Policy and Strategic Man ageme nt, op cit.8. Brooke, M .Z. and Buckley, P.D. (Eds.), Handbook o f International Trade, Kluwer, London,1982.9. Ke m, D ., "The Evaluation of Company Risk and Econom ic Poten tial'', Long Range Plannning,Vol. 18, 1985, pp. 17-25.

10. Lederman, L.L., "Foresight Activities in the USA: Time for a Reassessment", Long RangePlanning, Vol. 17, Ju ne 1984, p. 46.

11. Glueck, N.F. and Jausch, L.R., Business Policy and Strategic Managem ent, op. cit.12 . Miller, D. and Frieson, P., "Stra tegy Making in Con text: Ten Empirical Arch etypes", Journalof Management Studies, Vol. 14 No. 3, October 1977, pp. 253-80.13. Jauch, L.R., Osbo rn, R.N . and Glueck, N.F., "Sho rt-term Financial Suc cess in Large BusinessOrganisations The Environment-strategy Connection", Strategic ManagementJournal, Vol .

1, January-March 1980, pp. 49-64.14. Paine, F. and Ande rson, C., "C ontingen cies Affecting Strategy Formulation and Effectiveness:An Empirical Study", Journal of Management Studies, Vol. 14 No. 2, 1977, pp. 147-58.15. Cooper, A. and Schendel, D., "Strategic Responses to Technological Threats", BusinessHorizons, February 1976, pp. 61-9.

Documents

Strategic Planning and Environmental Analysis