External & Internal Audit.  Good strategies begin with a sound understanding of the external environment in which the business competes (external analysis).  Your group needs to do a data-driven, in-depth analysis of the operating environment of the business (competitive landscape). You should consider the structure of the industry (the 5 forces as both a snapshot of current conditions and the trend of industry development), demand, key cost drivers, an analysis of major competitors (including a strategy canvas and/or strategic group map), and a description of target customers (including an analysis of what they value in the firms product or services). 

Your internal analysis should be informed by a fully executed Company Pyramid Model, and VRIO Analysis. You need to demonstrate that you understand the history of the business, its core values, and the development of its current strategy.  You must identify the resources and capabilities that drive and support that strategy.  You should include any appropriate analysis of the firms financial position as it relates to the strategy.  You should understand how well the major elements of the business are aligned in support of each other and the strategy. You also need to consider the larger corporate strategy, if your business is a unit in a larger corporation. 

The outcome of this analysis should be a clear description of the causal drivers of success in the industry generally and your target firm specifically.  A strong analysis will incorporate a dynamic perspective that looks backward and forward. That is, the best groups identify and articulate important trends by incorporating the industrys (firms) past history, current situation, as well as shifts in technology, regulation, demographics, psychographics, or other factors that will shape competition going forward.

The challenge of this assignment is that while it must be clear that you have considered this broad set of issues in your analysis, you must also show the ability to prioritize the results of your analysis and only focus on and report the most important elements of the external environment as they impact the strategy of your firm.  To accomplish this task, your group should determine which dimensions of the environment are most important and figure out a way to prioritize and rank order your work in terms of these dimensions.  It may help to think about the question why do firms win in this industry? as a starting point.

Lastly, in regards to writing. This should be a well-integrated analysis that helps the reader understand why you use the data, models, and tools that you do, and be able to articulate what they are telling you and how this information impacts the strategy or how it can be used to shape the strategy. It is NOT just a collection of models. Its just as important to see in your writing that you know how these pieces fit into the big picture.

Deliverable: This phase is a written document that covers the areas noted above.  This phase should be no longer than seven (7) single-spaced pages (using Times New Roman, 12 point font with 1 margins). The 5 page limit includes any figures, charts, or other data you choose to include, for example graphics such as a competitor map or company pyramid.  Endnotes should be appended to the document and show that you have searched broadly for relevant information.  Endnotes should be formatted according to any generally accepted format. The source list will not count against the page limit. This deliverable will be due on the date indicated in the syllabus, submitted online.

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