Sources of External Information¶
Strategic information is crucial for organizations to understand their external environment and to make informed decisions. This information can be gathered from a variety of sources, which can be broadly categorized into published and unpublished sources.
Published Sources¶
Published sources of external information are readily available and accessible to organizations. They include:
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Periodicals: Regularly published magazines or journals that provide current information and analysis on various topics, including industry trends and market conditions.
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Journals: Scholarly publications that present research findings and expert opinions on specific fields or industries.
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Reports: Detailed documents that provide in-depth analysis on specific topics such as market research, industry analysis, or economic forecasts. These are often published by consulting firms, research institutions, or government agencies.
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Government Documents: Official publications from government bodies that provide data, regulations, and policy information relevant to various industries.
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Abstracts: Summaries of research papers, articles, or reports that provide an overview of the content without requiring full reading.
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Books: Comprehensive texts that offer detailed information on specific subjects, ranging from business strategies to industry-specific knowledge.
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Directories: Listings of companies, professionals, or services that provide contact information and basic details, useful for networking and market research.
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Newspapers: Daily or weekly publications that provide news, articles, and editorials on current events, including economic, political, and industry-specific developments.
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Manuals: Instructional books or guides that provide technical or operational information on specific processes or technologies.
The Internet has significantly enhanced access to these published sources, making it easier for firms to gather, assimilate, and evaluate external information from a wide range of resources.
Unpublished Sources¶
Unpublished sources of external information are not formally published but can be equally valuable. These sources include:
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Customer Surveys: Direct feedback from customers about their experiences, preferences, and expectations, which can provide insights into market trends and consumer behavior.
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Market Research: Detailed studies conducted by organizations to understand market conditions, competitor performance, and consumer needs. This research can be internal or commissioned from external agencies.
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Speeches at Professional and Shareholders’ Meetings: Presentations or speeches given at conferences, meetings, or shareholder events, which often reveal strategic intentions, market insights, or industry trends.
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Television Programs: News broadcasts, documentaries, or business-focused programs that provide information on current events, industry developments, or expert analysis.
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Interviews: Conversations with industry experts, customers, or competitors that provide first-hand insights and opinions on specific issues or trends.
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Conversations with Stakeholders: Informal discussions with customers, suppliers, employees, or investors that can yield valuable information on market conditions, competitor actions, or internal challenges.
Both published and unpublished sources are essential for a comprehensive understanding of the external environment. Organizations should utilize a combination of these sources to gather the information needed for strategic decision-making.
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