Internal assessment is the topic that I have learned for this week. The class experience for this week was something distinct than previous lecture class because I have learned many new knowledge about different types of management analysis such as value chain analysis, ratio analysis, CBA analysis, consumer analysis, matrix and internal factor evaluation. Moreover, I also learned two new business concept named core competencies by Hamel & Pralahad and Icarus Paradox concept by Miller.
Then, there are many interesting aspect in this week lecture. The most interesting aspect is the key component of internal assessment which involved internal audit, resource based view (RBV) and distinctive competencies. So, based on my understanding internal
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Consumer analysis is about how the marketing department determines their target market and how they perform their market segmentation. So, by using consumer analysis a company can determine whether the marketing department doing a proper market research or not. Then, the cost benefit analysis is about the marketing people in a company should do a proper research on promotions which contribute more benefit rather than their cost spent for any promotion such as advertisement or sales …show more content…
It means a company will determine their primary activity which is an important agility for a company and secondary activity which contribute from outsource for a company. Benchmarking is similar as groupthink where it means a company improves by looking at the best competitors. In order to follow the best, a company might be successful or equal to the best company. The next aspect will be the internal factor evaluation matrix (IFE). Based on my understand IFE matrix is the entire management analysis and it just a list of things that a company gives more important to the highest ranked factor and least important to the lowest ranked factor of a company. So, once a company done the IFE matrix and they will determine the most important criteria and pay more attention on it.
The last and mostly I focused aspect in this week lecture is the core competence and ICARUS PARADOX. A core competence is one of the concept figured by Hamel and Pralahad. Based on this concept, it contribute that most of the company developed their strategy based on what they are good at but it is difficult to identify a company’s good at. So, to find out the core competence of a company they will compare themselves with their competitors. Once a company found out their core competence by comparing, they will be able to use it as an advantage to make themselves better than their