A decision maker can identify strategic factors in a
corporation external environment by gaining feedback from reports that are written
by a variety of people in different parts of the firm (Hunger & Wheelen, 2011).
That give managers the inside look as to how different products are competing
on the market. The decision maker receives all the data and forms a series of
strategic issues. On page 35 figure 3.2 shows us that six different analysis
that pertain to strategic factors. The six-different analysis groups are:
interest group, community, market, competitor, supplier, and governmental (Hunger
& Wheelen, 2011). All six of these groups provide feedback to the decision
maker as to what are the strategic factors are. The next step from there is for
the decision maker to decide what is high priority or low priority. That can be
done using an “issues priority matrix” seen in figure 3.3. First, the decision
maker can identify the strategic environmental issues such as the emerging trends
in natural, social, and task environments (Hunger & Wheelen, 2011). If
these trends were to happens it would determine how an industry would look in
the near future. Therefore, determining the success of the corporation. Secondly,
is ranking the probability that these trends would actually occur. They are
ranked from low, to medium, to high priority (Hunger & Wheelen, 2011). When
ranking these different factors, it is factoring in the probability of occurrence.
Thirdly, determining the likely impact that each trend would have on the corporation
(Hunger & Wheelen, 2011). Since the corporation can use the “issues priority
matrix” chart it can help the decision maker rank the impact and occurrence of
these environmental trends. After the chart is completed then the strategic
factors are further categorized as potential opportunities or threats (Hunger &
Wheelen, 2011). This chart can be very helpful because some issues seem so
minor compared to others. Being able to break down what is high priority from
low priority is key in decision making. You do not want to avoid the low priority
completely because that could become a threat down the road. Attending to high
priority issues first is a must because it can determine the future of the
company. 

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