What are the characteristic of internal and external information that is used in managerial decision making?
Answers
Characterstics of internal communication –
It is secretive in nature which means it is not disclosed with people outside the organization.
Messages spread quickly in the form of SMS, E-mail or a phone call.
Characterstics of external communication –
It is openly available for the public and meant to establish relations with outsiders like shareholders, suppliers, auditors etc.
Messages are prepared after lots of planning and it takes time for the information to reach general public.
Answer:
the characteristic of internal and external information
Explanation:
The Internal Analysis of strengths and w weaknesses focuses on internal factors that give an organization certain advantages and disadvantages in meeting the needs of its target market. Strengths refer to core competencies that give the firm an advantage in meeting the needs of its target markets, The follow in area analyses are used to look at all internal factors effecting a company: • Resources: Profitability, sales, product quality brand associations, existing overall brand, relative cost of this new product, employee capability, product portfolio analysis • Capabilities: Goal: To identify internal strategic strengths, w weaknesses, problems, constraints and uncertainties The External Analysis takes a look at the opportunities and threats existing your organizations environment. Both opportunities and threats are independent from the organization. • Customer analysis: Segments, motivations, unmet needs • Competitive analysis: Identify completely, put in strategic groups, evaluate performance, image, their objectives, strategies, culture, cost structure, strengths, w weakness • Market analysis: Overall size, projected grow the, profitability, entry barriers, cost structure, distribution system, trends, key success factors • Environmental analysis: Technological, governmental, economic, cultural, demographic, scenarios, information-need areas Goal: To identify external opportunities, threats, trends, and strategic uncertainties.