Explain how to conduct an external strategic management audit. External audit focus on identifying and evaluating trends and events beyond the control of a single firm, such as increased foreign competition, population shifts, an aging society, information technology, and the computer revolution. An external audit reveals key opportunities and threats (the OT portion of the SWOT Analysis) confronting an organization, so managers can formulate strategies to take advantage of the opportunities and avoid or reduce the impact of threats. The Process of Performing an External Audit 1. The process must involve as many managers and employees as possible to help lead to better commitment. Involvement in the strategic management process can lead to understanding and commitment from organizational members. 2. To perform an external audit, a company first must gather competitive intelligence and information about economic, social, cultural, demographic, environmental, political, governmental, legal, and technological trends. Individuals can be asked to monitor various sources of informati......

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