Conduct a STEEP analysis of the industry, and discuss the key drivers of change affecting the industry in the future.

Description

Task: Each group researches and assesses one company’s approach to strategy, in a report written in their own words following the structure (overleaf), citing facts and theory using the Harvard Referencing System.

The company chosen is MSD, Merck Sharp & Dohme

Topic one EXTERNAL ENVIRONMENT

Macro-environment: conduct a STEEP analysis of the industry, and discuss the key drivers of change affecting the industry in the future.

 

General overview how it affects the full pharma industry

Focus on some elements relating to MSD

Definitions which may help:

EXTERNAL ENVIRONMENT

An external environment is composed of all the outside factors or influences that impact the operation of business. The business must act or react to keep up its flow of operations. The external environment can be broken down into two types: the micro environment and the macro environment.

Macro-environment:

the major uncontrollable, external forces (economic, demographic, technological, natural, social, and cultural, legal, and political) which influence a firm’s decision making and have an impact upon its performance.

STEEP analysis

The STEEP analysis, also called PESTE analysis, is a strategy of external environmental analysis for companies. It lists the factors of the individual categories that may influence the unit under investigation. STEEP is an English acronym for Sociological, Technological, Economical, Environmental and Political.

key drivers of change

These include driving forces that shape change like technology, customer preferences, regulations, competitor moves, or supplier and sourcing instability. … Regardless of the speed of change, it will take skilled leaders to leverage and capitalize on these dynamic forces.

Industry Analysis:

An industry analysis is a business function completed by business owners and other individuals to assess the current business environment. This analysis helps businesses understand various economic pieces of the marketplace and how these various pieces may be used to gain a competitive advantage.

Please use European websites for referenceReferencing and academic integrity requirements:

Originality

Marks will only be awarded for original work (i.e., writing in your own words). Sections of text highlighted in Turnitin reports are not treated as original work and attract no marks (even if supported with citations) and, if substantial and not properly cited, constitute plagiarism and/or academic misconduct.

Citations

All theory and facts must be evidenced with an in-text citation (Author Year) and listed fully in the References section using the Griffith College Harvard Style Footnotes or other forms of referencing are not acceptable.

Sources

Lecture slides are not credible sources of theory or fact but merely indicators of the syllabus, theory and content. The original source for theory and facts should be traced to the relevant academic articles or other reliable sources, which are then cited in-text in compliance with Harvard Referencing guidelines (as well as in the References section at the end).

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