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How managed (SBW) PDF Print E-mail
Written by Cecilia Chee, Singapore   
Tuesday, 04 October 2011 13:16

 

 

How managedStrategic Business Weapons (SBW)

 

In its broadest sense, strategic management is about taking "strategic decisions" - decisions that answer the questions above.

In practice, a thorough strategic management process has three main components, shown in the figure below:

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Strategic Analysis

This is all about the analysing the strength of businesses' position and understanding the important external factors that may influence that position. The process of Strategic Analysis can be assisted by a number of tools, including:

PEST Analysis - a technique for understanding the "environment" in which a business operates
Scenario Planning - a technique that builds various plausible views of possible futures for a business
Five Forces Analysis - a technique for identifying the forces which affect the level of competition in an industry
Market Segmentation - a technique which seeks to identify similarities and differences between groups of customers or users
Directional Policy Matrix - a technique which summarises the competitive strength of a businesses operations in specific markets
Competitor Analysis - a wide range of techniques and analysis that seeks to summarise a businesses' overall competitive position
Critical Success Factor Analysis - a technique to identify those areas in which a business must outperform the competition in order to succeed
SWOT Analysis - a useful summary technique for summarising the key issues arising from an assessment of a businesses "internal" position and "external" environmental influences.

Strategic Choice

This process involves understanding the nature of stakeholder expectations (the "ground rules"), identifying strategic options, and then evaluating and selecting strategic options.

Strategy Implementation

Often the hardest part. When a strategy has been analysed and selected, the task is then to translate it into organisational action.

 

Last Updated on Wednesday, 05 October 2011 13:37
 
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