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Published on January 9, 2009

Author: aSGuest9874

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Business Strategy : Business Strategy Business Strategy : Business Strategy Strategic Analysis : Strategic Analysis Strategic Analysis : Strategic Analysis Most businesses will constantly evaluate their position Strategic analysis includes different methods of assessing the current position of the business in the market place Two basic methods: Internal External Where Is The Business Now? : Where Is The Business Now? Internal Audits – uses data and information generated from within the business Internal audits may be carried out through recruitment of an outside consultant to look at how the business works and offer an ‘independent’ viewpoint External Audits – uses information and data from outside the business – such information may be outside of the business’s control but has to be factored into decision making Internal Audits : Internal Audits Productivity – Human resources/capital Efficiency – Using ratio analysis, investment data, etc. Costs – Wastage? Unnecessary expense, cost cutting opportunities? Internal Data Labour turnover, absenteeism Customer satisfaction surveys Quality procedures – defects, complaints, etc. Cash flow statements – record what is actually happening Sales trends – generate patterns Skills audit – do the skills in existence match those required? SWOT analysis – Strengths and weaknesses can be viewed as internal aspects Core competencies – What is the business good at and recognised for? External Audits : External Audits General business environment – Inflation, competitiveness, unemployment/employment, growth, consumer spending Competitors – What are they doing? What threats do they provide? PEST factors Political – e.g. change of government not only in domestic country but in overseas markets Economic – potential trends in economic growth, inflation, etc. Social – changing nature of social issues – environment, ethical expectations, changed outlook, age structure of population, etc. Technological – rapid changes – firm gets left behind? External Audits : External Audits The Market Size – growing, stagnantor shrinking? Share – rising, stable or falling? Growth – possible or at the maturity stage? Trends – changing fashions, new market opportunities Changes – new situations that may fundamentally change the market, e.g. technology Mix – 7 Ps Boston Matrix – analysis of products Product Portfolio Analysis – different stages of life cycle? Gaps – where there might exist a market that is not being catered for Keeping up with the Jones’s – an important part of strategic analysis is knowing what your competitors are doing. Microsoft will be as keen to know what Apple are doing as Apple will be to know what Microsoft are doing! Copyright: KayPat, http://www.sxc.hu Strategic Planning : Strategic Planning Where Will The Business Go In The Next Ten Years? : Where Will The Business Go In The Next Ten Years? How far can the business plan ahead? How valuable are such plans? Strategic intent – provides an outline framework of basic principles and targets to inform operational planning Strategic Planning : Strategic Planning Competitive Advantage –seeking to identify sources of competitive advantage Adding Value – looking at ways to add value Mass or niche markets? – which is the best route? Cost based strategies – focus on reducing costs to compete and grow Market based strategies – focus on satisfying consumer needs as the means to growth Strategic Planning : Strategic Planning Contingency Plan – fallback strategies in case things do not go as planned Growth Plans – how can the business grow in the future? e.g. Tesco may have now got to the stage where it is more difficult to see where future growth is coming from Tesco’s growth in recent years has been phenomenal both in the UK and abroad. It has expanded into new markets, built dozens of new stores and moved into mini-supermarkets but where does it go from here? Copyright: Mammuth, http://www.sxc.hu

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