Strategic Analysis Process
BUSINESS STRATEGY
The strategic analysis process is crucial for any business aiming to achieve long-term success. It involves a thorough examination of the internal and external factors impacting a company's performance and growth. The process typically includes:
Defining Objectives: Clearly identify what the business aims to achieve.
Environmental Scanning: Analyze the external environment using tools like PESTLE (Political, Economic, Social, Technological, Legal, Environmental) to identify opportunities and threats.
Internal Analysis: Assess internal strengths and weaknesses using frameworks like SWOT (Strengths, Weaknesses, Opportunities, Threats) and value chain analysis.
Competitor Analysis: Understand the market position of competitors and identify their strategies.
Formulating Strategies: Develop strategies based on the insights gathered, focusing on leveraging strengths, addressing weaknesses, and seizing opportunities.
Implementation and Monitoring: Execute the strategies and continuously monitor performance to make necessary adjustments.
This systematic approach ensures that businesses remain agile and responsive to market changes while staying aligned with their goals.