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Strategy development tools
The 21st century is highly competitive and businesses are always trying to put each other out of the way. One way of doing such is to make your business a monopoly. Until that, you can only devise ways to take your businesses ahead of the game than your competitors.
Hence, your HI6006 strategy development tools essay answer need to talk about what are strategy development tools. Not only that, but you also need to explain what is their role in your business.
Strategy development tools are those tools which help the business managers and analysts to identify the potential challenges and suggest ways to overcome them. Commercial awareness of the customers is helping them now to make calculated and informed decisions.
Why organisations need strategy development?
Business development is a slow process, especially if you are a fresh graduate working for a billion dollar corporation. This process is often done in a number of stages in an organisation called strategy development. Every organisation needs strategy development as it allows them to define measurable outcomes and then work to achieve them. The businesses use strategic planning to lay down their day to day activities and also analyse the progress of the business.
The organisations today are not only facing competition with the local businesses but international as well. The strategy development process is one of achieving the business aims and goals.
PESTEL stands for -
The managers use this strategy development tool to take business decisions with respect to the recent changes in the above-mentioned sectors.
Political factors are team jealousy, cohesive projects and personal interests of the members. There are external political factors as well which are out of control of the stakeholders.
Economic factors are generally the decisions made by the government. These include interest taxes, recession, economic growth, etc.
Social factors are those which affect the market socially, like population, global warming, cultural expectations, etc.
The technological factors affect the business because every technology becomes outdated after a few months.
Environmental factors are ground conditions, weather condition, natural disaster, etc. which affects the business.
Legal aspects like resources, quota, import, etc. are mentioned here.
SWOT is Strength, Weakness, Opportunities and Threats. You are to analyse business with respect to these factors.
The strengths are those parts which make your business better than that of the competitors.
Talking about weaknesses is why the business lacks behind several other competing business and room of improvement is there.
Every business has some market trend and events that can act as a booster to the business.
Threats are the challenges that the business face and have no control over. For example. If all the data of a business is wiped clean by a virus or the business is destroyed in a terrorist attack.
Porter's Five Forces model is one of the most widely used strategy development tools which is used for market analysis. This tool analyses the following -
- The threat posed by the entry of a new business in the industry
- The threat to the business by the availability of alternatives in the market
- The power of the customers to impose pressure on the company, also called bargaining power
- The market of inputs or bargaining power of suppliers
- The rivalry of various businesses
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