Analytical Tools to Prepare a Strategic Plan
Even if you are a novice in terms of management, you can easily implement these tools after learning about it. The planning team can focus on the essential activities of an organization and make sure the plan is developed according to the needs of a business.
1) SWOT Analysis
SWOT (strengths, weaknesses, opportunities, and threats) is the most popular analytical tools used for the strategic planning. You can consider it a brainstorming process. The items generated after this analysis helps developing goals, strategies, objectives, and tactics.
2) Scenario Planning
The companies can analyze the positive and negative impacts on their business through the practice of scenario planning. By considering the possibilities of different events, the team can predict different impacts and prepare for those impacts.
3) Growth share matrix
In simple words, a growth-share matrix is a framework that a company uses to prioritize actions and resources for their businesses.
4) PESTEL Analysis
This tool is mainly used by marketers to examine and check the factors (external marketing environment) that impact an organization. Interestingly, the results of this analysis are used as weaknesses and threats during SWOT analysis.
5) Five Forces Analysis
This is a tool used for competition analysis. The five factors or Porter's Five Forces include threats of new entrants in the market, bargain power of vendors, bargain power of clients, and potential competition, and a threat of substitute products.
Every tool has its own benefits that makes them so popular in strategic management. But, the students often find it difficult to solve the assignments based on these tools. These students can connect with us for strategic management assignment help.
Different Levels of Strategies in a Business
In a business, the strategies can be applied at various levels of an organization. Let's have a look at different levels of strategies:
It can be considered a blueprint that gives an overview of how you are going to do your business. This strategy also outlines how you will enter the market and have a strong foothold. A lot of individuals tend to overlook this phase, but have to pay a heavy price in a long run. This is applicable for both small businesses (like a bakery) and the huge ones.
This is more specific level when compared to corporate strategy. Here the focus is on how you are going to handle each process of your business. Even if your business is small, you must emphasize on every aspect so that minimum hurdles are experienced during execution.
This is a strategy that's formulated on a day-to-day basis for a business. Some companies ignore its importance, which is again a wrong style of management. If a company doesn’t plan on a regular basis, a saturation point is achieved. As a result, the competitors start performing better, thereby diminishing the power of the company in the question.
These three levels are often taught in the strategic management. And there are high chances that you will receive an assignment from this topic. You can also select one of these levels of strategy and create a research paper surrounding it. Whether it is a research paper or regular paper, you can get strategic management assignment writing help for these levels from us.