Strategic analysis is the use of various tools to prepare business strategies by evaluating the opportunities and challenges faced by the company as it moves forward. Typically, strategic analysis involves a review of internal strengths and weaknesses as well as factors in the external environmental that could affect business.Continue Reading
Industry analysis is one major element of a strategic analysis process. Industry includes an overall assessment of the sector in which the business operates. A movie rental store would evaluate the size of the movie rental market, current competitors, target markets and market trends. Understanding the current industry structure allows a business to decide how it best fits in with regard to positioning.
A tool often used as part of strategic planning and analysis is SWOT. SWOT is an acronym for strengths, weaknesses, opportunities and threats. This tool allows company leaders to assess internal and external factors that could help or hinder the company. A review of current company strengths and weaknesses allows leaders to plan how to leverage strengths, and overcome weaknesses. The opportunities and threats evaluation allows for assessment of the external environment. The goal is to seize opportunities for new markets or products to create revenue. The business must also navigate around threats by planning ahead and making adjustments as needed.Learn more about Business Resources
A manager uses the EFE matrix by identifying the key external factors through a PEST analysis, assigning weights and ratings subjectively and using the results to develop new strategies. He categorizes the external factors identified as either threats or opportunities and assigns each factor a rating from 1.0 to 4.0.Full Answer >
Strategic issues refer to important aspects that require attention in order to achieve the business goals of a company. Strategic issues require careful decisions and clarifications to resolve, and have a critical impact on the performance of a business, according to Thomas Ambler of Center for Simplified Strategic Planning. They include the organizational structure, products, marketing, human resource management, customer service, resource management, strategic partnerships, business models and strategic management.Full Answer >
The three integrative strategies used in business are vertical integration, horizontal integration and functional integration. In vertical integration, a company is controlling the upstream and/or downstream elements in their supply stream. Horizontal integration involves a company expanding into or acquiring diversified product lines. Functional integration is a marketing approach in which an interconnected and expanding system of services and products increases customer entry points, participation and brand loyalty.Full Answer >
Some of the functions of the Sysco Market include business reviews, profitability consultations, safety training videos and menu evaluations and analysis. The Sysco Market connects restaurants and other food-related businesses in a partnership with Sysco, a company that is a reliable distributor of food, smallwares and chemicals.Full Answer >