TIPS FOR CONDUCTING EFFECTIVE MARKET RESEARCH FOR YOUR BUSINESS PLAN

By definition, Strategic planningis a Process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives. There are numeric tools and techniques are used in Strategic Planning and it involves all tools that are relevant to Strategic Analysis, Strategy Determination and Strategy implementation (Ferrel and Hartline, 2014).

Strategic analysis includes entire analysis of firms’ internal environment and external environment including Macro and Micro Environment (Diasz, 2013). Strategy formulation refers the process of selecting most suitable course of actions to achieve the goals and objectives of the firm and Strategy implementation is initiating the necessary actions or tactics that are need to achieve organizational objectives (Diasz, 2013).

The analysis of internal environment is the 1st step in Strategic Planning  and Value Chain Analysis, Core competencies analysis, Cultural web, Product life cycle analysis and several portfolio analysis tools such as BCG Matrix, General Electric Matrix, Shell Policy directional model, ADL model are few tools and techniques using (Daisz, 2013). PESTEL, Porters Five Force Model, Competitive Strategy Analysis, Competitor capability analysis, strategic Group Map, Industrial perceptual map are external analysis tools (Daisz, 2013)

Vision, mission ad Objectives, Scenario Planning, Porter’s Generic Strategy, Bowman’s Strategy Clock, Product/Market Expansion Grid are some of tools and techniques that are used to strategy formulation(Ferrel and Hartline, 2014).

Finally few strategic implementation tools such as Organizational alignment, organizational structures, Benchmarking, Mckinsey’s 7S, 7Ps Balanced Scorecards are also included to Strategic Planning (Ferrel and Hartline, 2014).

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