strategic analysis

Question 1

what is strategic analysis?

Answer 1

- this is all about the analysing the strength of businesses' position and understanding the important external factors that may influence that position. 
the process of strategic analysis can be assisted by a number of tools, including:
- PEST analysis
- scenario planning
- market segmentation
-  directional policy matrix
- competitor analysis
- critical success factor analysis
- SWOT analysis
- strategic choice
- strategy implementation

Question 2

PEST analysis

Answer 2

• a technique for understanding the environment in which a business operates

Question 3

scenario planning

Answer 3

• a technique that builds various plausible views of possible futures for a business

Question 4

five forces analysis

Answer 4

• a technique for identifying the forces which affect the level of competition in an industry

Question 5

market segmentation

Answer 5

• a technique which seeks to identify similarities and differences between groups of customers or users

Question 6

directional policy matrix

Answer 6

• a technique which summarises the competitive strength of a businesses’ operations in specific markets

Question 7

competitor analysis

Answer 7

• a wide range of techniques and analysis that seeks to summarise a businesses overall competitive position

Question 8

critical success factor analysis

Answer 8

• a technique to identify those areas in which a business must outperform the competition in order to succeed

Question 9

strategic choice

Answer 9

• this process involves understanding the nature of stakeholder expectations (the ground rules), identifying strategic options, and then evaluating and selecting strategic options

Question 10

strategy implementation

Answer 10

• often the hardest part. when a strategy has been analysed and selected, the task is then to translate it into organisational action.

Question 11

WHATS SWOT ANALYSIS

Answer 11

• swot analysis is a method for analysing a business, its resources and its environment.
• SWOT is commonly used as part of strategic planning and looks at;
• internal strengths
• internal weaknesses
• opportunities in the external
  SWOT analysis aims to discover;
• what the business does better than the competition
• what competitors do better
• whether it is making the most of the opportunities available
• how a business should respond to changes in its external environment