How Do We Determine Techniques in Strategic Analysis?

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How do we Determine Techniques in Strategic
Analysis?
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Agenda

• In this lecture, you will learn about
• Techniques of Strategic Analysis

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How Do We Determine Techniques in Strategic
Analysis?
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Strategic Analysis

• When an organisation formulates major business
  goals and initiatives by the top management and
  decides on the implementation of the said devised
  strategy, it is participating in the strategic
  analysis initiative. 
• There are as usual many definitions available
  that explain strategy analysis, but to simply put
  it, the Strategic analysis is a method to
  facilitate, research, analyse, and map a
  companys ability to achieve the future target or
  threshold based on current reality and
  resources. This can be achieved by bridging gaps
  that exist between the strategic, and operational
  features of the organisation.

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Strategic Analysis
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Strategic Analysis

• There are many tools and techniques that can be
  applied to the strategic analysis. As
  the strategic analysis is a process of conducting
  research on the current business environment so
  that a sought-after business strategy can be
  formulated. There are certain factors which will
  help you in picking up or determining the right
  technique to get to the desired goal effectively.
  Analytical tools and techniques are key in
  formulating a strategic plan. There are many
  important considerations that you need to be
  aware of to make an informed decision.

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Strategic Analysis

• Simple yet important factors to consider would
  be
• Does the tool assist you in asking and more
  importantly answering the right questions aligned
  to the need of the organisation?
• Is the expected benefit of using the tool
  defined? Will the tool be capable of assisting
  you with actionable insights? Absolute clarity at
  this stage will guarantee that the analysis is
  successful.
• Applying a choice of different tools and
  techniques to analyse a current situation is also
  an option.
• Does the tool help you in understanding, where
  you are today, where do you wish to go, and how
  do you get there?

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Strategic Analysis

• It is always a good practice to ponder on these
  points before you embark on your strategic
  analysis journey
• Always involve a broad group in strategic
  planning so that the responsibility for
  successful implementation is for everyone.
• Irrespective of the tool you use, understand the
  value, vision, and mission and develop clear
  objectives on what you desire to achieve.
• Have a mixed approach, just applying a top-down
  approach to strategic planning might not always
  be successful.
• Account for the tangibles and non-tangibles, such
  as company culture and quality of management,
  especially while assessing strengths.
• While identifying threats, it is always good to
  look for internal and external threats along with
  future possibilities that might work against your
  objective.
• Lastly, it is always important to devise a plan
  which can be measured, is broken down into small
  actionable goals, eventually working towards the
  larger plan. Clearly, defining the action plans
  and performance metrics.

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Strategic Analysis

• Here are a few popular tools
• SWOT Analysis is a strategic method that will
  help you identify the Strength, Weakness,
  Opportunity, and Threat to your business or a
  project venture.
• PEST is a well-known macro framework that
  analysis the Political, Economic, Social and
  Technological developments. This model can be
  further expanded to include Legal and
  Environmental Concerns as well.

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Strategic Analysis

• Root Cause Analysis, is a recommended tool, which
  can be used in isolation and with a combination
  of other tools as well, whenever a requirement
  arises to dig deeper into a situation. If you
  have identified the problem correctly, this
  technique will then come handy as a systematic
  approach to identifying the cause and resolving
  the situation.

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Strategic Analysis

• There are many tools and techniques available,
  this article does not even touch the tip of the
  iceberg. An individual or organisation, faced
  with a challenge or with the intention to achieve
  evolved goals in the future will be the best
  judge on the tool to use.

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