File Name: strategy formulation situation analysis and business strategy .zip
Situation Analysis- the process of finding a strategic fit between external opportunities and internal strengths while working around external and internal weaknesses. Prentice Hall, Inc. Propitious niche- where an organization can use its core competencies to take advantage of a particular market opportunity and the niche is just large enough for one firm to satisfy its demand.
A strategy is the central, integrated, externally oriented concept of how a firm will achieve its objectives. Strategy formulation The process of deciding what to do; also called strategizing. Neither can succeed without the other; the two processes are interdependent from the standpoint that implementation should provide information that is used to periodically modify the strategy. In general, the leaders of the organization formulate strategy, while everyone is responsible for strategy implementation. Figure The general distinction is that business strategy addresses how we should compete , while corporate strategy is concerned with in which businesses we should compete.
Applies a new strategy formulation instrument named as the strategy formulation SF framework , which is geared for an Asian Chinese culture within the banking industry of Hong Kong. In particular, the focus will be on a case study of the ABC Bank. It has no bad debts and is extremely cash rich. However, because of its conservativeness, it remains a very low profile bank within the Hong Kong market. The main objective of this paper is to develop a set of strategies for the organization based on the SF framework. This new strategic management instrumentation was developed by Lee and Ko. The SF framework is unique because it integrates strategy formulation tools from both the Eastern and Western cultures, and its flexibility allows intercultural adaptations for most organizations.
If you are on the way to embark on running a long term marketing campaign , make sure that you already have a thorough situational analysis. Only after doing situational analysis, can the marketing strategy be structured. Therefore, a situational analysis is of utmost importance to any strategic marketing plan. After that, company owners can generate an appropriate marketing strategy to apply for their business based on the projected impacts from these above factors. There are three methods typically used to complete a situational analysis, namely 5Cs Analysis, SWOT analysis and Porter five forces analysis. Among them, SWOT analysis is the most popular method used by several companies. Based on its scale, all elements in a SWOT analysis can be listed in two groups internal and external analysis.
By definition, Strengths S and Weaknesses W are considered to be internal factors over which you have some measure of control.
In the field of management , strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization 's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Michael Porter identifies three principles underlying strategy: . Corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in? Management theory and practice often make a distinction between strategic management and operational management , with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals. Strategic management involves the related concepts of strategic planning and strategic thinking. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy.
The objective of this chapter is to provide a broad overview of the stages of the strategic marketing process and to introduce a few of the techniques used in developing a strategic plan. In the last two decades, this topic has been extensively covered and a list of references is included the end of the chapter to guide the reader towards sources for further reading. Unable to display preview. Download preview PDF.
This analysis serves as a useful tool for determining your business's strengths and weaknesses, and any opportunities and threats SWOT that can affect its health. Situation analysis is defined as an analysis of the internal and external factors of a business. It clearly identifies a business's capabilities, customers, potential customers and business environment, and their impact on the company. When considering performing a situation analysis of your business, it is important to look at several factors:. While this information may be obvious to most business owners, it can be beneficial to review the core fundamentals. To determine if your situation analysis is functional and provides value, it should:. If your analysis falls short of these items, it should be reworked.
The conclusion of all the analysis are resulted in the details of SWOT analysis and then formulated into IFAS and EFAS. Next by using by.
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