Strategic Planning - Introduction
Welcome to the next lesson of this module where we will cover the topic of business strategy.
Within this, we will discuss the different ways that a business can determine their strategy, what options are available, and how strategic success can be measured. We will also understand the various factors that can affect strategic decision making.
Some of the key, and most well-known, business tools will be presented, such as SWOT, PESTLE and the Five Forces model.
Other frameworks that will be discussed include the Strategic Clock and VRIO. By looking at the determination and application of these tools you will gain a good understanding of key aspects of business strategy reports.
More abstract concepts will also be considered, such as competitive advantage, the issue of Emergent versus Deliberate strategy planning and the effects of strategic drift in relation to this.
After completion of this chapter, you should understand the different factors that weigh in on business strategy formulation.
Below are some goals and objectives for you to refer to after learning this section.
Goals for this section
- To understand the main strategy assessment tools.
To understand the options and decisions in wider strategy setting.
Objectives for this section
To be able to:
- Apply the different strategy tools.
- Understand competitive advantage and the routes to attain this.
- Understand and evaluate different broad strategic approaches and how an organisation plans for these.