Market share demonstrates a firm’s ability to create and hold customers, which determines the long-term success of a firm. The freshness of product lines and market positioning affect a firm’s ability to attract customers ahead of their competition.
Business Strategy Evaluation & Recommendations Strategic analysis is based on assessing the effectiveness and efficiency with which a firm’s business
strategy meets the requirements of its competitive marketplace. After defining the industry and business strategy, we can seek ways to
improve the firm’s strategic performance. This is done by applying the traditional SWOT analysis to the firm’s strategy, and then determining the critical issues that need to be addressed. After ranking critical issues in order of importance, recommendations for action can be
Evaluate business strategy
The business strategy definition provides the basis for its evaluation. This process assesses issues that are both internal and external to the firm.
Internal assessments are based on the firm’s functional and process capabilities and financial resources. The internal assessment leads to an understanding of the firm’s strengths and weaknesses.
External assessments are based on the key success factor that have been identified. The external assessment leads to an understanding of the opportunities and threats facing the firm. This assessment is often referred to
as a SWOT analysis.
Identify critical issues and priorities
The SWOT analysis will lead to an understanding of the critical issues that face a firm in maintaining or improving its competitive and financial performance. The combination of strengths, weaknesses, opportunities, and threats must be ranked by priorities so that action
can be planned in a manageable way. Since managers have limited time and resources, it is important that actions be taken in order of importance.
Make recommendationFinally, recommendations must address the critical issues for management actions in the short and long term. We are seeking to improve the effectiveness of competitive strategies and the efficiency of their implementation.
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