The paper "Tools and Techniques of Strategic Management" is a great example of management coursework. Tools and techniques of Strategic management are utilised widely and can be defined as various tools for supporting managers in every stage of strategic management with the objective of improving numerous deficiencies within the organisation for improved productivity as well as performance. These tools and techniques are beneficial because they help solve some of the organisational problems and enable managers to assess the business environment and make the appropriate decision. Besides that, they can be used for various strategic tasks and enable strategy participants to interact (Afonina & Chalupský , 2013, p. 834).
Some of the tools and techniques of Strategic management often utilised in our business organisation include Porter’ s five forces, SWOT analysis, benchmarking, PEST analysis, as well as the balanced scorecard. The objective of this essay is to examine how the tools and techniques of Strategic Management add value to the business organisation. SWOT analysis SWOT connotes internal factors, Strengths (S) as well as Weaknesses (W) which the organisation has some level of control as well as external factors, and Opportunities (O) and Threats (T) that cannot be controlled by the organisation.
At the organisation, a SWOT analysis is commonly utilised for analysis as well as an audit of the business’ s environment and its strategic position. The key objective of a SWOT analysis at the organisation is identifying the strategies, which could be utilised to generate a business model capable of aligning the capabilities as well as resources of the organisation to the environment requirements wherein the firm operates. Therefore, a SWOT analysis is the organisation’ s basis for analysing the internal limitations and potential as well as the likely threats and opportunities from the business external environment.
Therefore, it examines every positive as well as the negative factor outside and inside the organisation, which influences its success. By consistently studying the business environment where the organisation operates; thus, enabling the managers to predict the changing business trends and make correct decisions.
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