Business Strategy in the Global Environment
Strategic analysis involves the ability to define the business through the analysis of the industry, the business strategies, and the evaluations and recommendations needed. In analyzing the industry, the products and the markets should be well defined, based on the feasibility of the studies conducted. Without the proper knowledge of the business, the firm will not be able to gear where it is headed. The skills needed in the operation must also be well defined as to the competency and the capability of personnel to handle the responsibilities. The existing direct competitors contained within the same industry must also be identified; including the basis on what they compete. A thorough analysis of the structure is also important, together with the identification of the key success factors for the industry. Once the analysis of the industry has been done, it must be followed by the identification of the firm’s strategic goals and business strategy.
In implementing the business strategy analysis, the firm’s functional and operational capability must be well established and the resulting financial and competitive performance. This should be followed by the strategic evaluation, which is determined by identifying the firm’s strengths and weaknesses, as well as the threats and opportunities around. Here, the business strategy is compared with the industry’s key success factors and competitive resource requirements and the firm’s internal capabilities and resources.
Whatever critical issues that the company needs to address must be clearly identified. Once it is identified, the company must arrive into a conclusion and recommendation, including the critical issues and the result in changes of product-market strategy or functional implementation.
As the business embarks the global market, it faces a great challenge when it comes to strategic management. In a global setup with advanced technology, strategy on a centralized control over coordinated activities is essential. Here, the strategic analysis plays a critical role because the key function of the leader is centered into various areas. Strategic management is not only concerned with the formulation and development of policies. Unless a clear grasp of the plan and a procedure on how the process is to be developed and implemented have been provided, it will be hard to make the necessary changes. As regards the required changes, it must be well defined in order to move the organization towards its vision. Here, the existing process is determined, whether it is effective or there is a need for it to be redesigned.
A well organized strategic analysis helps the company to arrive at the best decision where it will be able to assess how the organization is changing as a result of the actions as planned. Strategic analysis is not just confined to planning. The same thing with strategic management, it is an ongoing process (Lamb, 1984: ix). The dedication of the persons involved in the strategic analysis is so crucial because if they are not committed to carry through until the implementation stage, the operational level could be sunk into confusion. This, in turn, could lead to cynicism about any improvement efforts.
The task of the leader in strategic management is not simple and requires commitment. No matter how knowledgeable the person who is in-charge of the task, if he or she lacks the commitment to carry on with the responsibilities, it is but useless. It is so important that these things are incorporated in the strategic analysis. The senior leadership should always keep track of the goals and strategies because as they go along the process, certain barriers may come their way, and the challenge is always there in prioritizing the objectives.
Lamb, Robert, Boyden. Competitive strategic management, Englewood Cliffs, NJ:
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