This Critique Will Discuss The Two Business Strategic...

This critique will discuss the two business strategic analysis models of SWOT and Porters 5 Forces, with a view to further understanding their application in Strategic Management. I will discuss the usefulness and applicability of these models in business today, and whether other contemporary models should be applied when exploring strategies for analysis. STRATEGIC MANAGEMENT In my readings for this critique, I learned Strategic Management has been difficult to define by both Academics and Scholars alike. The Strategic Management Journal article, â€Å"What is Strategic Management, Really? â€Å" references John Wiley as stating in part, Strategic Management is â€Å"fragmented and lacking a coherent identity†, which is ‘paradoxically at odds with†¦show more content†¦OPPORTUNITIES Are there current gaps in the market? Innovation? Are there political, economic, social or technological changes that could be favourable for you? THREATS What is your competition doing that could impact you? What changes could be unfavourable to you (Political, social, economic, technology)? What restraints – eg resourcing? EXTERNAL ASSESSMENT SWOT is considered a widely used tool to assist an organisation understand their business activity, both internally and externally. The intent is to not only formulate strategies that support the mission of the organisation but to avoid weaknesses, neutralise the threats and exploit opportunities and strengths. (Davidson et al 2009. P212). SWOT provides the guidelines for critically assessing what you’re doing right, what you’re doing wrong, who or what can take you down, and what you can do to get—and stay—ahead of the pack. The internal factors relate to the organisation s strengths and weaknesses, i.e. competency, and competitive viability. An internal analysis using the data generated by SWOT will assist in the development of planning objectives to grow and sustain a business. An analysis of the strength and competency would include technology and equipment to accomplish work, which would then support the brand identity, expertise, and resources of the business. The weaknesses are the opposite – poor technology, lack of expertise or deficient in assets. Once these deficiencies are revealed, theShow MoreRelatedImportance Of Corporate Social Responsibility On Todays Society1136 Words   |  5 PagesImportance of Corporate Social Responsibility in today’s society Before five years, I came across a situation which led me to think about the importance and need of social responsibility by business enterprises. To start off giving a brief background, my brother was a fresh graduate from the school of architecture where he got his first individual contract in India. He had to design a mall that was planned to kick start after few years. 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