Strategy Development Tools for Business Targets -myassignmenthelp

Question: Discuss about theStrategy Development Tools for Business Targets. Answer: Introduction One of the most significant things in any business, whether small or significant, is coming up with an achievable mission, vision and long-term goals and objectives. These goals and objectives as put forward by the business management are what keep the business moving on and soaring higher in the zeal to reach its targets. Often, these companies or business that set unrealistic goals and unachievable objectives usually fail in the long run and may suffer closure if the corrective actions are not taken as soon as possible. Strategic planning is precisely defined as the process of creating business objectives, goals and mission as well as creating and implementing strategies with the aim of fulfilling the mission and working towards the targets. To make strategic planning decisions, managers use a variety of tools and techniques which include and are not limited to PESTEL, 5F, PROFIT, SWOT, CIA among others(Lamas Leite, 2015). This paper will take a keen interest in the primary strategic development tools, how they are used and some practical examples. Critical strategic development tools and how they are used As mentioned earlier in this paper, strategy development aims at policy prescription with the view of reaching set goals, objectives and business targets. There are several strategic development tools that are used by managers to achieve their long-term goals. Some of these tools and their practical uses, as well as relevant concrete examples, are discussed below: SWOT analysis SWOT analysis is a tool used in strategic development that involves assessing the strengths, weaknesses of a business as well as the opportunities and threats that business face. SWOT analysis is one of the significant strategic development tools. In strategic development, managers make use of this toll to take advantage of the strengths of the business(Harris, 2015). Different businesses have varying strengths. For instance, a business may be the only legalized firm to carry out a particular business. In other cases, the business may be having a well-known brand and good public command as far as reputation and business image is concerned. In this case, the business managers out into account these strengths when developing business strategies for business goal achievement. These strengths may be utilized as competitive advantages that help the business to quickly outdo their opponents and reach their long-term goals with ease. Business managers also take a keen interest in the weaknesses of the business in question. Sometimes a business may have flaws such as poor business image as a result of crude customer relations, poor utilization of resources and factors of production among others(Niederwieser, 2015). In strategic development, managers try as much as possible to reduce these weaknesses or wise enough turn them into opportunities. In this case, business goals are reached more easily. Business opportunities are also imperative when it comes to strategic development. Managers have to research on the opportunities that a business has and use them as competitive advantages as well as making use of them to reach their set goals and objectives. Opportunities may range from having a command to particular natural resources to making use of government incentives and tax reductions among others(Paroutis, 2014). Well-researched the opportunities of any business yields success in the attainment of its goals. Exploring the possible threats also help managers so much in strategic planning. This knowledge helps them make informed decisions on what to do or not do to reach their goals. These threats include and are not limited to legal issues, the threat of depletion of certainly available reservoirs of raw materials or natural resources among others. Pestel This tool is another significant strategic development too that explores external influences that have an impact on market growth and expansion as well as decision making. This tool looks at the political, economic, social and technological factors and how they may affect decision making for strategic development(Giedrimas, 2016). The political element looks at the existing trading policies and international legislation that may affect the business. It also explores whether there is a likelihood of change in regulation and uses this knowledge to make an informed decision on how to reach business goals. The economic factor is also critical to strategic development. It looks as to whether there are any tax issues that may affect the business, explores the existing domestic economic status as well as whether the business market shares is impacted by globalization. This factor helps managers to make strategies conforming to the current economic situation. The social factor enables strategic developers to know whether consumer tastes and choices are changing towards the business commodities. It also helps them to understand the impacts of changing population on their products(Mkude, 2014). It also looks as to whether there is a change in customer purchasing habit of a particular product whether there are any social attitudes about the product. This knowledge helps them to come up with the best strategies. Technological factors also have a significant impact on strategic development. It enables planners to know the effect of growing technology and modern inventions in their business. It also helps them know whether their business is in a position to stand competition form competitors who use advanced technology(Bull, 2015). This knowledge enables them to explore new ideas on how they can take advantage of the rapidly growing technology to formulate right strategic policies. RBV Resources based view is yet another important strategy development tools. This tool emerged in the 1980s and 1990s, and it believes in the achievement of competitive advantage by the use of resources(Waas, 2014). It argues that look for competitive sources advantages within the company rather than looking for them in the competitive environment. This tool enables businesses to reach their highest organizational performance thereby outdoing their competitors. In strategy development perspective, this tool helps managers make informed decisions about how to reach the company goals using the available resources. Resources are very critical in any business, whether physical, technological or human(Bohari, 2016). In this case, the goals to be achieved are made in a way that the company resources are used as a competitive advantage. One of the practical examples where this tool has been used as a competitive strategy is the competition between Apple Inc. and Samsung electronics where Apple sells more than Samsung even though they are exposed to the same external environment(Armstrong, 2014). Apple out-competes Samsung because it has a big celebrated brand and it is in a position to make user-friendly items. This aspect indicates the use of internal resources as a competitive advantage even if the external resources are similar. Conclusion Strategy development is very crucial for any company. It helps the company continue moving towards reaching its goals. It is imperative, therefore, for managers and strategic planners to take a critical analysis and exploration of the vital strategy development tools to be in a position to come up with useful strategies that lead to goal achievement. Indisputably, if the above-discussed tools are appropriately considered in strategic development, companies will be in a position to out-compete their opponents and reach their long-term goals. References Armstrong, T. (2014). Marketing: an introduction. Pearson Education, 6 (9), 65-78. Bohari, A. (2016). The competitiveness of halal food industry in Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space, 3 (8), 47-55. Bull, J. (2015). Strengths, Weaknesses, Opportunities, and Threats: A SWOT analysis of the ecosystem services framework. Ecosystem services, 4 (7), 45-76. Giedrimas, V. (2016). The evolution of automated component-based software development tools: From the structural synthesis of programs to behavioral types. 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