Strategic Management

TOPIC IS BEST BUY!!!

  

Choose the top 1 or 2 of the alternatives and identify this as your recommendation. Tell why you chose this strategy.

Types of strategies:

SO strategy

- Strengths & opportunities

- Use of internal strengths to exploit external opportunities

- Consider all strengths one by one listed in the SWOT analysis with each opportunity to determine how each internal strength can help you capitalize on each external opportunity

- For example… strengths such as high brand recognition or customer loyalty could be combined with the opportunity to launch a new product or service

ST strategy

- Strengths & threats

- Use of internal strengths to avoid or minimize the impact of external threats

- consider all strengths one by one listed in the swot anakysus with each threat to determine how each internal strength can help you avoid every external threat

WO strategy

- Weakness and opportunities

- Overcoming internal weakness by exploiting external opportunities

- Consider all weaknesses one by one listed in the swot analysis with each opportunity to determine how each internal weakness can be eliminated by using each external opportunity

- May have identified an opportunity to outsource some aspects of its business operations, overcoming the weakness of lack of specific skills within the organization  

- For example… 

WT strategy

- Weakness and threats

- Overcoming internal weakness and minimizing external threats

- Consider all weaknesses one by one listed in the swot analysis with each threat to determine both can avoid

- For example… strategies could include developing strategic alliances or a more drastic strategy could be to withdraw from specific market altogether

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