1. Identify and explain at least four sources that you would use to acquire inte
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Question
1. Identify and explain at least four sources that you would use to acquire internal information.
2. Go to page 168 of your textbook review Figure 6-2 "The Strategy-Formulation Analytical Framework" which includes the three stages of strategic analysis identifying the tools that could be used in each stage.
Is it important for a business strategist to have an understanding and skills with each?
From your reading, as well as from your experience, and your personal perception which of these tools will hold the greatest value to managers just beginning to build a career? Explain your reasoning.
Explanation / Answer
Some sources that could be used to acquire internal information are as follows
• Financial resources
Financial resources of the organisation can provide adequate information about the ongoing activities inside the organisation regarding the finances. Availability of better financial resources increases the risk taking capabilities of the organisation providing better competitive advantage as well as possibility of market revenue generation.
• Total physical assets
Fixed physical Assets of the organisations provide stability as well as gives and authority of operational capabilities which could be very beneficial for acquiring internal information.
• Human resources
Learning about the human resources of the organisation provides great information about ongoing process is inside the organisation. This is specific part of the organisation is responsible for all the activities which alliance with the standard of the organisation.
• Cultural resources
Cultural resources of the organisation provides information regarding ethical as well as moral standards of the organisation where availability of different factors such as diversity and implementation of ethical code of conduct inside the organisation can be easily assessed.
The comprehensive strategy formulation an analytical framework is used in any situation to properly identify as well as evaluation of the best given strategy.
It includes three stages
Input stage
Matching stage
Decision stage
Input stage is considered as the initiation stage where different tools such as EFE matrix, CPM or IFE Matrix is basically used to sum up all the information for helping the organisation or the company to formulate strategies. Which type of approach also helps organisations to maintain better strategic management and improve its overall efficiency as well as productivity.
Matching is the second stage in this type of process where different alternative strategies are created for alignment of important external as well as internal factors in the organisations in which SWOT analysis, space matrix, BCG matrix,IE matrix as well as Grand strategy matrix is used.
This is the last stage in which the quantitative strategic planning matrix is used. Input information from the stage 1 is implemented into the quantitative strategic planning Matrix for evaluation of the feasible alternative strategies which are identify in the stage 2. By carrying out all the information from previous two stages, the most attractive strategy from all available strategies is identified.
Learning about the human resources inside the organisation would be the most appropriate tractor. For a manager knowing that human resources is one of the most prominent factors that managers should understand. Human resources are responsible for creating productivity as well as efficiency level of the organisation improving the overall availability of business opportunities.
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