Online Strategy Tools
A business cannot be successful without effective strategies. These strategies related to product development or market penetration focuses on meeting both long term as well as short term goals of an organisation. Although several online strategy tools are available, in-depth knowledge on the strategy making tools and techniques are also required for taking the business decisions as these are vital for financial benefits as well as reputation of an organisation.
Core strategy tools
Corporate Social Responsibility
The strategy tools guide online offered by Tools4management provides the following tools which might help the managers in their decision making process.
- Competitive intelligence comprises of three categories – tactical, strategic and counter intelligence which focus on all short term, long term and confidential issues of an organisation. The managers can use the concept for obtaining competitive advantages. The customer. Company and competitors are also identified as the strategic factors essential for success in Kohler’s 3C model.
- Competitive advantages can be obtained in various ways. The Kay’s Distinctive Capabilities Framework enables the managers to assess three capabilities -reputation, architecture and innovation to forecast success of an organisation. The competencies of an organisation can be identified using the core competence analysis and VRIO model whereas the potential strengths of a business can be identified using Weisboard’s six box model. The other tools such as -USP analysis and Technology life cycle analysis are also helpful for remaining competitive in market.
- The activities of competitors can be analysed using the Porter’s four corner model and value net model. A business cannot be successful without satisfying their customers. The need of developing new products to satisfy customers is identified in Kotler and Keller’s five product model while the ADL matrix gives the idea on competitive position in industry and thus these tools are essential for business plans.
- The core strategy tools such as business model canvas, SWOT and TWOS analysis enables an organisation to assess the impacts of different internal and external factors on performance. The external factors affecting business can be assessed in more detailed manner using PEST analysis, Porter’s diamond and Five forces analysis. However, the organisations can choose to make business decisions in five stages as suggested in Lafley and Martin’s five- step strategy model.
- CSR can be considered as one of the main sources of competitive advantages as it enables the organisations to contribute for the society. The triple bottom line concept suggests the ways to earn profit without affecting planet or people while the responsible supply chain techniques also reduce the adverse effects of organisational activities on environment. The porter’s shared values are other effective ways to take part in social development process without affecting profitability.
- The strategy tools guide online offered by tools4 management also includes other tools for strategy implementation ( VMSOT analysis, Balanced Scorecard etc), IT management techniques (Big data and TOGAF), organisational analysis and process optimization tools which might help the managers in decision making.
To know more about the online strategy tools, the professionals can register themselves with tools4management.