For nearly every profession, there are sets of tools that are used to perform specific functions and accomplish certain tasks. Landscapers use shovels, rakes, and wheelbarrows to renovate the laws and gardens outside of someone’s home. Recording studios use microphones, guitars, and audio software to create an album. Similarly, businesses can use analytical tools (such as SWOT analysis and environmental analysis) to achieve their goals. It is important to understand how the tools work and which ones would be best for different circumstances in order to achieve the best outcomes.
In this Discussion, you will examine various analytical tools and how they are applied in a business.
Post a 225- to 300-word (3- to 4-paragraph) analysis of how an organization can use analytical tools to create value and develop a strategy to achieve and maintain competitive advantage. In your analysis, address the following:
- What might the advantages be for a business of using SWOTT over SWOT analysis?
- Are there any other aspects of the environmental analysis that would be important to consider that are not covered by SWOTT?
- How can analytical tools be used to create value for an organization?
- Why is it important to do such an in-depth environmental analysis before creating a strategy?
- To support your response, be sure to reference at least one properly cited scholarly source.
Resources
- Time Estimate: 112 minutes total (62 minutes for Chapter 3; 50 minutes for Chapter 4)
- Smartsheet. (n.d.). Comprehensive guide to value chain analysis with examples by industry Links to an external site.. Retrieved May 21, 2019, from https://www.smartsheet.com/everything-you-need-to-know-about-value-chain-analysis
