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To start up the process of strategic management the first step is the strategic analysis. The aim of the strategic analysis is to set up the framework that must be done to effectively formulate and implement strategies. Most of the strategies got failed due to the improper analysis of the strategies and follow the wrong method of formulation without proper care by the managers of the companies. Strategies can be of many types like corporate strategies, operational strategies and business unit strategies.
Strategic options are the various methods that should be adopted to achieve certain objective and that is important for the performance of some specific activities.
Strategic analysis is all about the decisions and actions that an organization undertakes so that sustains competitive advantage can be created. Organization who wants to do strategic analysis will need highly competitive managers who can understand the environment. The three main steps of the strategic analysis are:-
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