Strategic Fit Analysis
Strategic fit is the analysis of the
internal resources and external opportunities of a business along with its
capabilities. Effective comparison can help the organisation to find out their
scopes and lack and take necessary measures to fulfill organisational goal. (Okumus,
Altinay and Chathoth, 2010)
Ken Andrews, professor of Harvard
Business School, was one of the first strategy theorists to formally describe
the concept of Strategic fit between a company’s internal environment (its
resources and capabilitites) and its external environment. He claimed that a
SWOT analysis could identify the best way for a company to use its strengths to
exploit opportunities, to defend its strengths, and limit its weaknesses
against external threats (Bensoussan and Fleisher, 2013). SWOT analysis (situation
analysis) is widely used to systematically analyse the strengths,
weaknesses, opportunities and threats of an individual business. Hence it
becomes easy to compare them with the business environment (micro and macro). It
would ultimately help the business to make proper changes with the changing
environment.
[****NB****
Micro- Porter’s 5 forces analysis
Macro- STEEPLE or PEST analysis ]
Bibliography:
Bensoussan, B. E. and Fleisher, C.
S. (2013), Analysis Without Paralysis: 12 Tools to Make Better Strategic
Decisions, 2nd ed, New Jersey: Pearson Education
Okumus, F., Altinay, L. and
Chathoth, P. (2010), Strategic Management in the International Hospitality and
Tourism Industry, UK: Butterworth-Hrinemann
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