3 Essential Business Strategy Frameworks You Should Know - TIME BUSINESS NEWS

3 Essential Business Strategy Frameworks You Should Know - TIME BUSINESS NEWS

Business decisions are difficult to make. Strategy frameworks make business decision-making easier by guiding our thought process while allowing us

Business decisions are difficult to make. Strategy frameworks make business decision-making easier by guiding our thought process while allowing us to consider the factors that are critical to the success of a business. There are several business strategy frameworks that strategy consultants use to help their clients solve business problems.

The number of frameworks is large, such that it can overwhelm you. In this article, however, we will discuss the top 7 frameworks that strategy officers often use to guide their business decisions. When selecting a framework, consultants must consider the problem they are solving, the strengths and weaknesseses of the business, and the goals you are trying to achieve.

Porter’s Five Forces

Competition is a critical factor for a business to consider when they are planning growth. Porter’s five forces framework helps organizations to gauge the intensity of the competition in an industry. The framework further allows business strategists to measure attractiveness and profitability that a business can achieve considering the competition.

Porter’s Five Forces are:

– Competitive rivalry – Threat of substitute products – Bargaining power of buyers – Threat of new entrants – Bargaining power of suppliers

When to use Porter’s Five Forces Framework?

– To gauge competition in the industry – To identify competitive forces – To gauge the potential for profitability

porter’s five forces business strategy frameworks

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