Strategic Management Audit
There are probably as many steps in a strategy audit as there are in an SQF audit. A high degree of management commitment is required, both to the process and the outcome.
A series of diagnostic tools are used to understand the firm’s performance and opportunities in its industry. Management is analyzed through the three-part lens of company, competitor and customer analysis.
Company analysis examines the current structure of management. Value chain analysis is used to objectively highlight the effectiveness of the firm’s decision-making. This includes a review of primary functions in the areas of human resources management, firm infrastructure, technology budgeting, and procurement. These support activities are evaluated in light of core activities in the areas of inputs, operations, outputs, marketing and sales, and customer service. Brand valuation is reviewed. The adequacy of company strategy is reviewed –cost focus, differentiation focus, or segmentation focus?
Competitor analysis is used to understand the structure of the industry and how best to operate in it. Rivals both current and potential are analyzed and identified as possible benchmarks of best practices. Trends in supply chain management are examined. The forces on firm profitability from rival firms, new entrants, new products, and from buyers and suppliers are considered.
Customer analysis is critical. Both qualitative feedback through focus groups and direct interviews with intermediate and final consumers will help answer the key concern: are we delivering the value our customer’s want?
To address this most critical question we will use tools that belong to the Marketing Mix, which considers four key variables in a firm’s business; product, pricing, distribution, and promotion.
Getting a firm’s marketing mix right is the same thing as implementing a successful marketing strategy. It always requires the buy-in and commitment of management.
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