Environmental and internal analysis: market information and intelligence

Abstract

This chapter discusses the first part of the strategic marketing management (SMM) process, namely strategic analysis. Strategic analysis is concerned with understanding the strategic position of the organization in terms of its external environment, its internal resources and competencies, and the expectations and influence of stakeholders. For proper conduct of strategic analysis, different sets of market information and competitive intelligence should be gathered, scanned, and analysed. Many analytical models and frameworks are available to support such an analysis, and strategic managers should make their choice based on their understanding of how to operationalize the selected model. To conclude their strategic analysis and to inform the subsequent decision of strategic choices, strategic managers should attempt to find a strategic fit between external opportunities and internal strengths while working around external threats and internal weaknesses.