Strategic Analysis: Internal & External, Meaning & Types | Management

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MEANING
We all know we can come to know an organizations strength and weakness through SWOT analysis but there are some other models also which can help in analyzing the business.

These can be divided into two parts internal and external analysis.
INTERNAL ANALYSIS
It is important to analyze the internal factors of an organization so as to develop an effective strategy. The models used are:

Resource Based View: This approach was given was given by Wernerfelf B.. This approach believes that an organization can achieve competitive advantage by analyzing internal factors only.
It follows VRIO approach i.e. the tangible and non tangible assets should be Valuable, Raring, Non imitable and Organized.

Also tangible assets should be heterogeneous meaning they should be unique from competitors capital items. Also non tangible assets should be Immobile i.e. they should be the company's own.
Value Chain Analysis: It was given by Sir Michael Portor. He said that it is important to analyze the value chain which comprises of primary and supporting activites.

Primary activities consist of Inbound logistics, Outbound logistics, Marketing and sales etc..

Secondary activities consist of procurement, HRM, technology development etc..
EXTERNAL ANALYSIS
It implies focusing on outside environment for development of effective strategy.

It includes PESTEL Analysis meaning one has to analyze Political, Economic, Social, Technological, Environmental and legal environment. Also Sir Michael Portor’s Five forces model is used to external analysis
Lets Practice
Five forces model includes?

Threat to entry
Threat of competitors
Bargaining power of suppliers
Both A and C
Value chain analysis was given by?

Henry Mintberg
Robert Katz
Michael Portor
Philip Kotler
CHAPTER
00:00 Strategic Analysis meaning and types
00:11 Meaning
00:44 Internal Analysis
05:51 External Analysis
08:38 Lets practice