SCENARIO ANALYSIS AS A USEFUL TOOL IN STRATEGIC MANAGEMENT PROCESS: A QUALITATIVE STUDY
- Scenario Analysis,
- Strategic Planning,
- Strategic Management Process
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This paper assesses scenario analysis as a useful tool in strategic management process. A qualitative approach was adopted. Therefore, we looked at what has already been studied about the strategic management process and the impact that scenario planning and analysis may have on it. Theoretically, scenario planning has proven to be an invaluable resource for developing country businesses attempting to navigate a variety of complex threats (mostly external). Hence, it was concluded that scenario analysis is a valuable approach that aids corporate managers in strategic planning, development, and execution, and is one of the most widely used "future tools" developed by academics and professionals. Consequently, managers of organisations, especially those in developing countries, would do well to recognise scenario planning as a useful tool for proposing strategies that will help their businesses take advantage of opportunities and mitigate threats posed by the unpredictable evolution of technologies and the business environment. This is because scenario analysis provides so much useful data that it may be used to construct a sound company strategy and plan centred on repurposing current resources and developing new areas of expertise.