A new scorecard for strategic planning

Abstract

Purpose

This paper aims to present several tools to facilitate strategic planning and to demystify the situational analysis and the selection of strategy. These tools include situational analysis scorecards for the environmental scan, market analysis, competitive bench-marking and internal resource evaluation along with a SWOT (strengths, weaknesses, opportunities and threats) fit matrix. Business student teams have tested these scorecards in capstone projects with good results; however, the concepts remain works-in-process.

Design/methodology/approach

This study introduces tools to assist planners in preparing the situational analysis and deriving logical strategic choices based upon the SWOT analysis. These aids include an environmental factors scorecard, a market favorability scorecard, a competitive benchmarking scorecard, a resource evaluation scorecard and a SWOT fit matrix. Planners can use these devices to produce a research-based situational analysis and as a guide to select the most appropriate strategy.

Findings

These concepts have been beta tested by business student teams in capstone projects with good results but remain works-in-process.

Originality/value

The introduction of these creative scorecards addresses a shortcoming in academic literature concerning the interpretation of situational analysis research data and provides tactical tools linking SWOT to the choice of grand strategy and strategy implementation.

Citation

Wright, E.W., Hillon, Y.C., Garrido-Lopez, M. and Fowler, D. (2019), "A new scorecard for strategic planning", Journal of Business Strategy, Vol. 40 No. 2, pp. 50-58. https://doi.org/10.1108/JBS-08-2017-0107