Must read for every MBA grad:Week-1

Hi Everyone,

I took up the challenging task of documenting list of tools/techniques that are commonly used in management field across industries.With help of industry experts,professors and my little experience, I was able to list down top 40 important tools/techniques which are most widely used.

There are countless tools/techniques, strategies and Laws etc., that are used in management filed but these tools/techniques which are quite commonly used and have significance relevance in our day to day professional life.

I will be publishing the list in a batch of 5 every week, so please stay tuned.

Below are list top 5 tools/techniques with description

1.SWOT Analysis: Strength, Weakness, Opportunities, Threats.
         This analysis is used to monitor individual/corporations. It is divided into internal and external parameters. Opportunities and Threats are treated as external parameter and Strength and Weakness are treated as internal parameter.

2.Porter's Five fore model: Micheal porter has identified five forces that determine market attractiveness. The five forces are:industry competitors, potential entrants, substitutes, buyers and suppliers.

3.McKinsey's 7'S Framework: This framework is widely used for improving organization effectiveness. It is divided into hard and soft elements on the basis of influence/dependency of this elements to the success of organization.The hard elements are:Strategy, Structure, Systems. The soft elements are:Shared Value, Skills, Style and staff.

More details: http://www.mckinsey.com/insights/strategy/enduring_ideas_the_7-s_framework


4.PESTLE model: The most common analysis for underatnidng the external environment, they are Political, economical, Social, Technological, Legal and Environmental.

5.BCG matrix:It is the growth share matrix, having 4 quadrants.It helps companies to prioritize their investments and strategies for growth.


More details:  https://www.bcgperspectives.com/content/articles/corporate_strategy_portfolio_management_strategic_planning_growth_share_matrix_bcg_classics_revisited/


Note: This top list may change from industry to industry, person to person.