Imagine a friend or family member had an idea for a business and asked you for guidance based on the knowledge and skills you acquired through your MBA program. Perhaps they simply wanted to take you to lunch one day to inquire about your thoughts, or they might have wanted you to participate in the business in either an employer-to-employee or a partnership relationship. In either scenario, how much more confidence would you have in their idea if they could easily answer questions about the industry, competition, target customers, and so on? If they did not know where to begin when answering these questions, you might point them toward the validation tools that are covered this week. It is probably safe to say that you would not be as willing to get involved. This week, you will consider a scenario from your experience and explore how validation tools could have played a role in that scenario.
• Consider a scenario from your personal or professional experience in which the outcome of the scenario could have been vastly improved if strategic planning tools had been incorporated in some fashion.
• Review this week’s Learning Resources and consider which of the validation tools (i.e., strategy map, PEST analysis, five forces analysis, key success factor analysis, stakeholder analysis) would be the best choice to implement in your scenario to achieve a better outcome.
Post a synthesis of the results of a validation tools analysis related to a personal or professional experience, to include the following:
• Describe a scenario from your personal or professional experience that could have been improved using strategic planning.
• Propose which validation tool would support the best results if it were applied to the scenario. Provide a rationale, including specific details.
