Space Grand and QSP Matrices Analysis

Introduction

Companies use SPACE, GRAND, and QSP matrices in their strategic planning activities. In the framework for strategy formulation, the SPACE and GRAND matrices are applied to generate various strategies through internal and external factors alignment. The QSP matrix, on the other hand, evaluates the information from the first two matrices in the last stage of the strategy formulation framework. The three matrices are evaluated relating the significance in strategic planning using a case study of Apple Inc.

Strategic Position and Action Evaluation (SPACE) Matrix

The SPACE matrix is a strategic planning tool that enables an organization to evaluate and select the best strategy to adopt. It comprises four quadrants: the competitive quadrant in the lower right, the defensive quadrant in the lower left, the conservative quadrant in the upper left, and the aggressive quadrant in the upper right (Hitt et al., 2019). The company falls into the aggressive quadrant when applying the matrix to Apple Inc. Notably, the company is better positioned to take advantage of external opportunities using its internal opportunities. Additionally, the company can use the same to overcome external threats and internal weaknesses. The company’s competitive position and solid financial base put it in the aggressive quadrant. However, the company can still enhance its market position by using the identified capabilities, thus indicating the significance of the SPACE matrix in strategic planning and recommending strategic actions for an organization.

GRAND Matrix

The GRAND Matrix lists various strategic options for organizations operating in industries experiencing fast or slow growth regarding either weak or strong competitive positions. An organization’s executive management uses the matrix to realize the ultimate goal of wealth maximization. Application of the GRAND matrix to the case study of Apple Inc. reveals that the company falls into the first quadrant. Organizations that fall into this quadrant should pay more attention to their current products and markets because they are in excellent strategic positions (Desai, 2019). Additionally, organizations that fall into this quadrant should consider diversification, horizontal integration, backward integration, product development, forward integration, and market penetration as the major strategies to select, plan for and implement. Therefore, Apple Inc. should consider selecting these strategies to enhance its competitive advantage. For instance, the company utilizes product diversification and development to offer unique products to the market to solidify its competitiveness.

Quantitative Strategic Planning (QSP) Matrix

Quantitative strategic planning comes as the last step in the analytical framework formulation. Essentially, the matrix works by taking inputs from the first step and matched to outcomes from step two to objectively decide between various strategies (Anh & Tien, 2021). Apple Inc. can consider two alternative strategies to select from regarding the outcomes from the QSP matrix. The two entail using its strong financial base to strengthen the market presence of existing products and its capability to innovate new products that will stand out in the market. Apple Inc. should trade off between these two strategies. Using financial stability to enhance the market presence of existing products is a more viable strategy under the QSP strategy. Notably, this is so because developing new innovative products, as suggested in the alternative strategy, has more risk.

Conclusion

The SPACE, GRAND, and QSP matrices facilitate the strategic evaluation of an organization. The key information for each and how it can be used to influence recommendations for strategy selection, planning, and implementation is explained, considering a case scenario from Apple Inc. Using the matrices analysis, Apple Inc. can enhance its competitiveness in the market and thus attain even more competitive advantages.

References

Anh, D. B. H., & Tien, N. H. (2021). QSPM matrix-based strategic organizational diagnosis. A case of Nguyen Hoang Group in Vietnam. International journal multidisciplinary research and growth evaluation, 2(4), 67-72.

Desai, C. (2019). Strategy and strategic management. In Management for Scientists. Emerald Publishing Limited. https://doi.org/10.1108/978-1-78769-203-920191005

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2019). Strategic management: Concepts and cases: Competitiveness and globalization. Cengage Learning.

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Question

Write a 500-750-word Space, Grand, and QSP Matrices analysis of the significance of these three matrices regarding their relevance for strategic planning. Describe the key information for each and how information from each will influence recommendations for strategy selection, planning, and implementation.

Clinical Experience-Situations Acquired Knowledge and Experiences with preceptor

Without prematurely determining and formalizing strategic goals and objectives, begin thinking about possible strategies to capitalize and add value to the organization based on the analysis of this information.

Be sure to cite three to five relevant and credible sources in support of your content. Use only sources found at the GCU Library, corporate websites, or those provided in the topic Resources.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required