Qualitative information is obtained from in-depth research of the items present on the current projects. The outcomes of such a condition are in line with the objectives that the organization has set for its future. A strategic plan is a long time activity in the business and requires keen input of all the resources available. For a business plan to survive longer in the market, then it will need qualitative information,
Quantitative information like the trends in the market and the current liabilities that accrue to the business on its journey to success are short time activities. Qualitative data serves to aid in meeting the current goals of the firm. This includes increasing the profit margin to match the current market trend. It is imperative for any firm to consider both qualitative and quantitative information to ensure a maximum gain. Strategic plans have long-term goals which require in-depth analysis of the current situation. I think qualitative information the best when choosing a strategic goal plan (Fennell, 1991)
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The strategic objectives of a firm should be able to in co-operate all the necessary assets that the business has in place together with the aims of the business firm. This is important because it tailors the mind-sets of the founders towards meeting the objectives of the business firm as well as sustaining its position. Strategic goals need to be wide so that the business can concentrate on more significant objectives which are necessary for the success of the business firm. A strategic map for such a long-term strategy needs more suggestions and specific targets so that the business can be able to track its success as it progresses towards meeting the laid strategic goals. Strategy maps should be drafted most appropriately so that it does not appear complicated and too broad to use. It should be designed in such a way that it channels the whole process towards the goal of the business and can be depended on to attain success (Excitant, 2018)
References
Fennel, G. (1991). The role of qualitative research in marketing what the customer wants to buy. Advances in Customer Research vol. 18, eds Holman, H.R. & Solomon R.M. Association for Consumer Research , p. 271-279
Excitant, (2018). Strategy Maps and Strategy Mapping: An essential guide. Retrieved from: https://www.excitant.co.uk/resources/white-papers/strategy-maps-and-strategy-mapping/
Choosing your Strategies. Retrieve from: https://www.youtube.com/watch?v=inBaHOPZREQ#action=share
