STRATEGIC MANAGEMENT TOOLS: IMPROVEMENT OF QUANTITATIVE STRATEGIC PLANNING MATRIX (QSPM)

Abstract

A quantitative Strategic Planning Matrix (QSPM) is one of the most suitable strategies for comparing the relative attractiveness of the many prospectively implemented strategies under consideration. The QSPM has been utilized extensively in the strategic management processas a management instrument for comparing and selecting alternative strategies. Therefore, this paper aims to enhance the QSPM method andimprove strategic selection quality. This study used The qualitative method to acquire data from professors and entrepreneurs. The novel strategy was validated using empirical methods and the responses of 36 entrepreneurs and professors of strategic management to a survey. This paper discovered a new flaw in the selected strategic option, which may not have been the best option after the QSPM procedure. This article presents a Sub-QSPM method for optimizing alternative results. In addition, this study broadened the application scope of QSPM and introduced a novel method to enrich this theory. Furthermore, it has both theoretical and practical importance.