Corporate strategy is created based on the vision of the organization. This is the most important level of strategy since it is heavily influenced by the investors in the business activities and acts to guide strategic decision-making throughout the business. Corporate strategy is verbally expressed in the company mission statement. Usually, in every organization the top management is responsible for establishing the corporate
outcome and feedback loops to redirects to strategic and operational issues. In successfully Team based organization the complete focus is not only on teams but also highlights the essential role of the managers. Form a strategic vision: Rapidly growing technology and global competition are making the organizations implement new ways to gain competitive advantage. In this new technological era one company masters a new technology and the other company makes the technology advanced. So there is need to catch the flexible changes in the market to meet the customers’ expectations which is essential in drafting organizational strategy.
Businesses are fighting for customers. However, to be able to reach those customers, firms need to set strategies. Reference for Business states it in these words:”Organizational strategies are the means through which companies accomplish their missions and goals, (n d). Successful strategies address four elements of the setting within which the company operates: (1) the company's strengths, (2) its weaknesses, (3) the opportunities in its competitive environment, and (4) the threats in its competitive environment (n d). so, if firms are set strategies to stand you also ought to bring value to your organization to stand in the crowd, recall that thousands of people are fighting for the position you are dreaming about!
Therefore to achieve a sustainable competitive advantage, the pursue of the three generic strategies is important in an industry: cost leadership, differentiation and focus. To achieve competitive advantage, a firm must make a choice of which generic strategy to make and the capacity the firm can reach. If a firm try to achieve everything at the same time, it will only lead to below-average performance. Cost Leadership Cost leadership is when the firm targets to be the lowest producer in its industry. To achieve cost advantage through cost leadership, economies of scale, having low raw material cost and other factors could help in achieving it.
In addition, information in the SWOT process may get outdated rapidly (Brady, et al. 2009). Also, the second drawback is that the SWOT analysis arrives to four individual lists of strengths, weaknesses, opportunities and threats. Moreover, the device gives no mechanism so as to arrange the consequence of one element against another in some lists. Accordingly, element’s true influence on the goal cannot be decided.
This is because success requires planning and goal setting. The goals set in the plan have to be clear and measurable. Human nature is forgettable, that is why I would like to make my personal development plan. I would like to see myself in next 4 years as a manager in my company where I am working now. My company is a large-scale company and we are doing corporate services such as a payroll, accounts.
Even in the initial planning phases it is important to look out for the full needs of the employees. Identifying opportunities for growth and seizing new ventures is a core component in successfully creating a business strategy which caters for the ever increasing demands for constant change. Strive to seek sustainable competitive advantage in a world which is changing in ways that may not be
And the most important part of the story is the part about the future, the part featured in a business plan. It must distinctively communicate a company’s competence to anyone who is interested in being associated with you. Steps involved in developing a Business Plan (Sixer Steps!) Be it the maiden attempt or the nth attempt at developing a business plan the following steps could orient your ideas to channelize in the right direction: Step 1: Identifying your Objective Narrow down as to who is going to ultimately review this business plan and for whom this business is plan intended to serve. Some of the start points could be: do the readers know your company already, if so what do they know, what information are they specifically seeking in this business plan.
The company will set up its distinctive competencies. It will seek to generate the most revenue in order to benefit from economies of scale. Typically, this stage involves a division of managerial tasks and some formalization within the company. In the third stage, which is next, is the stage of maturity, there is a stabilization of the company's business and the degree to innovation is declining. In addition, the structure of the company is bureaucratized.