Planning focuses on achieving organizational goals. In general, planning can be classified into three major categories which are strategic planning, tactical planning and operational planning. First type of planning is strategic planning. Strategic planning is an action that identifies and sets priorities activities, focuses energy and resources in the respective departments, strengthens and enhances the firm’s operation,
Strategic planning has different purposes at different levels of organization. For the purpose of marketing our product in the Dutch market, following are the focal points that we need the strategies: Objective Differentiate our product: First we need a strategy
A strategic plan is the systematic way that describes how your company applies the chosen strategy. A plan list out where an organization
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! Reference Reference for Business (n d). SWOT Analysis. Retrieved fromhttp://www.referenceforbusiness.com/management/Pr-Sa/SWOT Analysis.html#ixzz4KikgkszX” Andrews, K. (1971) The Concept of Corporate Strategy. Homewood, IL: R.D.
(2004) see Strategy as a game plan which an organisation’s management adopts to stake out market position, attract competent employees, compete successfully, conduct operations and achieve organisational goals. Strategy can therefore be viewed as a means by which a particular goal of an individual or organisation is attained. This implies that for any organisation to achieve its goals there is the need to devise appropriate Strategic plans. Lewis (2008) argued that Strategy is an indispensable tool for an organisation’s success. Strategy also enables an organisation to initiate and implement activities that gives it power over its own destiny (Adegbuyi et al., 2015; Fadeyi et al., 2015; Maduenyi et al., 2015).
According to Alvin Toffler “If you don’t have a strategy…you will be part of somebody else’s strategy”. Lenses help you to see the complexity in strategic development. Strategic development is a structured plan implemented to achieve organizational goals. A great strategy doesn’t necessarily emerge from an innovative idea but rather a well-developed plan will emerge as a result from commitment to a strategy development process. A fit strategic development process will produce valuable information for good decision making, which is the corner stone of a great strategy.
Strategy formulation on the whole sense do not runs through a set chronological order, rather a rational and a flexible form of setting, a well formulated policy acts as a pillar of competitive advantage, it also involves equipping the organization with the required resources, setting up better power relationships as to bring in the expected future. The pattern of objectives, policies, goals and purposes helps in formulation of a policy. The process of strategy formulation. A well formulated strategy follows a broader plan and series of event that together plays as a sequential process, disturbs are formulated in a sequential order as they build upon one another. The rest of the strategy formulation must be taken in the following sequential
The company realized that it had to change the way its strategy was formed. The strategy was situational and operational and it frequently fluctuated and varied across departments. This was changed to a single uniform strategy implemented across departments and communicated to all in a simple and interesting manner. Innovative techniques like live LCD screens, mascots and comic strips were used to communicate the strategy to employees regularly. This made the employees identify with their role and understand their aims both long term and short
Question 2 A The formulation of strategy is usually perceived to be "the process of choosing the most suitable way of action that an organization takes in order to realize its organizational goals and objectives, which leads, in turn, to the achievement of its organizational vision. In its traditional and most acceptable form, the process through which strategy is formulated encompasses six stages. They go as follows: 1) Setting Organizations’ objectives This stage includes the essential component the strategy statement. It is the setting of the company 's long-term objectives. The selection of the goals to be achieved through the strategy is a key issue in this stage.