Innovative Strategy Formulation

Changing Contemporary economy, competitive structure, technological innovations, and global economic environment - anticipation of such determines the competitive edge of a modern management in the Contemporary working scenario. Remaining competitive with the industry peers needs an extensive, innovative but yet effective strategy that gives a equilibrium for the management to adapt in the context from expansions to elevations. Management has always been subjected to enormous competitive strain and commonly perceived by a solution called Strategy Formulation. Innovative Strategy formulation in India under global market context can be witnessed through The Make in India – a new National Program which seeks to foster management of the biggest

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

Providing best of resources for proper implementation of strategies.

3. Linking reward structure with accomplishment of result.

4. Developing better strategic leaderships.

Recommendations for innovative strategy formulation

Commitment: The commitment is required across the organization, once a strategy is formulated the frontline supervisors to the top level managers, policy must be executed with high level commitment.

Organizational Structure : One of the most important tool for a company is to develop and encourage a organizational structure that supports the strategy, it must be so well defined which must suit the priority of the strategy at the same time the strategy must fit the organizational structure needs.

Understanding of priorities : Setting of clear priorities helps in proper execution of the strategy, lack of priority setting under strategy formulation does not provides a set way for the execution of the strategy. There must be clear setting of priorities.

Measuring Progress and Linking reward along with performance : There must be proper standard set for as proper policies can be further formulated and they should be link formulated between the performance and the reward for the employees for better implementation of the