Steps in Strategy Formulation Process

strategy formulation process

We are going to discuss the Steps in the Strategy Formulation Process. Let’s start with some basics of the Strategy Formulation. Concept of Strategy Formulation Strategy formulation is the process of choosing the best possible strategy out of several other strategic options. “Strategy formulation is designed to guide executives in defining the business their company is in‚ the … Read more

Types and Component of Technological Environment

Technological Environment with image of modern society and Definition of Technological Environment

We are going to discuss the Technological Environment: Types, Component, Relationship with business and human resources. Let’s start with some basics of the Technological Environment. Concept of Technological environment Technology is the making, modification, usage, and knowledge of tools, machines, techniques, crafts, systems, methods of organization, in order to solve a problem, improve a pre-existing solution to … Read more

Social-Cultural Environment

The social-cultural environment is part of the external environment in which social and cultural changes affect the business firm. It is generally referred to as a physical and social setting in which people live and their behavior. Social Cultural Environment is defined as a set of beliefs, values, norms, customs, practices, and behavior that exists … Read more

Strategic Options

Hello Friends, Today, we are going to discuss the Strategic Options. We already write some articles about Strategic Management: Meaning, Features, Importance, and Levels. Let’s start with some basics of the Strategic Options. Concepts of Strategic Options Strategic options are creative alternative action-oriented responses to the external situation that an organization (or group of organizations) faces. Strategic options take advantage … Read more

Company Resources

company resources

Today, we are going to discuss the  Company Resources and evaluate them. Let’s start with some basics for Company Resources. Concepts of resources Resources are an organization’s assets and are thus the basic building blocks of the organization. They include tangible assets, such as its plant, equipment, finances, and location, human assets, in terms of the … Read more

Competitive Capabilities

Hello Friends, Today, we are going to discuss Competitive Capabilities. Let’s start with some basics of Competitive Capabilities. Capabilities Capabilities refer to a corporation’s ability to exploit its resources. They consist of business processes and routines that manage the interaction among resources to turn inputs into outputs. For example, a company’s marketing capability can be based … Read more

Internal Analysis: Concept, Area, Process, and Method

Hello Friends, Today, we are going to discuss the Internal Analysis: Concept, Area, Process, and Method. Let’s start with some basics of the Internal Analysis. Concept of internal analysis It is the process of identifying the resource strength and its capabilities to determine organizational strength and competency to be in a better position in the market.  In … Read more

Mission Statement: Meaning, examples, Benefits, and Components

mission statement image

Hello Friends, Today, we are going to discuss Meaning, examples, and benefits and components of Mission Statement. Let’s start with some basics of the Mission Statement. Concept of Mission Statement The mission statement is a short statement of what its overall goal is, why an organization exists, identifying the goal of its operations: what kind of service and product it provides, … Read more

Strategic Vision: Meaning, Examples, and Benefits

Strategic Vision Meaning Examples and Benefits

Hello Friends, Today, we are going to discuss the Meaning, examples, and benefits of Strategic Vision. Let’s start with some basics of the Strategic Vision Introduction to Strategic vision A Vision statement outlines what the organization wants to be, or how it wants the world in which it operates to be. It concentrates on the future. … Read more