A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organizational goals. It outlines how business should be carried out to reach the desired ends.
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 …
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 …
Today, we are going to discuss about the Company Resources and evaluating it. 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 …
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 …
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 …
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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, …
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Hello Friends, Today, we are going to discuss 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. It …
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Hello Friends, Today, we are going to discuss the role of CEO in Strategic Management. Let’s start with some basics of the CEO and the role of CEO in Strategic Management Role of CEO in Strategic Management The chief executive is the executive head of the organization. S/he represents the top management. His/her main duty is to define the …
Hello Friends, Today, we are going to discuss the Process of Strategic Management. Let’s start with some basics of the process of strategic management. Strategic Management Process The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Although the first four steps describe the planning that must take place, implementation and evaluation are …
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Hello Friends, Today, we are going to discuss the characteristics and Importance of Strategic Management. Let’s start with some basics of the Characteristics of strategic Management. The characteristics of strategic management decisions vary with the level of strategic activity considered. Corporate level decisions are often characterized by greater risk, cost, and profit potential, greater need for flexibility …
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