Strategic Choices
TUI UNIVERSITY
Sherrie Holman
Module 4: Case Assignment
MGT 599 Strategic Management
October 4, 2013
Strategic Choices
Executive Summary
Business planning refers to a procedure through which both small and large companies determine actions that lead to the growth of revenue and increase the profits. The two most essential aspects of business planning are; setting goals and making strategic choices to achieve the goals. Every firm has specific resources that are available to it. Such resources may include human resources, distribution channel, productive capacity and financial resources. Strategic choices are the steps that companies use to obtain these resources.
Strategic choices involve a sequence of events such as defining what services and products to sell, how to sell them, where to sell them and the target market in which the products will be sold. Strategic choice could also include, achieving competitive advantage. The success of a company depends on the strategic choices that are made by the owners of a company (Algasae, 2012).
Introduction
Strategic choices are mostly concerned with the manner in which company make decisions and the many factors that will influence these decisions. Strategic choices involve identification and evaluation of processes that lead to the final decisions for the company. The identification of the process is sometimes difficult to determine and requires that management determine the future focus for the organization. The managers are always required to determine the action plans that can facilitate the identification process. Porter’s generic strategies can be used to determine what direction the company would like to proceed in. An effective and efficient strategic choice process helps organizations to make sustainable strategic decisions. While an effective business strategy makes an organization to cope with the available limited resources.
The most successful companies are those that allocate the limited
Sherrie Holman
Module 4: Case Assignment
MGT 599 Strategic Management
October 4, 2013
Strategic Choices
Executive Summary
Business planning refers to a procedure through which both small and large companies determine actions that lead to the growth of revenue and increase the profits. The two most essential aspects of business planning are; setting goals and making strategic choices to achieve the goals. Every firm has specific resources that are available to it. Such resources may include human resources, distribution channel, productive capacity and financial resources. Strategic choices are the steps that companies use to obtain these resources.
Strategic choices involve a sequence of events such as defining what services and products to sell, how to sell them, where to sell them and the target market in which the products will be sold. Strategic choice could also include, achieving competitive advantage. The success of a company depends on the strategic choices that are made by the owners of a company (Algasae, 2012).
Introduction
Strategic choices are mostly concerned with the manner in which company make decisions and the many factors that will influence these decisions. Strategic choices involve identification and evaluation of processes that lead to the final decisions for the company. The identification of the process is sometimes difficult to determine and requires that management determine the future focus for the organization. The managers are always required to determine the action plans that can facilitate the identification process. Porter’s generic strategies can be used to determine what direction the company would like to proceed in. An effective and efficient strategic choice process helps organizations to make sustainable strategic decisions. While an effective business strategy makes an organization to cope with the available limited resources.
The most successful companies are those that allocate the limited
References: Algasae (2012). “Promoting thought leadership...Customer focused low-cost strategy. “Retrieved October 4, 2014, from http://www.alagse.com/strategy/s10.php Competitive Advantage. (2007). Retrieved on October 4, 2014 from http://www.quickmba.com/strategy/competitive-advantage/Hammonds, K Knowledge.” Retrieved October 4, 2014, from http://hbswk.hbs.edu/item/4331.html Kim, C Retrieved October 4, 2014, from EBSCO. Porter’s Generic Strategies. (2007). Retrieved October 4, 2014, from http://www.quickmba.com/strategy/generic.shtml