Business Strategy

Topics: Strategic management, Strategic planning, Business Pages: 18 (6660 words) Published: February 24, 2014


Business Strategy

Introduction:

Strategic planning is essential for evaluating the competitive context where an organization runs. And also for making reasoned and reasonable referrals for just how that company should position itself and exactly what actions it need to require to make best use of worth creation. The main objects of strategic planning are to recognise the advantages, which are: to understand the product finding out the answers to successful planning and implementation. Strategic planning is an action by action process with certain objectives and final product that could be carried out and examined. Quite merely, it is a procedure whereby we explore the future, repaint an image of that future based upon present styles, and affect the pressures that will affect us. Strategic planning looks 3 to five years ahead. It graphs a definite course based on sturdy indicators of what the company setting will resemble in those years. Indicators include census demographic data, financial signs, government policies, and technological advancements. They disclose strong fads relating to changes in way of livings and the financial and political climates, which are necessary elements influencing the facilities preparing and administration market. Several of these fads are potential opportunities, some prospective risks, and some are both. Analysing the opportunities and making strategies to meet the challenges can assist the company take full benefit of possibilities and decrease hazards. Basically, we could take control of the future. We can utilize our resources a lot more properly and conduct our business more efficiently, in spite of modifications in the environment. Strategic planning is the secret to guaranteeing that our organization is readied for the difficulties of tomorrow.

Task 1

Johnson, Scholes and Whittington (2008) suggested a definition of business strategy: "Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations". Pencak (2011) described that organization’s strategy could give us an indication roughly what the company would like to achieve and the process of the achieving. It essentially features the purpose of the entire company, its objectives and goals in addition to the strategies and techniques that they are thinking about to ensure that they can attain this. A strategy additionally includes the determination of the whole basic lengthy term targets in addition to goals of the company. At the exact same time, it embraces the courses of activity that is proper and the allotment of all the resources needed to attain the objectives. Pencak (2011) also state that Business strategies determine some succeeding roles. It encourages people investing in an enterprise and it is used to guarantee the creditors the credit worthiness of the company. Also could persuade banks for lending money and investments. She also explained that the business strategy could help to focused on the key points for the business to achieve the goals which could save your time and money. In her work Pencak (2011) describe three categories of strategies: The plain strategy or the strategy in general which refers to how a particular goal could be achieve. This strategy typically worries for the connection between the results we wish to achieve and the current sources. The corporate strategy describes the market and the business where the company will operate. Business technique is normally chosen with the context of managing to specify the business's mission and vision. The competitive strategy is the last type and is focussed on the capabilities of the company, the strengths and the weaknesses. According to Bhasin (2010) strategy could function at different levels of an...

References: 3. Bhasin, H., 2010. Levels of Strategy [online]. Available: http://www.marketing91.com/levels-of-strategy/ [accessed 7 Jun 2013]
4
5. Evans, J., 2010. Vision and Mission - What 's the difference and why does it matter? [Online]. Available: http://www.psychologytoday.com/blog/smartwork/201004/vision-and-mission-whats-the-difference-and-why-does-it-matter [accessed 11 Jun 2013]
6
7. Nag, R.; Hambrick, D. C.; Chen, M.-J (2007). "What is strategic management, really? Inductive derivation of a consensus definition of the field" (PDF). Strategic Management Journal 28 (9): 935–955.
8
9. Nancy, R., (2004), Seven New Management and Planning Tools , Second Edition, ASQ Quality Press. [Online]. Available: http://asq.org/learn-about-quality/new-management-planning-tools/overview/overview.html [accessed 17 July 2013]
10
11. Riley, J., (2012). Ansoff Matrix. Business Strategy. [Online]. Available: http://www.tutor2u.net/business/strategy/ansoff_matrix.htm [accessed 17 July 2013]
12
13. Edinger, S., 2012. Three Cs of Implementing Strategy. [Online]. Available: http://www.forbes.com/sites/scottedinger/2012/08/07/three-cs-of-implementing-strategy/ [accessed 22 July 2013]
14
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Business Strategy Study Guide Essay
  • Essay on Firms Strategy and Structure
  • Business Strategy Essay
  • Essay on Strategy and Strategic Management
  • Business Strategy Essay
  • Production/Operation Concerns When Implementing Strategies Essay
  • ‘Strategy is the outcome of a formal strategic planning process from top management. Therefore, it has limited value in providing the...
  • Business Strategy TK 1 Essay

Become a StudyMode Member

Sign Up - It's Free