Understanding Strategy

Topics: Management, Advertising, Marketing Pages: 5 (814 words) Published: September 28, 2014

Understanding Strategy
September 20, 2014
Business Management Capstone Project
Week 1 Analysis

Understanding Strategy
There are several different strategies that a company can use to add items such as a warehouse for storing items, hiring employees and Include shipping applications to meet the increased demand and to ship and market the products. The strategies that will be used will consist of forecasting, staffing, competition, finance, and advertising. All of these are used for a successful business. Forecasting is a decision-making tool that aids in budgeting, planning, and estimating future growth. Forecasting helps to plan for the worst but project for the best outcome. To be prepared to at least break even in tough times, but also be ready for growth, don’t ever let your annual forecast go stale. You also need to keep your customer terms updated, and plan for discounts ahead of time if you can. All of this a part of forecasting. This will aid in the decision for the company to be able to add on a warehouse for storage as well hiring more employees. An important aspect of forecasting is the relationship it holds with planning. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like. As part of the implementation of policies and strategies, the forecasting method develops a reliable picture of the company's future environment. A SWOT analysis (strengths, weaknesses, opportunities, threats) looks at both current and future situations. The company analyzes current strengths and weaknesses while looking for future opportunities and threats. Staffing is another important strategy in a successful business plan. Staffing is the process of acquiring, deploying, and retaining a workforce of sufficient quantity and quality to create positive impacts on the organization's effectiveness. Focusing on and becoming known for filling jobs in certain sectors where it is hard to find qualified applicants, such as technology, accounting or office administration, is another key differentiator that can help you win business.On the other hand, the ability to fill a variety of positions, such as staff for food-tasting stations at grocery stores or blue-collar jobs in construction, may work better in your area if those are the types of employers seeking assistance. Past experience placing staff in temporary positions and finding suitable employees is a strength that allows you to put your expertise to work. Changes in the job market, such as companies reducing staff or no longer hiring temporary staff members, represents a potential weakness for your agency. As a new business, branding and customer loyalty will be something you need to establish and your competition may already possess. If you lack business experience running and managing a temporary staffing agency, this is a weakness. A lack of efficient accounting software or bookkeeping skills may cause problems as well, since staffing firms rely on these skills to track each worker’s hours, handle payroll for your temporary staff and bill clients for each worker’s hours. Competition is rivalry in which ever seller tries to achieve the same goal at the same time. This could be in sales, profit and market share by offering the best combination of price, quality and service to beat out the other companies. Consider your strengths relative to your competitors and from your customers' perspective. For example, all your competitors may sell using the telephone, whereas you use direct face-to-face selling. Anything a customer wants that you provide and your competitor doesn't, can be a possible strength. It is far easier writing down your corporate strengths than weaknesses. Think of objections your customers raise during the sales process. Think of your competitors' remarks. Is there any truth to what they say? limited human resources and staff, high cost of production and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Why Strategy Is Important to Business Essay
  • strategy Essay
  • Strategy Essay
  • Strategy Formulation Essay
  • Ryanair Strategy Essay
  • Strategies in Planning Essay
  • Essay about HR Strategy
  • The Concept of Strategy Essay

Become a StudyMode Member

Sign Up - It's Free