Steps in Formulating Business Strategy
|✅ Paper Type: Free Essay||✅ Subject: Business|
|✅ Wordcount: 2451 words||✅ Published: 26th Sep 2017|
“What is ‘strategy’? Why is it so challenging for organisations?”
“Strategy” It’s [A1]a one word but it have a whole language in it. Strategy can be describe in its best meaning that it’s the way of Art and Science of Planning And marshalling [A2]the resources for their most affective an offensive use to bring about a desired future. Strategy is the way through which an organization can move from one milestone to other in pursuit of the overall goals. Without Strategy a company can be like a person without its nervous system so if an Organization wants to move in a race with other companies they have to make solid strategies for their organization. The term Strategy is derived from the Greek “strategos” meaning a general set of man oeuvres carried out to overcome an enemy. Strategy mostly involves to Set goals determine the actions to achieve goals and mobilizing resources to execute the actions. The main them of strategy is how the end goal will be achieved through the mean (Resources). There three main components of any strategy (Petros & DeSimone, 2010). 1) Diagnosis 2) Guiding Policy: That will define how to deal with those challenges 3) Action Plans: Its Designed to carry out the guiding policy
- Diagnosis: This step is basic Component for any strategy planner though this the worker of an organization get able know which kind of challenge is this it will and it will explain whole scenario of challenge to the worker of an organization (Petros & DeSimone, 2010).
- Guiding Policy: As a worker of an organization get Diagnosis of a challenge to its organization then a guiding policy will be needed which will define how to deal with that challenge which they are facing?
- Action plan: After Guiding policy the worker needs an Action Plans which is designed to carry out that guiding policy
Beside these three basic components strategy involves two major processes which are
1) Formulating Strategy 2) Implementing Strategy (Petros & DeSimone, 2010).
This step basically depends upon the components of strategy. Formulation involves analyzing the environment or situation, making diagnosis and developing the guiding policy. Implementing Strategy: Implementation refers to the action plans taken to achieve goals which are established by the guiding policy. [A3] Why strategy is so challenging for organizations? To run a business or organization strategies are needed without that organization or a company can’t reach to our desired goal[A4]. Strategies are like a soul for organizations, because with time they have to face tough challenges and to complete those challenges strategies plays important role.[A5] With time to time the board of director change their strategies because of Competitor which are in market and need to unique strategy through which they can produce the result in order to maintain the fruitful result in a reliability of specific organization (Goldhirsch, et, all, 2011). Here are some points which strategy makers thinks before making strategy and this indicates why Strategies are so challenging for an organizations Strategy Formulation and Implementation: Strategy formulation and implementation areseparate,[A6] distinguishable parts of the strategic management process of business. Logically, implementation follows formulation; one cannot implement something until that something exists (Donnelly, et, all, 2009). Without formulation and implementation the business cannot give the fruit which organization desires. Formulation and implementation is like a two legs of strategy which able to move it on their way Execution takes time: The successful implementation of strategy takes more time than its formulation. This can challenge managers’ attention to execution details. The longer time frame can also detract from managers’ attention to strategic goals (Donnelly, et, all, 2009). Controls must be set to provide feedback and keep management abreast of external “shocks” and changes. The process of execution must be dynamic and adaptive, responding to unanticipated events. This imperative challenges managers responsible for execution.
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Understanding uncertainties and risks:
In business the board of director has to think on the answer of the question that: “how did we get here?” Answering this question is a more difficult for deciding what policies and actions will push future performance in the desired direction.And while moving in that direction the directors have to think about the risks and uncertainties in business and for limiting and low down effect of that risks they have to make best strategy because if that strategy fails on that risks their company will not able to stand in market as they were before (Jansen & Janssen, 2010).
Assessing and selecting among options:
The goal is to select now, without perfect information, the strongest set of actions that will move the business towards its goals. Here it is important to consider not only the potential ‘bottom line’ benefits, but also the each of option under uncertain future conditions and the relative difficulty and time required for implementation (Jansen & Janssen, 2010).
Customer Retention: IF an organization doesn’t have an effective business strategy for costumer they will lose the customers easily and for that organization needs Develop a program for following up on customers, and for staying in touch with repeat customers to make sure your products are working properly. Organization has tried to find new ways to help the customer with your product. When customers call in with problems, there needs to be an established and efficient customer service strategy in place to reduce customer stress (MandiÄ‡, Basili, Harjumaa, Oivo & Markkula, 2010, September). Customer follow-up procedures and efficient customer service programs are essential to customer retention and sales revenue.
Clarity in Direction of Activities: Strategies focus on direction of activities by specifying what activities are to be undertaken for achieving organizational objectives (MandiÄ‡, Basili, Harjumaa, Oivo & Markkula, 2010, September). They make the organizational objectives more clear and specific. For example, a business organization may define its objective as profit earning or a non-business organization may define its objective as social objective. strategies will provide how profit objective can be sharply defined in terms of how much profits is to be earned and what resources Of how much profit is to be earned and what resources will be required for that. When objectives are spelled out in these terms, they provide clear direction to per-sons in the organization responsible for implementing various courses of action. Most people perform better if they know clearly what they are expected to do and where their organization is going (MandiÄ‡, Basili, Harjumaa, Oivo & Markkula, 2010, September). Organizational Management:
Management of any organization is playing a pivotal role in order to maintain strategy and the business on the zenith. This is the management which makes all success possible, through assurance of team work. This is the management which make the company out from the peril and which safe the company from any difficult situation. The role of management is much more authentic and much more systematic which includes the system much provide the way to accomplished the given tasks by higher authorities. This is the reason through which staffs are organized and all works are managed (MandiÄ‡, Basili, Harjumaa, Oivo & Markkula, 2010, September).
Feasibility study is most essential in order to maintain the work of the firm and for strategy planning. Through this feasibility process management of our firm must be active to know that what is actual amount which is use to initiate any business or to maintain any firm. Feasibility study is the keen interest of the person which effectively works in order to maintain the system more actively and more systematically (MandiÄ‡, Basili, Harjumaa, Oivo & Markkula, 2010, September). The feasibility study tells our organization that how much budget we have to initiate any project in UAE or to maintain it into the sustainability and harmonizing it.
The competitor analysis is the techniques which must be known by the manager or higher authorities’ officials to maintain the status of their company into peak. This is the analysis in which a manager forecasting the capabilities and future position of his own firm and compare it with other firm. After getting result he engages to work more for the sake of maintenance of his firm. In UAE the competition in business is getting increase day by day (MandiÄ‡, Basili, Harjumaa, Oivo & Markkula, 2010, September). We must have to maintain the marketing and apply different techniques in order to beat the market value of our client.
It also considering of following and take out the anti ways to beat the competition of your competition. We have to promotes our policies and provide the best results with best deals of facilitates to attract the more clients (MandiÄ‡, Basili, Harjumaa, Oivo & Markkula, 2010, September). [A7] Conclusion: To be on successive path organization or company should have to think about what best strategy they would make so they can stand in market and beat their competitors in marketing line. Without strategies company will not able to stand a day and if the directors of organizations want fruitful organization then they have to make first pillar first which is Strategy.
Donnelly, J. E., Blair, S. N., Jakicic, J. M., Manore, M. M., Rankin, J. W., & Smith, B. K. (2009). American College of Sports Medicine Position Stand. Appropriate physical activity intervention strategies for weight loss and prevention of weight regain for adults.Medicine and science in sports and exercise,41(2), 459-471. Retrieved from http://europepmc.org/abstract/med/19127177[A8]
Goldhirsch, A. 2., Wood, W. C., Coates, A. S., Gelber, R. D., Thürlimann, B., & Senn, H. J. (2011). Strategies for subtypes—dealing with the diversity of breast cancer: highlights of the St Gallen International Expert Consensus on the Primary Therapy of Early Breast Cancer 2011.Annals of oncology, mdr304. Retrieved from http://annonc.oxfordjournals.org/content/early/2011/06/27/annonc.mdr304.short[A9]
Jansen, F., & Janssen, D. (2010). Effects of positive politeness strategies in business letters.Journal of pragmatics,42(9), 2531-2548 retrieved from http://www.sciencedirect.com/science/article/pii/S0378216610000627
MandiÄ‡, V., Basili, V., Harjumaa, L., Oivo, M., & Markkula, J. (2010, September). Utilizing GQM+ Strategies for business value analysis: An approach for evaluating business goals. InProceedings of the 2010 ACM-IEEE International Symposium on Empirical Software Engineering and Measurement(p. 20). ACM. Retrieved from http://dl.acm.org/citation.cfm?id=1852813
Petros, R. A., & DeSimone, J. M. (2010). Strategies in the design of nanoparticles for therapeutic applications.Nature Reviews Drug Discovery,9(8), 615-627. Retrieved from http://www.nature.com/nrd/journal/v9/n8/abs/nrd2591.html[A10]
[A2]And should have been smaller
[A3]Could have elaborayed
[A4]Our desired goal, means?
[A6]Why it is italics?
[A7]Kindly arrange the document so as to relate to the topic and present strong arguments.
[A10]All references are utter nonsense, nothing is relevant
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