Business strategy Business strategy Business owners tend to be swayed away by events that are immediate and end up losing sight of their main objectives. This is the reason why a strategic plan is a common requirement. The strategy may not be a way for victory, but exclusive of it, a firm is largely likely to be unsuccessful…
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Therefore, strategy is all about direction, market; scope, advantage, resources, environment and stakeholders. Direction is about where the business is headed in the long-term. Markets; scope address the kind of markets the firm should compete in and the type of activities taking place in this markets. Advantage deals with the manner in which the business can achieve more in those markets. Resources look at the requirements needed in order for the firm to compete. This includes skills, property, funding, associations, technical competence, and amenities. Environment looks at the external, environmental factors that influence the business capability to compete. Lastly, stakeholders concerns are about the values and hopes of the individuals who have power in and around the firm. Strategy is about how to term a particular, fixed vision for the future. It is more about a procedure to direct decision-making than concerning a precise document to which individuals can refer. According to Alkhafaji (2003 p.78), strategy plays an important role in strategic planning. Especially in the current globe where both further and higher education institutions encounter a large amount of pressures that are primarily known to managers working at all levels. These include a number of factors. First strategy assists managers to overcome the challenge of working within fast varying political scenery, particularly in relative to funding and scrutiny. Strategy enables an organization to be able to deal with fast and essential developments in information and Communication Technology that has the potential to change the manner in which education and study are carried out. Strategy also allows the organization to survive with the challenges of working within a very economical market. It also enables the organization to adopt major new strategic precedence such as internationalization and awareness to business. Strategy gives the institution chance to plan how to work with and gain from new stakeholders, mainly those within business and society. In addition, strategy allows for the planning of the constantly rising pressure on assets and the resulting requirement to do more for less through the full utilization of assets and reduction of surplus. It gives the organization a chance to plan on recruiting and maintaining staff with the precise skills, experience and interest. From the main point of view, business now day get accomplished in a global marketplace. Change is taking place at a predictable pace. In the past strategic management was carried out by the largest companies, and those who had lead change. Currently it is a necessity for an organization to continue to exist. Business leaders must be looking forward awaiting transform and coming up with a strategy to proactively and successfully find the way through the instability brought by change. From a micro perspective, the level of a single company, strategic planning provides an organization purpose and direction. Every individual in an organization must have a knowledge of what company do, who the companies target clients are, and understand how the organization compete. A strategy will enable the organization to balance revenue and output projects. Without strategic planning, organization drifts, and is at all times reacting to the demands of the day. Strategic thinking is the act of developing and evaluating each idea and action basing it on the present and
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