Strategy Formulation - Essay Example

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Strategy formulation follows strategy management, during which it will be decided upon which strategy and actions should be undertaken in order to achieve the set objectives within the organization thusly fulfilling the purpose of said organization…
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Strategy Formulation
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Download file to see previous pages The StilSim Company has founded several strategic opportunities that will be discussed.
Firstly, the generic strategy is based upon the identification of methodology in which the company will be competitive within every strategic component of the market place. Aside from a generic strategy, StilSim could employ a corporate level strategy, also known as a grand strategy. This involves a structure of the organization and the supply chain system within the company. By using a corporate level strategy, the company can then decide which areas of the enterprise to pursue and identify its pros and cons. This also allows the company a better understanding of the competitiveness it has in the market. At a corporate level, strategy management is imperative for StilSim, as this is the key point of beginning for corporate financial planning strategies. Following are some options that are available to StilSim to allow them to create a generic strategy that will assist in increasing their market competitiveness: Differentiation. This will attract potential consumers through the differentiation of the offered products and services of StilSim versus its competitors, thus offering consumers clearer choices and gaining their confidence. Cost of Leadership. This will allow StilSim to access and lead the current market by the attraction of new customers due to the lower costs of the offered products and services. Focal Strategy. This will identify marketplace niches and allow it to gain control over it through the provision of unparalleled service and products therein. Beyond generic and corporate strategies, another possibility is a functional strategy. This defines the individual strategy currently being used in every function of the corporation, like product development and human resource strategies. They stem from the primary corporate stratagem in order for the business to achieve a competitive edge in the market place as well as create retail value. Strategy Scorecard A scorecard for strategy is a superior planning and managing arrangement used for the alignment of the corporate activities to the vision and other strategies of the company. This will allow for improvement on external and internal communication and provide the supervision of the companies’ performances versus its strategic objectives. Strategy scorecards focus on learning, growth, business process, finance and customer base. Through the use of a personalized scorecard, StilSim can determine their performance levels and make the necessary improvements. Address of Issues Given that the StilSim Corporation has a plethora of issues that need to be addressed, use of a strategy scorecard would be very beneficial. They can further address the issues of internal, external and rational analyses within the company’s structure. This is aimed at the Capital City office, which is operating at a loss of revenue. This is a disadvantage for StilSim in its competitiveness, and therefore StilSim needs to provide its customers higher value through differentiation and cost leadership in the group. It is also recommended that they improve upon their methodology and structure, i.e., marketing, image and interface. StilSim can increase its efficiency through improved communications throughout the organization as a whole, and ultimately creating a human resources department within the company’s corporate structure. Objectives and Goals It is imperative ...Download file to see next pagesRead More
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