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Strategic Analysis and Choice - Essay Example

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Summary to essay on topic "Strategic Analysis and Choice Essay"
The article deals with different strategies, their analysis and the choice within these strategies. The very first section of the article deals with the general view of the strategies according to micro and macro environment of the firm. The second half of the article deals with strategic hierarchy, showing the different use of these strategies by the firms and the goals that are achieved by these strategies.
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Download file "Strategic Analysis and Choice Essay" to see previous pages... The strategy is simply a choice. Prosperity is linked not only with profitability but also the long term growth. It's like steering a ship in the ocean with the danger that pirates may take over, or it might become the victim of the deadly waves. The ship here refers to the company itself and the challenged here include the competitors,
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the environment etc. Thus, there is a strong need for the managers to make a strategy that works as an action plan to achieve the aimed objectives. The objectives may be both financial such as higher revenues, lower costs, high profits and non-financial just to be the top in the industry, largest market share, or to be place the product in the top minds of the customers.
Thus, the need arises to have a blue print that tells how to go about it Companies need to diverse, differentiate, integrate backward or forwards, and manage business portfolio balanced. The managers need to do planning, develop a vision, has to set their mission, develop long term plans and these all are further divided into different objectives and goals. But it is important that the strategy is to be consistent with the organizational goals and policies, it should be flexible enough to respond to the faster changing environment in which it is operating, and it should add value to the organization and become a source of advantage over its competitors, and lastly, it should be feasible and practical enough to get through.

Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives (David F.R., Strategic Management). The process of strategic management involves three stages, viz. formulation of a strategy, implementing a strategy and lastly, evaluating the strategy. Since, organizations have limited resources thus they need to choose from amongst the alternatives available. Setting a strategy starts with developing a strategic vision so as to provide long term direction, and provide a purpose to the organization. The strategic vision is then converted into specific performance objectives for the company to achieve. And then forming strategies to achieve the desired outcomes that have been developed in the form of objectives. This all was the planning portion of the process; no strategy is useful until it is implemented and executed effectively and efficiently. In the end, evaluation stage begins which requires comparing actual i.e. the reality with the planned.


But as companies prosper and grow they need to diversify into new areas. Companies have to balance their portfolios well enough with cash cows, stars, dogs and question marks so that cash needs growth needs all are being fulfilled by the company. Strategy analysis requires companies to understand their markets, their cost structure, and also the capabilities underlying the firm i.e. any of the core competencies or the distinctive competencies that the company possesses. Companies need creativity and new ideas to identify any potential gaps in the strategy, the markets etc. which will lead them to make and implement a solid strategic plan to serve the new and existing markets.



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