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Different Approaches to developing strategy - Essay Example

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Summary
The business sets forth an achievable realistic vision i.e. how would the business look like at some future years in terms of its possible physical appearance, size, activities etc?
Mission: Mission generally…
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Different Approaches to developing strategy
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Download file to see previous pages It can also give a message to employees, project the image before customers, bring intention for future etc. i.e. what should the business to do?.
Objectives: Objectives are firm achievable goals / targets of the business in terms of results like growth in earnings, increase in production etc. in medium and long terms. They are measurable and can be monitored and corrected for their progress.
Values / Situation Analysis: It is desirable that a strategic developer should take stock of the present status of the business both in terms of its weaknesses and strengths and devise a strategic plan to achieve the objectives already set forth. Weakness of the business could be in any area like management, finance, markets / sales, operations, offerings etc. Strength or success area of the business can include sound financing / cash flow, average or good profitability in terms of capital investment, scope for enhancing targets & market share, brand awareness development, provision to invest in R&D or any other innovation, good customer care, facing strong competition without increase in prices etc.
Both external and internal environments should be considered to devise a strategic plan. These environments can be assessed through analysis of ‘SWOT’ elements. SWOT stands for Strengths, Weaknesses, Opportunities , and Threats.
Strategic Development: The strategic development differs for different businesses and specific business alternatives can be applied that can serve its best interests. Different types of business development strategies include:
Implementation: Strategic planning implementations access to make changes in the organization. A well drawn plan for clear objectives, activities, targets, budget, responsibilities, timings including deadlines etc. would provide a blue print for the organization to combat the implementation plan challenges. However some unexpected or unforeseen circumstances both external and internal can always ...Download file to see next pagesRead More
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