WHAT IS A VISION STATEMENT?

WHAT IS A VISION STATEMENT? Your vision is your dream. It's what your organization believes are the ideal conditions for your community; that is, how things would look if the issue important to you were completely, perfectly addressed. It might be a world without war, or a community in which all people are treated as equals, regardless of gender or racial background. Whatever your organization's dream is, it may be well articulated by one or more vision statements. Vision statements are...

Devamını Oku »

The Importance of Strategic Management & Strategic Planning

The Importance of Strategic Management & Strategic Planning Strategic Planning    Companies complete strategic planning activities to create a mission statement, establish operational and financial objectives, allocate resources, align operations to accomplish the organization's mission and ensure that stakeholders – entities or people with an interest in the company -- are working toward common goals. The strategic planning process leads to decisions and actions that define...

Devamını Oku »

SPACE Matrix Strategic Management Method

SPACE Matrix Strategic Management Method The SPACE matrix is a management tool used to analyze a company. It is used to determine what type of a strategy a company should undertake. The Strategic Position & ACtion Evaluation matrix or short a SPACE matrix is a strategic management tool that focuses on strategy formulation especially as related to the competitive position of an organization. The SPACE matrix can be used as a basis for other analyses, such as the SWOT analysis, BCG...

Devamını Oku »

Strategic-planning Process

Strategic-planning Process The strategic planning process is made up of two basic activities:                       • strategy formulation (developing the strategy), • strategy implementation(putting the strategy into action). The elements involved in both strategy formulation and strategy implementation can be described in schematic model. Although the general strategic management model can be applied to strategic planning, it is...

Devamını Oku »

The 3 Different Types of Strategies in Business

           In his landmark 1980 book Competitive Strategy, Harvard professor Michael E. Porter laid out three different types of strategies in business: differentiation, overall cost leadership, and focus. Any of these business strategies can be effective in the long term, but each has its own priorities for resource allocation. Which fits your business growth model? Differentiation Companies undertaking this strategy must prove to the customer that...

Devamını Oku »

What Is Vertical Integration?

Vertical integration is a business strategy used to expand a firm by gaining ownership of the firm's previous supplier or distributor. Many firms use vertical integration as a way to reduce cost and increase efficiency, which results in increased competitiveness. Firms engage in two types of vertical integration. Forward integration Backward integration Forward integration is a method of vertical integration in which a firm will gain ownership of its distributors. Backward...

Devamını Oku »

Planning Ahead: Business Strategy in 2017

There is a phrase which perfectly encompasses the month of November: ‘To be early is to be on time, and to be on time is to be late.’ When it comes to planning the impending year, November is the month which sets the dividing line between strategically on time and strategically late. The New Year waits for no one and your business strategy for 2017 must be in place long before January 1. Here are a few thoughts to keep in mind ahead of the holiday rush. Take a Look Around Start by...

Devamını Oku »