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...
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Sunday, 25 December 2016
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...
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...
Sunday, 18 December 2016
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...
Sunday, 11 December 2016
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...
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...
Friday, 25 November 2016
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...
Bargaining power of suppliers: Porter’s Five Forces
The presence of powerful
suppliers reduces the profit potential in an industry. Suppliers increase
competition within an industry by threatening to raise prices or reduce the
quality of goods and services. As a result, they reduce profitability in an
industry where companies cannot recover cost increases in
their own prices.
Porter’s five forces
The bargaining power of suppliers comprises one of the five forces that
determine the intensity of competition in an industry....
Integrating Intuition and Analysis
The strategic management process can be
described as an objective, logical, systematic approach for making major decisions
in an organization. It attempts to organize qualitative and quantitative information
in a waythat allows effective decisions to be made under conditions of uncertainty.
Yet strategic management is not a pure science that lends itself to a nice, neat,
one-two-three approach.
Based on past experiences, judgment,
and feelings, most people recognize that intuition is...
Strategy-Formulation Framework
Learning Objectives
After understading
this topic you able to understand the basic phenomena of strategy formulation frame
work and also under stand the stages of strategy formulation frame work.
Objectives:
Objective placing an important role in strategic management Strategic analysis and choice largely involves
making subjective decisions based on
objective information. This topic includes important concepts that
can help strategists generate feasible alternatives, evaluate those alternatives, and choose a specific course of
action.
Behavioral aspects of strategy formulation are described, including politics,
culture, ethics, and social
responsibility considerations. Modern tools for formulating strategies are described, and the
appropriate role
of...
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