A Management Strategy And Model So The Business Can Grow And Develop Goals For The Organization

‘Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through it’

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

(1) The management team must adopt a strategic management plan. First of all, they have to develop a clear vision and a mission statement to inspire and motivate all the frameworks for the company’s future strategic planning. According to “Mission Statements and Vision Statement” (2011), “by crafting a clear mission statement and vision statement, you can powerfully communicate your intentions and motivate your team or organization to realize an attractive and inspiring common vision of the future” (p.1). The management team should create a mission statement that describes the company’s purpose and primary objective. For the vision statement, it should include the company’s value and purpose of the company. With a clear vision and mission statement, management and employees would be able to follow the right direction as a team. They also need to define “who their customers are, what products and services it supplies, and how these products and services are provided” (BUSN 460 Week 1 video, slide 3).

Nowadays, the concept of strategy in general and marketing strategy in particular appears very popularly in modern market. Oxford Advanced Learner’s Dictionary (2005, p.1516) defines strategy as “a plan that is intended to achieve a particular purpose” or “the process of planning something or putting a plan into operation in a skilful way”. Chandler, A. D. Jr (1962, p.7) views strategy as “the determination of the basic long-term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary to carry out these goals”. In another work, according to Anthony, R. N. (1965, p.15), strategy is “the process of deciding on objectives, on the resources used to attain these

Strategy is not only a tool for outfoxes the competition but also an incredible means for creating and shaping a company

Cost leadership strategy is used by firms to surpass their competitors by reducing their cost from production of goods or services and is part of the business level strategy (Hills et al, 2007). There are four factors that influence a company’s ability to build and sustain a competitive advantage: efficiency, quality, innovation and responsiveness to customers. These factors allow a company to (1) differentiate its product offering to create greater perceived customer value and (2) lower its cost structure, which will then build a competitive

This paper begins with a summary view to develop the concept of strategy and why its implementation is difficult. The following sections then cover the core discussion of this paper to support the aforementioned

A strategy is a “game plan” that distinguishes the company from its competitors, so that it can attract customers and succeed.

There are two schools of thought pertaining to how firms should choose the competitive strategy that best suits them. One is of the opinion that firms should choose one of the generic strategies and commit all resources to making it work. Porter belongs to this category. They believe that the value chain necessary for cost leadership is quite different from that of differentiation strategy and that while differentiation deals with better quality, cost leadership deals with lowering costs wherever possible.(DESS and DAVIES 1984) What porter articulated here is that there is need for strategic clarity.

Alfred Chandler(1963) defines strategy as ‘ the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals’. And Michael porter(1996) sees it as ‘Competitive strategy is about being different. It means deliberately choosing different set of activities to deliver a unique mix of value’.

Strategy can be defined as being different from one’s competitors, finding the race to operate and accomplished it. According to Michael Porter (1996), while becoming better at what you do is desirable, it will not benefit you in the long run because it is something other competitors can also do. Strategies for organizations are originally developed by Michael E. Porter in 1979 by introducing the five forces model. A company can identify the industry profitability and attractiveness by analyzing the five forces of Porter (Johnson et al., 2008). And then a reasonable strategy can be set up in line with the strengths and the weakness of an organization is able to create a plan for a stronger position for the organization within its

A firm positions itself by leveraging its strengths. Michael Porter has argued that a firm 's strengths ultimately fall into one of two headings: cost advantage and differentiation. By applying these strengths in either a broad or narrow scope, three generic strategies result: cost leadership, differentiation, and focus. These strategies are applied at the business unit level. They are called

In the book, in addition, to the ten schools of schools, the authors of this book mention the 5P’s of strategy. The 5P’s are the plan, pattern, position, perspective, and ploy. The formal definition of strategy as a plan, it is known as a direction or guide to the future. However, in strategy as a plan, it can be fulfilled or altered along the way. In addition, along all the interruptions and alterations of the plan, the importance of the “first” plan should never be forgotten. Second 5P’s is the strategy as a pattern; where it states that there is a consistency of behavior of consumers, buyers, or supplier over a period of time. Third 5P’s is the strategy as position. This is the stage where the firm locates itself into the market location, where they are best fitted. The fourth, where I believe that it is the most important is the “perspective”. The strategy as perspective is, basically, interrelating ourselves to the customers on

A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.

Johnson, Wittington, Scholes, Angwin and Regnér (2014, p. 3) defines strategy as ‘the long-term direction of an organisation’.