E Strategy For The Field Of Commerce

2563 Words Feb 5th, 2015 11 Pages
o Strategy can be defined as a series of correlated decisions at each point of time (or steps, choices = tactics) based on the information available at each point of time (= information set) to reduce the dispersion of eventualities (variance or standard deviation) about a particular future desired outcome (mean or median).

o Application of strategy to the field of commerce is referred to as business strategy
 A series of correlated steps planned to attain a desired business outcome such as achieving cost minimization / internationalization / improved return on capital (note that these ones are desired outcomes or goals and NOT strategy --- Strategy describes the best possible way to move towards those target outcomes).

o Trackermap provides a corporate framework for entrepreneurial entities to achieve their goals; at the same time maintaining their flexibility combined with downside risk mitigation.

Elements of Strategic Plan: o Identification of business external aspirations and targets (desired outcomes),

o Identification of resources & capabilities required to attain the external aspirations,

o Comparison of required resources & capabilities to the ones available or readily accessible by the business,

o Assessment of risk and various attributes relating to external and internal aspect of the business.

In Trackermap the above is referred to as the Formulation section.

Elements of Business Plan: o Identification of steps (operational, marketing, R&D, admin &…
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