Strategies For Developing And Implementing A Strategy

1286 Words Aug 2nd, 2015 6 Pages
Abstract

This essay is on strategy and various challenges that an organization has to face in the process of developing and implementing a strategy. It is also explained how organizations have to come up with different strategies for different levels in the organization and how companies in the past have suffered because of inadequate strategies. Introduction

With the start of twenty first century organizations have been facing the uncertainties of many different shapes: rapid globalization, accelerating innovation and growing competition, bringing them the challenge to develop a “strategy” to survive and operate in such hostile conditions. Strategy can be defined as a method or plan acquired to bring about a desired future, such as achievement of a goal or solution to a problem. Strategy is also considered as the art and science of planning and conducting resources for their most effective and efficient use. In terms of business we can say strategy is a plan that determines how organizations use their resources, skills and competencies in a combination to create competitive advantage. (BusinessDictionary.com, 2015) In for- profit organizations main objective of strategy is to increase profitability, get more market share, increase approval ratings or boost customer satisfaction and complete a project under budget and before deadline (porter, 1985).

Strategy at different levels

Organizations in today’s world are focusing a lot on strategic planning and…
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