Strategy Formulation: Diagnosis, Formulation, And Implementation

Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value. And also he has states that the “choosing activities to perform differently than competitors’ do as the essence of strategy”. If not strategy is nothing more than a marketing slogan that will not withstand competition.

As mentioned in Michael Porter’s What is Strategy article, operational effectiveness, “performing similar activities better than the rivals that perform them” is not sufficient enough to maintain a competitive advantage due to competitors being able to rapidly imitate best practices and create homogenous products.

Strategy Formulation - developing a corporation’s mission, objectives, strategies and policies Situation Analysis - the process of finding a strategic fit between external opportunities and internal strengths while working around external and internal weaknesses

According to Abraham, (2012) the word strategy mainly originated from the Greek word "Strategoes" that means about the art in general. Moreover, it is the analysis of the project with the help of the direct campaigns. Apart from this, Eiriz, Faria, and Barbosa, (2012) commented that it is one of the styles of the thinking and the process to do the intensive implementation of the system. The strategy of the company is the set of different local acquisitions. However, it also helps to provide different unmatched services to the customers. Gomathi, (2014) also cited that strategy is one of the buzzwords. Moreover, it also basically involves different knowledge from various models and the classes from different issues of the past knowledge and skills in order to formulate the define path as well as the acting with the courage in order to apply strategy. Moreover, it also helped to ensure all the tactics that are mainly aligned with the strategies o0f the business. The strategy is also an art of success in utilizing the mind. In order to discuss all the people can see these tactics, but no one can see that strategy is out of victory that is evolved. Kurza, (2014) discussed some of the four key questions of the strategies include:

‘Any time rivals can readily duplicate successful strategy features, making it difficult or impossible to out strategize rivals and beat them in the marketplace with a superior strategy, the chief way to achieve lasting competitive advantage is to out execute them.’

The key question for the creation of strategy is “how the organization or a company is going to win in the period ahead?”

Therefore, the Emergent strategies have been developed as a "pattern in a stream of actions" and are separated from any preconceived plan (Mintzberg, 1987; Hamel & Prahalad, 2005). Nevertheless, the Emergent strategy is the ability of the organisation to be responsive to the environment in order to maintain its competitive advantages. Yip and Bonnet suggest that in today 's complex markets, strategic agility is necessary rather than the idea of sustainable competitive advantage (Bonnet and Yip, 2009). Furthermore, Mintzberg Suggests that “There are not many current strategies that are purely deliberate or purely emergent” (Mintzberg, 1994). Strategies that might increase the competitive advantage in today’s complex word may not do so tomorrow in a more complex environment. There is so much happening at an extreme increasing in technology and speed. Eisenhardt & Brown also refers to a strategic approach in regards of change “as it requires an organisational ability to be able to change constantly and accordingly over time in response to the fast changing environment”. In an adaptive deliberate or an emergent strategy, time combines both the notion of moving out of the past together with going into the future in order to obtain strategies which will be both deliberate and emerging (Eisenhardt & Brown, 1998).

One of the greatest artist Pablo Picasso once said, “Action is the foundational key to success”. Well, we all agree with this quote, but there are many variety of factors that also implies in aspect of life. In the field of business, one of the key elements that ultimately controls the destiny of an organization, is their competitive advantage in a particular industry. The competitive advantage is defined as “an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices”("Competitive Advantage | Business."). In order to deeper understand of competitive advantage in a firm, I chose to read the book “Competitive Advantage

Definition: strategic management is the set of managerial decisions and actions that determines the long-run performance of an organization. It involves all the four functions of management. Strategic plans provide a common vision for the whole organization. The strategic management process is a series of steps that formulates the strategic planning, implementation and evaluation.

The challenge for a marketing strategy is to find a way of achieving a sustainable competitive advantage over the other competing products and firms in a market.

Strategy: The unifying theme that gives coherence and direction to the decisions of an organization Strategic Management: Consisting of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. Or, the Strategic Management Process is: The full set of commitments, decisions, and actions required for a firm to create value and earn aboveaverage returns. (Hitt, Hoskinson, & Ireland, 2004, p. 4)

* A competitive advantage is one gained over competitors by offering consumers better value. You increase value by lowering prices or increasing benefits and services to justify the higher price. Differentiation and cost leadership strategies search for competitive advantage on a broad scale, while focus strategies work in a narrow market. Sometimes, businesses look for a combination strategy to please customers looking for multiple

A strategy is an expansive based equation for how a business is going to contend, what is objectives should be, & what arrangements & approaches will be obliged to do those objectives (Porter, 2008).

To gain high profitability and increase sales, competitive advantage is essential. As a business we should be able to tell our customers that we

Strategic Management is a substantial wing of the management system of an organisation or company whereby a set of managerial decision and action helps to determine the long-run performance and major goals of the organisation or company. Generally, top-level management of an organisation is responsible for the initiation and implementation of such decisions and actions based on the available resources and welcoming environment. The strategies involve the formulation and setting of directions, aims and objectives; improving organisational performance; collaborating and executing changes; developing and training the employees etc. It also stresses on the monitoring and evaluation of internal strengths and weaknesses and identifying external opportunities (Adair 2009).