Tan Hiep Phat - Strategy Analysis Essay

* Complete all housing design and renovation projects no more than 8% over the established baseline cost or schedule

Describe strategic planning techniques used to formulate alternative strategies designed to achieve stated business goals.

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).

Identify elements of the external environment and internal resources of the firm to analyze before formulating a strategy.

The objective is to complete a written plan that will suggest a practical Strategic Direction for a company.

The Opportunities discussed below will utilize these strengths while keeping in mind the company’s weaknesses and

It is always important to know the value, strengths, and weaknesses, of a company to make proper assessments

Every organization should have a strategic plan to achieve its goals in a limited time period, the strategic plan has many variable models. The strategic planning process that we studied needs a collaboration between the organization’s staff, board members, and strategic plan committee. This strategic planning process has ten guide steps.

What are your strengths (resources, employees, products & services). How will they help you take advantage of the above mentioned opportunities? What are your weaknesses and how will you overcome them using your strengths? What needs to be fixed?

20 5. Corporate-level strategy 25 6. How is the effectiveness of the company’s strategies? (ROIC) 26 7. What strategic problems does the company have?

This section very briefly describes several key tools that can be used during the course of strategy development and strategic planning. The list is not intended to be comprehensive but to illustrate the types of tools

In the year 2010 the company market share was successful to reach 45% of the market and making the huge profit and was leading the market with their unique taste and best quality.

In the book “Good Strategy and Bad Strategy”, Richard Rumelt illustrates examples of success and failure of business management to explain the true meaning of the strategy, and tells companies how to develop a correct strategy and adhere to core of management strategy. He also emphasizes the central role of strategic management as to remind the readers to understand the huge difference between a good strategy and bad strategy. This book has three sections: good and bad strategy, sources of power, and thinking like a strategist. I will be evaluating strengths and weaknesses under these topics. After finish reading the book, I had gained a better understanding of what a good strategy means to the success of a company. According to Rumelt, a good strategy is coherent, where companies pursue multiple objectives that are connected with each other. Rumelt points out that a good strategy consists of three elements: diagnosis, guiding policy, and coherent action. (71) First, diagnosis means to define the obstacles and challenges that the companies are facing, and guidelines help the people to overcome the obstacles. Lastly, coherent action is the activities or actions that company did to be consistent with its guiding policy. Today, many of us lost the focus of the strategy, which results in the downward of businesses and organizations. Rumelt has defined the strategy as acknowledging the main problems and take coherent action to overcome the problems. Moreover, he illustrates

According to Kourdi (2009) ‘Business strategy is the set of activities where business combines mission, vision and goals of business and goes forward to achieve them’. Every business combines strategic plan and activities to achieve their goals. In other aspect it can be said business strategy is the subject by which an organisation make their roadmap

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.