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Also referred to as an organic growth strategy, it's a strategy focused on making the core business better. i.e. Developing new products, increasing efficiency, hiring the right people, better marketing etc. On the other hand, an external growth strategy is more concerned with M&As, JVs, strategic alliances, etc.
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What are the criteria for effective strategy?
The three tests for an effective strategy are: external, internal, and dynamic consistency.
Dimensions of a strategic HRM?
HR strategy - vision and mission - Business strategy HR strategy - Internal context - External context
What is strategy limitation?
Strategy limitation refers to constraints imposed on you business. These constraints can be either internal or external to your business.
What strategy did Delta choose when it acquired Northeast Airlines to obtain access to Northwest's Asian markets?
A retrenchment strategy using horizontal integration though internal means
What are the internal factors affecting HRM?
Internal factors that can affect Human Resource Management:- culture and politics- organization size and structure- organization's strategy- type of organization
What are the benefits of the concept of strategy what are its pitfalls?
The benefits of concept strategy is that you know how well you are making in the market and it may be used as a tool to evaluate your organizational performance either internal or external.
Induced strategic behavior?
Induced strategic behavior is a top-down process that link current strategy and structure to create innovation intertwined with that strategy and structure. This form of venturing filters strategy a structural hierarchy and results in internal innovation that is highly consistent with the firm's current strategy.
Define Internal market research?
Conducting internal market research involves relying on every person on staff to market goods or services, then drawing conclusions on the effectiveness of such a business strategy.
Companies with an internal growth strategy face the challenge of keeping employees up-to-date on new products and service?
True
What are the 8 principle tasks of strategy implementation?
There are actually six basic tasks of strategy implementation. These tasks are, in order: 1. Build an organization capable of successfully carrying out your strategy. 2. Establish a budget to support the roll-out and implementation of your strategy. 3. Create and install internal systems to administer the roll-out and implementation of your strategy. 4. Devise objective-linked incentives and rewards for those adopting your strategy. 5. Shape your corporate culture to be receptive to your new strategy. 6. Lead others into accepting your strategy by walking the walk.
What is internal growth strategy?
Also referred to as an organic growth strategy, it's a strategy focused on making the core business better. i.e. Developing new products, increasing efficiency, hiring the right people, better marketing etc. On the other hand, an external growth strategy is more concerned with M&As, JVs, strategic alliances, etc.
The difference of strategy formulation and strategy implementation?
Strategy formulation involves the process of defining an organization's long-term goals and determining the best course of action to achieve them. This includes analyzing the internal and external environments, evaluating options, and selecting a strategic direction. In contrast, strategy implementation focuses on executing the chosen strategy, which includes allocating resources, aligning organizational structure, and managing change to ensure that the strategy is effectively carried out. Essentially, formulation is about planning the strategy, while implementation is about putting that plan into action.
