INTRODUCTION: - To understand the process of strategic management the concept should be understood and controlled. The term strategy is derived from the Greek word “STRATEGOS” Generalship. The actual direction of military force, as distinct from governing its deployment. The word strategy means “ THE ART OF GENERAL ”. Based on the studies and views by various experts and management gurus Strategy in business has taken various connotations. Definition: William Glueck, a Management Professor defined it as “A unified, comprehensive and integrated plan designed to assure that the basic objectives of the enterprise are achieved”. Alfred Chandler defined Strategy as:- “The determination of the basic long term goals and objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out these goals”. Thus strategy is: - a. A plan / course of action leading to a direction. b. It is related to company’s activities. c. It deals with uncertain future. d. It depends on vision / mission of the company to reach its current position. STRATEGY: 1. Before making a decision managers have to look into the course of deciding since Strategy involves situations like: - a) How to face the competition. b) Whether to undertake expansions/diversification c) To be focused/ broad based d) How to chart a turn around e) Ensuring stability/should we go in for disinvestments etc 2. An establishment and successful company would start to face new threats in the environment. This is due to its success and emergence of new competitors. It has to rethink the course of action it has been following. This is called strategy. 3. With such rethinking and environment analysis, new opportunities may emerge and be identified. 4. To make use of these opportunities, the company might fundamentally rethink and reason the ways and means, the actions it had been following in the past. These are called “ strategies “. 5. For a company to survive and to be successful strategy is one of the most significant concepts to emerge in the field of management. According to Alfred chandler the determination of basic long-term goals and objectives of an enterprise and the adoption of the course of action and the allocation of resources for carrying out these goals. William Glueck defines strategy as “a unified, comprehension and integrated plan designed to assure that the basic objectives of the enterprises are achieved”. 6. Michael Porter views strategy as the “ core of general management is strategy”. Managers must make companies flexible, respond rapidly, benchmark the best practices, outsource aggressively, develop core competencies; infact should know how to play new roles everyday. Hyper competition is a common phenomenon that rivals copy very fast. 7. Companies can outperform rivals only if it can establish a difference it can preserve and deliver greater value at a reasonable cost. 8. Strategy rests on unique activities –“ The essence of strategy is in the activities – choosing to perform things differently and to perform different activities than rivals”. 9. Strategy is long term. If company focus is only on operational effectiveness. It can become good and not better. Overemphasis on growth leads to the dilutions of strategy. Growth is achieved by deepening strategy. 10. Strategy is the future plan of action, which relates to the companies activities and its mission/vision i.e. when it would like to reach from its current position. 11. It is concerned with the resource available today and those that will be required for the future plan of action. It is about the trade off between its different activities and creating a fit among these activities. LEVELS OF STRATEGY: 1. When a company performs different business/ has portfolio of products, the company will organize itself in the form of strategic business units (SBU’s). 2. In order to segregate different units each performing a common set of activities, many companies are organized on the basis of operating divisions/decisions. These are known as strategic business units. CORPORATE LEVEL FUNCTIONAL LEVEL STRTEGIES [CORPORATE] SBU1 SBU2 SBU3 (SBU LEVEL) FUNCTIONAL LEVEL STRATEGIES 3) Strategies are looked at Corporate level SBU level 4) There exists a difference at functional levels like marketing, finance, productions etc. Functional level strategies exist at both corporate and SBU level. It has to be aligned and integrated. 5) CORPORATE LEVEL STRATEGY: It’s a broad level strategy and all its plan of actions is at corporate level i.e. what the company as a whole. It covers the various strategies performed by different SBU’s. Strategies needs should be in align with the company objective. 6) Resources should be allocated to each SBU and broad level functional strategies. To ensure things there would need to have co-ordination of different business of the SBU’s. 7) For most companies strategies plans are made at 3 levels. a) FUNCTIONAL STRATEGY b) SOCIETAL STRATEGY c) OPERATIONAL STRATEGY FUNCTIONAL STRATEGY: As the SBU level deals with a relatively. Smaller area that provides objectives for a specific function in that SBU environment are marketing, finance, production, operation etc. SOCIETAL STRATEGY: Larger Companies like conglomerates with multiple business in different countries needs larger level strategy. 1) A relatively smaller company may require a strategy at a level higher than corporate level. 2) It’s how the company perceives itself in its role towards the society/ even countries in terms of vision/ mission statement/ a set of needs that strives to fulfill corporate level strategies are then derived from the societal strategy. OPERATIONAL LEVEL STRATEGY: In the dynamic environment & due to the complexities of business strategies are needed to be set at lower levels i.e. one step down the functional level, operational level strategies. There are more specific & has a defined scope. E.g. Marketing Strategy could be subdivided into sales Strategies for different segments & markets, pricing, distribution etc. Some of them may be common & some unique to the target markets. It should contribute to the functional objectives of marketing function. These are interlinked with other strategies at functional level like those of finance, production etc MISSION/VISION LEVEL CORPORATE LEVEL FUNCTIONAL LEVEL STRTEGIES [CORPORATE] SBU1 SBU2 SBU3 (SBU LEVEL) FUNCTIONAL LEVEL STRATEGIES OPERATIONAL LEVEL Corporate level is divided from the societal level strategy of a corporation S.B.U Level are put in to action under the corporate level strategy. Functional Strategies operate under SBU Level. Operational Level is derived from functional level strategies Conclusion: These are the levels at which strategies are formulated. Strategy is a plan or an action leading to a particular direction. We have corporate level Strategy and Strategic Business Unit level to fulfill the objectives of the company.
Give the answer of the above question.
Factors that influence the pricing strategy for products with elastic demand include the availability of substitute products, consumer income levels, and the overall market competition.
The best strategy for setting support, resistance, and stop loss levels in trading is to use technical analysis to identify key price levels where the market is likely to react. Support levels are where prices tend to stop falling, resistance levels are where prices tend to stop rising, and stop loss levels are set to limit potential losses. By using these levels effectively, traders can maximize profits by entering and exiting trades at optimal points while minimizing losses by managing risk.
Tower Defense is a wonderful online strategy game. This is a game I am sure your daughter will enjoy. You can find this game at http://www.defendthetowers.com/. She will enjoy the different levels of each game.
ultimate capability delivered to the user is divided into two or more increments, with increasing levels of capability.
He could because goku has more strategy and vegeta is brute force but their power levels are the same
Yes, strategy is implemented at all levels of an organization, from the overall corporate level down to individual departments and teams. Each level of the organization must align their strategies to support the overall goals and objectives of the company. This ensures that everyone is working towards a common purpose and vision.
Organizational innovation refers as the implementation of a new strategy by a business. This is usually aimed at maximizing profits by increasing production levels.
The key virtues required for shaping strategy from the bottom up include adaptability, collaboration, and empowerment. Being open to change, working together with teammates at various levels, and empowering employees to contribute ideas and take ownership of the strategy are crucial for success.
The London System is a solid opening strategy in chess that is popular among players of all levels. It is known for its simplicity and flexibility, making it a good choice for beginners and experienced players alike.
Implementing a strategy in management typically involves several key steps: first, clearly define the strategic objectives and ensure alignment with the organization's vision. Next, communicate the strategy to all stakeholders, ensuring buy-in and understanding at all levels. Then, allocate resources appropriately, including personnel, finances, and technology, to support the strategy. Lastly, establish metrics to monitor progress and adapt the strategy as necessary based on performance and feedback.
A company can ensure effective implementation of its business strategy alignment by clearly communicating the strategy to all employees, providing training and resources to support understanding and execution, establishing clear goals and metrics for each department, fostering a culture of collaboration and accountability, and regularly reviewing and adjusting the strategy as needed.