Being management students, you are expected to know the meaning and importance of the term strategy. This being a typical business term, all managers are expected to know about all aspects and types of strategies to be adopted in various business situations and be ready to face the outcomes of the strategy formulated by them. This article will help you in writing a good assignment on Strategy.
Effective strategies are required for the success of the firm. The various theories written to explain the concept of strategies needs to be understood by students to be able to correlate the same with current business scenarios.
Corporate strategy is concerned with the whole purpose and scope of the business to meet investor expectations and very crucial since it is deeply influenced by stakeholders of the corporation.
Competitive strategy refers to plans of how a business plans to gain competitive advantage over its competitors. The difference between the two strategies needs to be studied to gain better perspective on the topic and this can be done by studying the competition factors, value disciplines, other factors affecting both strategies like products offered, market types, technology, customers served, goals etc.
An understanding of the business environment will be useful in learning the key strategic concerns and problems faced by managers. This will help in formulating and implementing an effective strategy for the continuing success of the organisation.
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The study of strategies requires the students to understand the anomalies of the industry and the functional environments to analyze the issue in hand, to know the situations which demand formulation of a strategy, the type of strategy to be implemented. Strategy needs to be selected only if it is flexible, as per organisational guidelines, gives a viable competitive advantage to the external environment and is consistent with other strategies in the organization.
Strategy implementation is the process of conversion of strategies and guidelines into action through the development of programs, finance plans and procedures and is conducted by the middle and floor level management under the supervision of the top management. Implementing a strategy involves activities like organising, resourcing and using change management procedures. There are organisational changes required along with substantial financial plan shifts to decrease costs and save time. The implementation stage is the most crucial stage since the outcome of the decision to implement the strategy can affect the business as a whole negatively.
The key factors for evaluating whether a strategy is successful are whether the strategy will effectively solve the issue (Suitability), whether the strategy is workable (Feasibility) and whether it will be accepted by the investors (Acceptability).
Evaluation tools used to appraise whether a strategy formulated and implemented includes cash flow analysis and forecasting, Strength, weakness, opportunity, threat analysis, break-even analysis and resource deployment analysis.
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