Strategy is about creating protect for customers and the most important aspect of strategy is that it deals with the next in a persistent termination perspective.
In a to a greater extent detailed way we can say that: Strategy is the statement and scope of an organi-sation over the long term, which achieves competitive advantage for the administration through its configuration of resources within a changing milieu and to fulfil stake-holders expectations .
Based on that, in that location atomic number 18 three principal(prenominal) elements affordable to define a triple-crown strategy.
This is the called as part of strategy formulation:
A) Appraisal of the environs find out about opportunities / threats / evalua-tions of stakeholders expectations
B) intimacy of own resources & capabilities come in critical success factors
C) Well defined long term goals which allows to assure a companys healthy long life
A strategy answers questions like:
Where are we (company /organisation) now?
Where do we want to go?
What changes are among competitors?
How will we mother there?
A: Appraisal of the environment means:
-Identify the main macro-environmental forces that influence the own industry
Influences like: Political, Economic, Social, Technological, Environmental, Legal forces
-Identify the main structural features of your industry that influence competition and profitability (whats the attractiveness of the industry)
-Evaluate the trends within the industry to forecast next changes in profitability
-Identify opportunities for your own business promising future success
-Take stakeholders expectations into account which can influence strategy
B: Knowledge of own resources & capabilities means: find out the Critical Suc-cess Factors
- Customers: Who are your customers? What do they want?
- Competition: What drives competition?...If you want to get a full essay, order it on our website: Orderessay
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