Dissertation On Strategy Formulation used to wonder how a company can service an essay help so well that Dissertation On Strategy Formulation it earns such rave reviews from every other student. But the, I got essay help online from them and realised why that is the case’ dissertation strategy formulation A Multi-National Company named Vodafone is one the leading companies in Telecommunication Industry. Vodafone PLC Vodafone is a leading global player in mobile telecommunications/10() “Strategy Formulation” Rex C. Mitchell, Ph.D. (Jun ) INTRODUCTION It is useful to consider strategy formulation as part of a strategic management process that comprises three phases: diagnosis, formulation, and implementation. Strategic management is an ongoing process to develop and revise future-oriented strategies that
Dissertation Strategy Formulation
The success of any business organization depends on the ability of management to identify a viable strategic business management plan. Strategic management in business entails drafting, evaluating, and implementing specific steps that would help the business attain its long- term dissertation strategy formulation Afuah,p.
In addition, dissertation strategy formulation, the business in question gains a competitive advantage in the market. A sound management team ensures that a business develops policies and plans that will effectively help it dissertation strategy formulation its objectives. This also facilitates the identification of the resources necessary for the achievement of the set objectives and by extension, an adequate allocation of the dissertation strategy formulation. Strategic management as one of the levels is responsible of directing all the operations of a business.
It helps in accessing business competitors and in the identification of the necessary strategies to met competition, dissertation strategy formulation. An affective strategic management plan requires that the organization in question identifies and implements management strategies aligned with their business goals Afuah,dissertation strategy formulation, p. This insight into strategic management endeavors to explore some of the elements of strategic management and their implications in an organizational environment, dissertation strategy formulation.
To discuss strategic analysis one must also discuss the related topic of strategic analysis. Strategic analysis has numerous definitions by numerous authors as well as its relationship to strategic management. Strategic analysis and strategic management can have various definitions and management perceptions based on the enterprise involved Vaitkevičius, This widespread opportunity for organizations creates the need for diversifying strategic analysis as a context of strategic management Vaitkevičius, According to Johnsonp.
Teare took this foundational attitude of strategic dissertation strategy formulation and differentiated three primary elements of strategic analysis that provide objective information and strategic management to strategists Vaitkevičius, Teare distinguishes between strategic analysis, dissertation strategy formulation, strategic alternatives, and strategy implementation as three strategic components dissertation strategy formulation organizations Teare, Strategic alternatives consist of the choice of the most feasible potential actions through evaluation and selection.
Strategic implementation is the plan for selecting a strategy and managing any changes required in that strategy in an organization. To develop an effective strategic management plan that will lead to a company gaining a competitive advantage in the market while reducing its operational costs, there is a need for business operators to explore various crucial steps in the development of strategic management.
It is also important to identify some of the underlying opportunities for the organization to develop a strategy that will make good use of these opportunities.
This way, the organization is in a position to make strategic decisions that will strike a balance between the available business abilities and opportunities. These relationships prove valuable because they provide a friendly environment, in the process enhancing the overall productivity of an organization. Organizational leaders should make it standard to create these employee manager relations to ensure the positive environment increases production as well. External environment considered include customers, dissertation strategy formulation, suppliers, dissertation strategy formulation business competitors.
Various considerations need to be made for the effective analysis of business external environment. These include examining the relationship between the business, its customers, dissertation strategy formulation, and suppliers. The importance of a sound relationship between a business entity and its creditors is that the two parties involved hopes to win the trust of each other.
Analyzing some of the strengths that business competitors have over business can help in ensuring that the business develops a strategy that will improve its strength to overcome competition Chandler,dissertation strategy formulation, p. To formulate its competitive strategy, a business needs to understand all its competitors, dissertation strategy formulation, how they operate and what their strengths are in the market. When evaluating the external and internal environment of a business operators concurrently set business objectives.
The attainment of the objectives of a business entity depends on a given timeframe, dissertation strategy formulation. Some objectives may be long-term whereas others are short-term. The underlying vision and mission of a business depends on the long-term objectives that the management has identified Shashank,para.
This facilitates the determination of how the business shall be in the future. At this step, the management of a business establishes their mission statement.
A business identifies all its functions as well as the roles played by its various stakeholders. This is with a view to achieving the established business objectives. As a result, all the various stakeholders in a business entity get to know of their individual roles. Dissertation strategy formulation is important for an effective implementation of the strategic plans of a business All business. com,para. An effective mission statement helps in eliminating deadlocks usually experienced during the normal operations of a business.
The entire business objectives are also stated at this step. This helps in ensuring that the business mission and responsibilities assigned to each stakeholder works toward the attainment of the entire objectives of a business.
This will help in devising a strategic plan that will assist in the attainment of these objectives. The management may decide to continue using the existing system of operations while altering some of the methods when formulating strategy to follow.
Alternatively, it may decide to introduce a new system of operations. Those responsible for assigning tasks within the organization need to ensure that they have assigned all the responsibilities to serious members within the organization. When such a process is closely monitored, this helps in the determination of dissertation strategy formulation effectiveness. After evaluating the situation of a business, the business operators can then focus on the available options for strategic development.
One may use varied templates to come up with the most viable option for strategy formulation. For one to consider using a specific strategy development option, this depends on the input of the various stakeholders, dissertation strategy formulation.
Since a business is usually faced with numerous problems that it has to dissertation strategy formulation, there is a need therefore to develop strategies to overcome these challenges. However, priority should be on the most urgent challenges facing a business. This requires the team responsible for strategy development to look for the dissertation strategy formulation relevant tool for the development of strategies to address all the problems facing a business Stephen,pp.
After identifying the strengths, dissertation strategy formulation, weaknesses, internal and external environment as well as competitors of the business and formulated a management strategy, it is imperative for the business to conduct a strategy evaluation to determine if it will be viable for the business.
When a business entity conducts a Strength, Weaknesses, Opportunities, and Threats SWOT analysis, this aids in the dissertation strategy formulation of the changes that requires implementation.
When evaluating the effectiveness of a business strategy, there are various key considerations that are made. These include determining the suitability, feasibility, and acceptability of the strategy to the business Andersson, Cegrell, Kam-Hoong and Haglind, dissertation strategy formulation, pp. In determining the suitability of the strategy, managers need to explore if the formulated strategy will be able to address all the needs of the business.
It is important to ensure that the adopted strategy helps the business reduce its operational costs and at the same time, improve its profit.
Adopting a strategy that will not help a business meet these needs will lead to the business operating at a loss. Depending on the environmental factors of the business, it is important to come up with a strategy that will help the business meet all the environmental problems affecting it.
One needs to evaluate if the strategy will enhance the interaction between employees and customers, if there will be a dissertation strategy formulation relationship between managers from the different departments as well as if there will be a favorable relation between the managers and the shareholders, dissertation strategy formulation. The strategy need to favor and improve the relationship between the business and its creditors and suppliers, besides improving the competing power of such a business in the face of competition.
Some strategies may be hard to implement in a business. For this reason, dissertation strategy formulation, feasibility evaluation of strategies to be implemented becomes necessary. An evaluation can be done by determining if the business will be in a position to provide all the resources required in the implementation of its strategy.
Dissertation strategy formulation resources include time, people, funding as well as information. Some strategies may require a business to have many employees because of the activities required its implementation, dissertation strategy formulation. The business may not be in a position to provide this number of employees. The presence of skilled human resource could be beneficial while implementing some strategies.
A business entity could either organize a training program for its employees or recruit human resources with skills. However, this may only occur following a successful evaluation of the feasibility strategy. Determining the amount of money required for implementation of a business management strategy can help in eliminating financial constraints that a business may experience while implementing its strategy Barczak,pp.
Tools that can be used to evaluate the feasibility of a business management strategy include cash flow, forecasting, break-even analysis and resource deployment analysis. By performing a cash flow analysis, the business can be able to determine the amount of money the strategy is bringing to the business as well as amount being spent by the business in implementing the strategy. This is done over a specific period. For the strategy to be feasible, it has to have higher rate of return than what the business is using in its implementation.
Based on how a business entity is expected to work, a business operator is in a position to forecast on strategy implications. Although the forecast may not be effective, it can help in ascertaining if the strategy will enhance dissertation strategy formulation performance. A break-even analysis can facilitate the determination of the performance of the strategy in the business. In some instances, dissertation strategy formulation, an adapted strategy may not have any effect in the business.
Such a strategy cannot be feasible for a business as the main aim of developing the strategy is to improve business profit and reduce operation cost. The strategy also needs to be acceptable by employees for it to be productive. Employees will not receive well a strategy that leads to them working under pressure or one that dissertation strategy formulation alter their working conditions.
This can lead to employees failing to comply with all its requirements rendering it unproductive to the business. Acceptability of the strategy will depend on its returns, risks as well as stakeholders reaction.
Every stakeholder in the business will have different expectations regarding returns from the adapted strategy. For the shareholders, they would expect the adapted strategy to increase business income Bushman,para. Failure of the strategy to show positive changes with respect to business revenue would lead to shareholders not accepting the strategy. It is the aim of every employee to see that his or her career improves as he or she continues working with a given organization.
They also expect their working conditions to improve. When a business adapts a new management strategy, every employee expects that the strategy will help improve their working conditions and at the same time, help improve his or her career.
When a strategy fails to meet the expectation of the employees, there results dissatisfaction on their part. Consequently, this could result in a lack of implementation of the strategy in question. For a business management strategy to be accepted by shareholders, they usually evaluate its effects in case it fails to succeed when adapted.
In case failure of the strategy would plunge the business into risk, the strategy will not be accepted by shareholders Chan,pp. Before embarking on implementing a management strategy, it is imperative for the business management team to communicate their strategy to employees. Employees are therefore expected to undertake strategy implementation, dissertation strategy formulation.
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