STRATEGIC MANAGEMENT & BUSINESS POLICY
ASSIGNMENT-1Q.1What do you understand by the term
in the context of BusinessManagement and Policy? And what are the stages in the formulation of aStrategy?Ans.
A strategy is an operational tool to achieve the goals, and thus, the corporate mission.Strategies do not attempt to outline exactly how the enterprise is to accomplish itsobjectives. A company may view downsizing as a strategy in a competitive market torender cost-effective services. Thus, strategy provides a framework to guide thinkingand action. Strategies are very much useful in organisations for guiding, planning andcontrol.Strategy is a way of life both at the macro as well as micro levels for everyone, whether it is a nation or a company. To win over in a given complex situation, the organisations,even trans-nationals adopt strategies. They make changes, if necessary, even to their global strategies. An individual company may formulate its own strategy to bring out thedesired results. The eventual success of the organisation depends upon strategyformulation and implementation.The recently initiated moves such as globalisation, privatisation and liberalisation arestrategies to attain a globally competitive economy. Business management must focuson following issues
For proper growth of the company.
– What the company wants to achieve.
– To achieve the above mission.
To achieve the set goals
Vinod Prasad, Roll No-510817396Page