...Strategy is a plan, method, or series of actions designed to achieve a specific goal or effect. Can you explain this? First off let us distinguish between 'A strategy' and 'A Strategic Plan' Strategic Plan; is a systemic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. It involves a systematic, formally documented process for deciding the handful of key decisions that an organisation, viewed as a corporate, whole must get right in order to thrive over the next few years. The process results in the production of a corporate strategic plan. Strategy; relates to the firm or company identifying its economic, social, and environmental performance objectives and it helps bridge the gap between the long-term vision and short-term decisions. It provides a basis for the company to build or gain a competitive advantage and increase its bottom line or market share over the long-term. As a strategy involves looking forward there is always uncertainty and risk associated with deciding strategy. The question ‘what is strategy?’ therefore also implies a set of strategic options from which one chooses a course of action to achieve advantage. Strategy is more about a set of options or "strategic choices" than a fixed plan or road map. As I have researched this paper it became apparent that strategy has many facets and means many different things to many different people. Henry Mintzberg addressing...
Words: 2296 - Pages: 10
...2011) Executive Management Board Nick Macpherson Permanent Secretary Tom Scholar Second Permanent Secretary Andrew Hudson Director General Public Services Dave Ramsden Director General Chief Economic Adviser Alison Cottrell Director Corporate Services Mark Bowman Director Strategy, Planning and Budget Michael Ellam Director General International and EU Jonathan Taylor Director General Financial Services Edward Troup Director General Tax and Welfare Julian Kelly Group Director Finance and Commercial Ministerial and Communications Nick Macpherson, Permanent Secretary Strategy, Planning and Budget Mark Bowman, Director Corporate Centre Julian Kelly, and Alison Cottrell, Group Directors Treasury Legal Advisors Stephen Parker, Director Responsible for decision making, coordination and management of the department and communications with media and the public Deputy Directors: Beth Russell Jonathan Black Ministerial Support Communications Responsible for defining forward strategy, work programme, the Budget, and short-term priority policy projects Deputy Directors: Matthew Toombs Kumar Iyer Strategy, Planning & Budget Strategy, Planning & Projects Enabling the Treasury to deliver by managing and developing corporate policies and processes, including correspondences and public enquiries, HR, estates, IT, domestic finances and commercial activities, as well as the implementation of the departmental change programmes...
Words: 862 - Pages: 4
...Role of Sustainability in Marketing Public Relations at the retail level products that were environmentally safe, sustainable commitment to the process of promoting the practice is known as a permanent market. Alternatively, in other words it is a better business, better relationships, and most importantly it is a practice of making a better life. For example, Apple, as well as for the betterment of the world in all its goods uses recyclable products. Plays an important role in the marketing of the firm. It is like a bridge between corporate responsibility and profitability. For example, a company that produces beverages fewer pesticides, chemicals unnecessary packaging and flavor instead uses natural ingredients that can design a product. To complete the product, the firm has to invest significant money. They will love their new product to consumers based on its new features and buy the product that the company will make the investment. It is also known as the triple bottom line (the customer, the environment and the benefits of Corporate) - this way, business analysts have to keep in mind about Basics of Marketing Marketing is a central building. Marketing and its elements are what every trader should have a clear knowledge. Some people have a promotion or advertising of products marketed as misunderstood. " Marketing, making pricing, delivery , and facilitate relationships with customers satisfactory exchange of goods , services and ideas to promote the...
Words: 1752 - Pages: 8
...The SPACE matrix is a management tool used to analyze a company. It is used to determine what type of a strategy a company should undertake. The Strategic Position & ACtion Evaluation matrix or short a SPACE matrix is a strategic management tool that focuses on strategy formulation especially as related to the competitive position of an organization. The SPACE matrix can be used as a basis for other analyses, such as the SWOT analysis, BCG matrix model, industry analysis, or assessing strategic alternatives (IE matrix). What is the SPACE matrix strategic management method? To explain how the SPACE matrix works, it is best to reverse-engineer it. First, let's take a look at what the outcome of a SPACE matrix analysis can be, take a look at the picture below. The SPACE matrix is broken down to four quadrants where each quadrant suggests a different type or a nature of a strategy: * Aggressive * Conservative * Defensive * Competitive This is what a completed SPACE matrix looks like: This particular SPACE matrix tells us that our company should pursue an aggressive strategy. Our company has a strong competitive position it the market with rapid growth. It needs to use its internal strengths to develop a market penetration and market development strategy. This can include product development, integration with other companies, acquisition of competitors, and so on. Now, how do we get to the possible outcomes shown in the SPACE matrix? The SPACE Matrix analysis...
Words: 867 - Pages: 4
...ECO 365 Week 5 Learning Team- B Competitive Strategies and Government Policies Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/eco-365-week-5-learning-team-b-competitive-strategies-government-policies/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Competition and Policies Influencing the Airline Industry Emerging Companies, Mergers, Globalization, Pricing, and Profits The airline industry is characterized by increased levels of competition as a result of new companies that venture into the market. Such new entrants bring about an increased level of competition for the existing volumes of consumers that the different airlines have to share. Mergers occur when two companies come together to combine resources, market share, and experience to acquire a better position in the market. Mergers also create a greater pool of resources and stability, which is attractive to consumers. Globalization brings about a higher level of travelling where people will be moving from one point to another. As a result, airline services will be at a greater demand and hence increase business. However, this will also mean that airlines from foreign nations can access any region and as a result there is greater competition (Botten & McManus, 1999; University of Phoenix, 2011)...
Words: 4913 - Pages: 20
...The SPACE matrix is a management tool used to analyze a company. It is used to determine what type of a strategy a company should undertake. The Strategic Position & ACtion Evaluation matrix or short a SPACE matrix is a strategic management tool that focuses on strategy formulation especially as related to the competitive position of an organization. The SPACE matrix can be used as a basis for other analyses, such as the SWOT analysis, BCG matrix model, industry analysis, or assessing strategic alternatives (IE matrix). What is the SPACE matrix strategic management method? To explain how the SPACE matrix works, it is best to reverse-engineer it. First, let's take a look at what the outcome of a SPACE matrix analysis can be, take a look at the picture below. The SPACE matrix is broken down to four quadrants where each quadrant suggests a different type or a nature of a strategy: Aggressive Conservative Defensive Competitive This is what a completed SPACE matrix looks like: SPACE matrix strategic management tool example This particular SPACE matrix tells us that our company should pursue an aggressive strategy. Our company has a strong competitive position it the market with rapid growth. It needs to use its internal strengths to develop a market penetration and market development strategy. This can include product development, integration with other companies, acquisition of competitors, and so on. Now, how do we get to the possible outcomes...
Words: 895 - Pages: 4
...target market. There are four variables of the marketing mix: price, product, promotion, and place. The Product strategy defines the tactical resolution and details of the product; The Price strategy defines the tactical purpose and details of the pricing; The Promotion strategy describes the tactical purpose and details of advertising and communicating the product to rich its target audience; and the Place strategy describes the tactical purpose and details of hoe the product/service will be distributed (eBook). 2) The marketing managers can control the four P’s of the marketing mix. They can decide what product to offer, what price to charge for that product, how to distribute it, and how to reach the target audience. Unfortunately, there are other forces in the marketing word over which marketers have much less control. The external environment is characterized by forces, which exist outside of a business that can directly affect the business decisions, operations, and outcomes. The external environment includes economic, social, competitive, political, and technological forces. Economic forces involve level of employment, rate of interest, rate of inflation, monitory policies, etc. The social forces states to the structure of people’s behaviors, believes, thought patterns and lifestyles, friendship, etc. Many of those trends go a long way to affect business-marketing operations. Competition forces use the numbers of juxtaposed products and brands...
Words: 1001 - Pages: 5
...Mintzberg saw the managers as the craftsman and the strategy as his clay crafting summed up strategy as a process. He believed that the strategy is deductive not inductive and that strategist recognised patterns, didn’t plan them. He perceived that planning actually distorts and misguides strategy. The idea is that strategy is what’s happening already and that it’s what the frontline players are doing to make things work the best. If we don’t know what our strategy is then we have to look at what themes keep making decisions for us. Mintzberg believed that the strategy explained past actions and the intended behaviour. To discover a company strategy, we can look at the interplay of the environment and the leadership and the organisation of the company. There’s a critical link between action and thought. Action leads to change and innovations and this then leads to strategy. The problem comes when there are many layers between the doers and the decision makers. Mintzberg states that strategy has two feet: deliberate and emergent. Learning has to work with control. Strategy makes stability because if there’s no stability, there can be no strategy. The cycle stages flow like this: evolutionary change goes on and then revolutionary turmoil changes things and then the stability returns. If there is not enough time between these stages then strategy has failed. Mintzberg also talked about weeds. Strategist need to know when to yank bad ones out and when to leave novel ones in the...
Words: 314 - Pages: 2
...Government • Public What then are the needs of these groups and how would they use the published statements? Investor Group This group would comprise both existing and potential shareholders. They would consider whether to invest or disinvest in the business. Equity investors consider two elements to their investment, income and gain. Income in the form of dividends and gain in the share price. If the investor takes a short-term view then current dividends are of interest. Whereas a longer-term view would concern future earnings. A guide to the future can to some extent be seen in company reports with the chairman’s statement, although based on current performance, company forward strategy is often included. The investor group would also be interested in profitability and its trend over a period of time. Employees It is encouraging to note that some companies produce a separate employees report. Employees and their representatives require information on business performance for two principal reasons: • wage and salary negotiation • assessment of current and forward opportunity in terms of employment They would be interested in both the current financial stability and the longer-term financial viability of the business. They need information in a clear, simple and understandable form. I have seen some employee reports which include a value added approach rather than a profit and loss account view of performance. Lenders This is often referred to as the loan creditor...
Words: 613 - Pages: 3
...10/30/12 strategic management Lexicon Home About Us strategic management See Also strategy novelty organizational dynamics strategic planning exploration exploitation strategic management methodology strategic management framework strategic management activities good-to-great strategic intent management leadership strategic management competency strategic control organizational theory environment Definition See environment for the interpretive perspective of the organization and its strategic management implications. Strategic management is about charting how to achieve a company's objectives, and adjusting the direction and methods to take advantage of changing circumstances (Faulkner and Campbell, 2003, 3). ""The field of strategic management deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments."" (Nag, Hambrick, and Chen, 2007, 944) Inductive Derivation of a Consensus Definition of the Field -Representative definitionsnew -- espoused by four sets of boundary spanning scholars base on their adjacent field (Nag, Hambrick, and Chen, 2007, 946, Table 4) -Economics -The strategic management field is-positively-the scientific study of the plans that firms build and implement in order to achieve and maintain competitive advantage, andnormatively-the attempt to identify optimal plans for achieving and maintaining competitive...
Words: 3648 - Pages: 15
...rather than become employees. Several questions are given consideration such as who are those who become successful and when does realization strike them that they really are one? But it seems like there is a bigger question being imposed here and that is, “Why do some succeed and some fail?”. What do these emerged businesses do that affect their fate in their chosen path? The answer is strategy. Strategy as defined by Helmuth von Moltke is ‘’applied common sense and cannot be taught”. He explains that strategy is about going beyond what you learn in school which is basically just about the common culture. There is no definite formula. Strategies are not only planned but can also be unexpected. In the business world, there are unexpected circumstances that come up that can be adapted into the existing strategy. It is important for a strategist to be able to see these opportunities that is usually otherwise buried under normal existing conditions and not visible to the eye of a normal human being. They must be able to recognize the patterns that emerges from opportunities. Although strategies should not always be deliberate, there are guidelines that a strategist may follow. Kenichi Ohmae explains that it is important for a businessman to be creative, have endurance and have good intuition. As explained previously, it is important that he/she must be attuned to the external environment and be aware of how it could affect your company and how it could affect the society. Aside...
Words: 969 - Pages: 4
...CHAPTER SEVEN STRATEGY FORMULATION: CORPORATE STRATEGY True/False 1. Corporate strategy deals primarily with the choice of direction for the firm as a whole and the management of its business or product portfolio. Answer: T (pp.164-165) 2. Corporate parenting is the coordination of cash flow among units. Answer: F (p.165) 3. The most widely pursued corporate directional strategies are those designed to achieve growth. Answer: T (pp.165-166) 4. A merger is a transaction involving two or more corporations in which stock is exchanged, but from which only one corporation survives. Answer: T (p.166) 5. A strategic alliance is a partnership of two or more corporations or business units to achieve strategically significant objectives that are mutually beneficial. Answer: T (p.166) 6. The two basic growth strategies are concentration and strategic alliances. Answer: F (p.166) 7. Vertical integration is going backward on an industry’s value chain. Answer: F (p.167) 8. Vertical integration is the degree to which a firm operates vertically in multiple locations on an industry’s value chain from extracting raw materials to manufacturing to retailing. Answer: T (p.167) 9. Forward integration is often more profitable than backward integration. Answer: F (p.167) 10. BP Amoco and Royal Dutch Shell are examples of fully integrated firms because they internally make 100% of their key supplies and completely control their distributors...
Words: 6682 - Pages: 27
...questions asked. In regard to business, the primary question is how the two companies can establish and maintain a competitive advantage through their business strategies. Other questions included the measurement guidelines of each company and how they used their strategic planning. Finally, the question of how each company measures their effectiveness and how they plan to apply that to their success. The Coca-Cola product was first sold in the 1800s by John Pemberton, a pharmacist from Atlanta. Pepsi Cola was introduce in 1898 and sold to the public in 1902, by Caleb Bradham, a pharmacist from North Carolina. The competitive advantage, which both Coca-Cola and Pepsi both have is global recognition; internal and external operations are recognized worldwide. Reach will discuss the mentioned topics in regard to each of these companies. Competitive Advantages Coca-Cola and Pepsi-Cola have been successful companies for years. Consumers have their preference on one brand over the other. Both products are identical in appearance; however, the taste of each of the products varies significantly. Consumers over the world have their equal preference on beverage but both Coca-Cola and Pepsi are equally recognized on a global scale. Each of the companies has received recognition for their different strategies in relation to...
Words: 878 - Pages: 4
...globalization is the rapid integration of production and financial markets over the last decade; that is, trade and investment are the prime driving forces behind globalization. Foreign direct investment (FDI) has been one of the core features of globalization and the world economy over the past two decades. It has grown at an unprecedented pace for more than a decade, with only a slight interruption during the recession of the early 1990s. More firms in more industries from more countries are expanding abroad through direct investment than ever before, and virtually all economies now compete to attract multinational enterprises (MNEs). This trend has been driven by the complex interaction of technological change, evolving corporate strategies towards a more global focus and major policy reform in individual countries. The past two decades have witnessed an unparalleled opening and modernization of economies in all regions, encompassing deregulation, de-mono-polization, privatization and private participation in the provision of infrastructure, and the reduction and simplification of tariffs. An integral part of this process has been...
Words: 4093 - Pages: 17
...The Last Rajah: Ratan Tata and Tata’s Global Expansion Name: Student Id: Lecturer Unit Name: International Management Unit Code: BUS323 Table Of Content 1.0 Source of Problem 2.0 Secondary Problems • Short Term: 2.1 Recession 2.2 Human Resource and Organisational Culture 2.3 Union Strike and Rebels • Long Term: 2.4 Corus Company Debt 2.5 Jaguar and Land Rover Take over 2.6 Chairman Replacement 3.0 Analysis • 3.1 The Economy and Tata Group • 3.2 Loss of Control Within Tata 4.0 Criteria Of Evaluation: Goals (Objectives/Performance Targets/KPI’s/Decision Criteria and Their Time Frames. 5.0 Alternatives • Short Term • Long Term 6.0 Recommended Strategy • Short Term • Long Term 7.0 Justification of Recommendations 8.0 Implementation, Control & Follow Up 9.0 Bibliography 1.0 Source of Problem The case study reviews the global expansion and progress of the Tata Groups of Companies under the leadership and vision of Ratan N. Tatan. Over the years, there were several challenges the Tata Company faced in order to expand globally and to be able to achieve global top status. The slowing down of the economy in Asia, as mentioned in the article would be one of Tata company key challenges. Secondly, a fundamental problem would be the continuity of Tata Group in recruiting new talents capable of retaining the Tata group value system and ethical standards as the company grows and becomes...
Words: 2040 - Pages: 9
