Strategy - Every company need one!
Strategy is a well defined roadmap of an organization. It defines the overall mission, vision and direction of an organization. The objective of a strategy is to maximize an organization’s strengths and to minimize the strengths of the competitors.
Strategy, in short, bridges the gap between “where we are” and “where we want to be”.
Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to a changing environment.
It is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organization is, who it serves, what it does, and why it does it, with a focus on the future.
Effective strategic planning articulates not only where an organization is going and the actions needed to make progress, but also how it will know if it is successful.
A strategic plan is a document used to communicate with the organization the organizations goals, the actions needed to achieve those goals and all of the other critical elements developed during the planning exercise.
Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization.
An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry.
Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take right decisions.
They should conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats), i.e., they should make best possible utilization of strengths, minimize the organizational weaknesses, make use of arising opportunities from the business environment and shouldn’t ignore the threats.
Vision & Mission
It has been found in studies that organizations that have lucid, coherent, and meaningful vision and mission statements return more than double the numbers in shareholder benefits when compared to the organizations that do not have vision and mission statements. Indeed, the importance of vision and mission statements is such that it is the first thing that is discussed in management textbooks on strategy.
Above everything else, vision and mission statements provide unanimity of purpose to organizations and imbue the employees with a sense of belonging and identity. Indeed, vision and mission statements are embodiments of organizational identity and carry the organizations creed and motto. For this purpose, they are also called as statements of creed.
It is for this reason that organizations spend a lot of time in defining their vision and mission statements and ensure that they come up with the statements that provide meaning instead of being mere sentences that are devoid of any meaning.
Your strategy needs a strategy.
Is it possible to look ahead without stumbling over what’s in front of you? All too often companies spend precious time laying out long term strategic plans, only to discover that their maps are out of date in a month. Business strategy expert Martin Reeves offers a solution. He advocates transitioning from relying on a single "classical" approach to strategy and moving towards a more tailored approach to strategy and execution, selecting from 5 distinct patterns of success.
Good Strategy/Bad Strategy.
Developing and implementing a strategy is the central task of any leader. Richard Rumelt shows that there has been a growing and unfortunate tendency to equate motherhood and apple-pie values and fluffy packages of buzzwords with "strategy."
Strategic Management Theories and Practices.
Strategic Management Theories and Practice
This presentation covers definitions and theories in Strategic Management, corporate examples of practice, tools for effective implementation, and resources for the advancement of Strategic Management in organizations.