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What are the areas of strategy?

What are the areas of strategy?

The basic strategic variables for consideration as you make a plan for the future are products, services, customers, markets, finances, people, technology, and production capability. These are the areas of your business that you may continue as before or change, depending on your strategic goals.

Where business strategy takes place?

Strategic planning can occur at different levels (corporate, business, and functional) in an organization. The number of levels may vary. However, if a company has multiple planning levels, the plans must be consistent, and all must help achieve the overall goals of the corporation.

Where does strategy come from?

The term “strategy” is derived indirectly from the Classic and Byzantine (330 A.D.) Greek “strategos,” which means “general.” While the term is credited to the Greeks, no Greek ever used the word.

Where does strategic planning begin?

The beginning phases of strategic planning focus on research and discussions. The decisions you make during strategic planning aren’t based on assumptions; they’re based on research and information you’ve gathered while talking with your employees and people outside of your company.

What are the core areas of strategy?

The study of corporate strategy cannot be simply defined due to its complex nature which according to Lynch (2006, pp 13) incorporates three core areas. These are strategic analysis, strategy development and strategy implementation.

Who controls strategic direction of the company?

Strategic Control – Three Groups of Personnel Actively Involved: Board of Directors, Chief Executives and Role of Other Managers.

Who sets strategy in a company?

And the companies that those executives work for are often the most successful in their industry. If your company has no strategy, who should determine what it is? Some might say this is a no-brainer question. Clearly the leader, the CEO, is the one who must set strategy.

What exactly is a strategy?

Strategy generally involves, setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. A strategy describes how the ends (goals) will be achieved by the means (resources). It involves activities such as strategic planning and strategic thinking.

Is strategy proactive or reactive?

Proactive strategies are those strategies that are used by companies to anticipate challenges, threats and opportunities in the market, while reactive strategies are those that are used by companies to deal with an unforeseen situation after it has taken place.

How do you develop a strategy?

Strategy Development Techniques and Best Practices

  1. Understand the current position.
  2. Reflect on how you got there.
  3. Be clear about your corporate identity (mission, vision and values)
  4. Analyse your strengths and weaknesses.
  5. Analyse the business environment.
  6. Identify and evaluate strategic options.
  7. Set objectives.

How do you formulate a strategy?

10 steps in strategy formulation

  1. 1) Write a Vision Statement.
  2. 2) Mission Statement.
  3. 3) Define the company profile.
  4. 4) Study the External environment.
  5. 6) Deciding the actions for accomplishing the mission of the organization.
  6. 7) Selecting long term strategies which will be most effective.

Where does the word strategy come from in business?

At first, the word was used in terms of Military Science to mean what a manager does to offset actual or potential actions of competitors. The word is still being used in the same sense, though by few only. Originally, the word was derived from Greek ‘Strategos’, which means generalship. The word strategy, therefore, means the art of the general.

What is the connection between structure and strategy?

Strategy follows structure, structure supports strategy The Connection between Strategy and Structure Structure is not simply an organization chart. Structure is all the people, positions, procedures, processes, culture, technology and related elements that comprise the organization.

Why is there no definitive answer about what strategy really is?

Yet, there is no definitive answer about what strategy really is. One reason for this is that people think about strategy in different ways. For instance, some people believe that you must analyze the present carefully, anticipate changes in your market or industry, and, from this, plan how you’ll succeed in the future.

Which is the sum of structure and strategy?

Strategy is the Structure The sum total of how an organization goes about its work is its strategy. Structure and strategy are married to each other. When a company makes major changes, it must carefully think out every aspect of the structure required to support the strategy.