After reading this article you will learn about:- 1. Corporate Strategy 2. The Planning Process 3. Nature of Organisational Goals 4. Managing Multiple Goals. Corporate Strategy: Organisations Round the world have been experimenting with different ways to organise the way they do business. These organisations are some of the most influential and publicised in the world, and their actions will [...]
This article throws light upon the eight steps in strategy formulation in management. The steps are: 1. Setting Basic Objectives 2. Identify Opportunities and Risks 3. Evaluating Alternative Resource 4. Formulating Alternative Strategies 5. Evaluating these Alternatives 6. Establishing Basic Strategy 7. Implementing Strategy 8. Evaluating Strategy. Step # 1. Setting Basic Objectives: The firm initially sets provisional objectives. The [...]
This article throws light upon the four key benefits of strategic planning process in an organisation. The benefits are: 1. Reaction to Environment 2. Defining Company Mission 3. Formulation of Long Range Objectives 4. The Specification of Programme Policies and Strategies. Benefit # 1. Reaction to Environment: The strategic planning process is invaluable to a company because it forces top [...]