The problem of determining competitive strategy of a firm is that of finding the right product-market-sales approach combination for effective accomplishment of its objectives in each field of endeavour specified in the organisation mission and deriving associated goals in the various functional areas of the business. The choice of a particular strategy is possibly the most critical in the competitive [...]
The following points highlight the three main types of plans that are made to achieve the objectives through the company policies. The plans are:- 1. Strategic Plans 2. Intermediate-Range Plans 3. Short-Range Plans. Type # 1. Strategic Plans : They determine both the major objectives of an organisation and the policies and strategies to achieve those objectives. Strategic plans are [...]
In this article we will discuss about the criteria for selection of business unit managers in a company’s portfolio with the help of BCG matrix. 1. Question Marks: Its primary goal is growth. These businesses require entrepreneurial managers capable of creating new products and developing new markets. For such tasks, individuals with product development, market research, and developmental engineering backgrounds [...]