The appropriate design of a strategy necessitates key features such as information collecting through environmental scanning and the development of long-term planning. This is based on a review of resources as well as an examination of the internal and external environments in which the organization competes. An excellent strategy incorporates the following elements:
Consumers are the foundation of any organization's existence, and once recognized, the company can organize its services to meet their needs. Determining the factors valued by its customers in terms of the company's products, price, serviceability, or meeting the customers' image needs are all steps in defining the organization. End benefits, technology, and target market are all potential for identification. 2. Defining the Strategic Mission
Missions provide a long-term perspective on where the team is heading and a guide as well for carrying out its plans. Elements of the mission should reflect the values of the organization, position it holds in the marketplace, and the vision of where it wants to be in the future (Wheelen, Bamford, Hoffman, & Hunger, 2015).
3. Defining Strategic Objectives
Performance targets enable organizations to realize specific goals including but not limited to; market position about the competition, services and production of goods, and desired market share. Sharing of information among stakeholders influences further success towards attaining the identified objectives.
4. Defining the competitive strategy
Each unit and department within the organization ought to realize where they fit in the marketplace. This allows for each area to be aware of their role and maintaining a competitive position. The industry, competition posed and the company’s internal strengths and weaknesses all help in determining a competitive strategy (Alkhafaji, & Nelson, 2013).
5. Implementation
Strategies are of no help if a proper application plan is not envisioned in the formulation process. Effective tactics need to be used to ensure that the process works successfully and new methods of implementation are uncovered as the process progresses.
6. Progress Evaluation
Continuity in a given strategy is vital to the ongoing success of the company and the formulated strategy. Keeping track of the progress allows the continuous and efficient feedback to enable the translation of the strategy into actionable steps.
References
Alkhafaji, A., & Nelson, R. (2013). Strategic Management (1st ed.). Hoboken: Taylor and Francis.
Wheelen, T., Bamford, C., Hoffman, A., & Hunger, D. (2015). Strategic Management and Business Policy: Globalization, innovation and Sustainability (14th ed.). New York, NY: Pearson.
