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Duro and Standstrom have mentioned about 10 principles of strategy, which are drawn from the military rule or warfare, but are equally applicable to business. These are given in the following: Set a goal and stick to it. Maintain good morale (good leadership is aprecondition for this). Accumulate forces. Act aggressively. Aim for surprise. Make […]
Lack of Strategic Management in companies leads to many problems. Some companies do not undertake strategic planning and management. Some other companies do strategic planning, but receive no support from managers and employees. In some other cases, managers and employees do not get enough support from the top management. A number of such and other […]
The competitive strategy of a commercial firm is its long term competitive position, such as of being a low-cost player or a differentiator, which the firm adopts. A firm’s strategy is the set of activities it engages in as part of its long-term competitive goals. Strategies lead to operational goals and to tactics that the […]
Strategy evaluation can also be a sensitive process because of the human factor involved. Too much or too rigorous evaluation and control may be expensive and, sometimes counterproductive also—authority and flexibility may be challenged, minimized or even eliminated. Too little or no evaluation may create the opposite effect—lack of responsibility and accountability. In some companies, […]
Corporate turnaround may be defined as organizational recovery from business decline or crisis. Business decline for a company means continuous fall in turnover or revenue, eroding profit, or accrual or accumulation of losses. So, business or organizational decline, like business performance, is understood in relative terms, that are, compared with the past. But, some strategy […]
The word ‘strategy’ comes from Greek strategies, which refers to a military general and combines stratus (the army) and ago (to lead). The concept and practice of strategy and planning started in the military, and, over time, it entered business and management. The key or common objective of both business strategy and military strategy is […]
Strategic planning process involves allocation of resources to firms to fulfill their long-term goals. Any business plan can be classified into the following three types. Strategic planning This planning process is the best among the three business planning processes. It is a long-term process that the business owners utilize to unveil their business’ vision […]