We know that Strategic planning is required in any field. But what are the basics of a strategy.
Defining Strategy -
Strategy is direction or scope of an organization over the long term which achieves advantage for the organization through its configuration of resources within a challenging environment to meet the needs of the markets and fulfill stake holders expectations.
Direction - Where is the business trying to get in the long term
Scope - Which markets should the business compete in. What activities can be done in those markets.
Advantage - How can the business perform better than the competitors in those markets.
Resources - What are the skills, finances, contacts, technical competencies required to compete.
Environment- What are the external factors affecting the business ability
Stakeholders - What are the values and expectations of those who are in or around the business.
Lets keep Chiwda as the product and the objective is to launch it in multiplexes.
Lets break it into 10 easy steps.
1. Setting Direction.
2. Concentrating Resources
3. Maintaining Consistency
4. Retaining Flexibility
5. Setting and Executing Tasks
6. Options
7. Actions
8. Monitoring and Control
9. Monitor and modify
10. Long term is Strategy (War) and Short Term are the tactics. (Battle).
Ok. I agree that these are not 10 easy steps but 10 crucial steps of strategy.
I will elaborate on them in part 2.
Do comment on this post.
(The frame work for the definition was from tutor2u.net)
By Ninad Tatke.
Defining Strategy -
Strategy is direction or scope of an organization over the long term which achieves advantage for the organization through its configuration of resources within a challenging environment to meet the needs of the markets and fulfill stake holders expectations.
Direction - Where is the business trying to get in the long term
Scope - Which markets should the business compete in. What activities can be done in those markets.
Advantage - How can the business perform better than the competitors in those markets.
Resources - What are the skills, finances, contacts, technical competencies required to compete.
Environment- What are the external factors affecting the business ability
Stakeholders - What are the values and expectations of those who are in or around the business.
Lets keep Chiwda as the product and the objective is to launch it in multiplexes.
Lets break it into 10 easy steps.
1. Setting Direction.
2. Concentrating Resources
3. Maintaining Consistency
4. Retaining Flexibility
5. Setting and Executing Tasks
6. Options
7. Actions
8. Monitoring and Control
9. Monitor and modify
10. Long term is Strategy (War) and Short Term are the tactics. (Battle).
Ok. I agree that these are not 10 easy steps but 10 crucial steps of strategy.
I will elaborate on them in part 2.
Do comment on this post.
(The frame work for the definition was from tutor2u.net)
By Ninad Tatke.
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