Strategic planning is the process of formulating, implementing and evaluating strategies to support the cross functional decision of the company. In today’s world, everything is changing with unexpected speed. Competition,Innovation,polices,environment,technology and human resource are some major concerns of the company.
Companies follow the traditional ad-hoc,forecasting methods to compete in the market will not work for long [...]
Competitive profile matrix is an essential strategic management tool to compare the firm with the major players of the industry. Competitive profile matrix show the clear picture to the firm about their strong points and weak points relative to their competitors. The CPM score is measured on basis of critical success factors, each factor is [...]
The EFE matrix is the strategic tool used to evaluate firm existing strategies, EFE matrix can be defined as the strategic tool to evaluate external environment or macro environment of the firm include economic, social, technological, government, political, legal and competitive information.
The EFE matrix is similar to IFE matrix the only difference is that IFE [...]
Porter five forces model, developed by Michael E.Porter of Harvard University in 1979, holds the purpose to analyze the industry in order to determine the level of intensity regarding the competition and attractiveness of the industry. The attractiveness of an industry is measured in terms of profit; more profitability means a more attractive industry and [...]
IFE (Internal factor evaluation) matrix is one of the best strategic tool for internal audit of the company. IFE is use for internal audit of functional area of business such as finance, marketing,IT, operations,accounts and others depend upon the nature of business and its size.
Before going into details there are some important terms in IFE matrix. I [...]
Mission statement in business language is the statement of purpose for the business. It can also defined as the reason of existence for the business. Mission statement can be defined at corporate and business level, mission statement for corporate representing the entire umbrella of business units whereas mission statement at business unit level specifically define [...]
Strategic management consist of three stages are formulation, implementation and evaluation of strategies. Each stage based upon set of activities performed by the individual working in the organization.
Strategy Formulation
Strategy formulation is the first stage of strategic management, this stage includes developing vision and mission statement, identifying external opportunities and threats, evaluating company internal strengths and [...]
Strategic Management Definition
Strategic management is the art and science of formulating,implementing and evaluating cross function decision that enable to business to achieve its objectives. Strategic management can also be defined as the formal process for defining company vision & mission, assess internal & external environment. formulate strategies under resource constraints, implement strategies,evaluate the strategies implementation [...]
Strategy is the business term, define as the way to achieve the objectives. Objectives are derived for business mission statement, strategy is the path which lead toward achieving it. Strategy made by strategists for long term success of the business, without formal strategy its fair to say big giants can’t survive.
How Strategy is made?
As discussed [...]