Important Startegy in Business

What Is Strategy And Why Important In Business?

“Without strategy organization like ship without a rudder.”

(Joel Ross And Michael Kami )

The answer to the following question is a company’s useful strategy.

1). What’s the company’s present  situation ?

2). Where does the company need go from here ?

3). How should it get there ?

Management’s action plan to

1. Grow the business
2. Attract and please customer
3. Compete successfully
4. Conduct operations
5. Achieve target levels of organizational performance   

Strategic Management and Planning Process Sample

• figure strategic planning process

The strategic management process consist of five component as shown in above figure.

1). Selection of the mission and goals

2). Analysis of the organization’s external competitive environment to identify opportunities and threats.

3). It’s always important to analyze organization’s internal operational process to identify strengths and weakness.

4). (Strategic formulation) Select the ways or strategies to build on the organization’s strengths and correct the weakness in order to take advantage of external opportunities and counter external threats.

5). The last point is to implement those selected ways and strategies to reach your mission and goal.

Comment       :

After I read the topic one in the first chapter, so I know what is strategy and why is important in the business, the topic very help me to understand the meaning a strategy and the important strategy for a business “ without strategy a business organization is like a ship without rather “

Because if we don’t have a strategy we can’t know what must we do in the business and the goal very difficult to be achieved.

In the business we must have planning to grow the business , in this topic we are know too , what management action plan to and we learn that the strategic management process consist of five component , so the topic is very exemplary. ^_^