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Thursday, August 16, 2012

Essential Idea To Success - Strategizing


by Arthelo Palma


Essential Idea To Success
God gives us freedom to help us improve our lives. One essential component of a highly improved and productive life is one with a strategy, as God created and designed us to be visionary.

Strategy is how an individual or firm aims to realize its mission and vision. It answers specific question regarding how an individual or organization will achieve its vision. In the management function, strategizing is an important component of planning. Planning in general is about strategy formulation. Therefore, strategy plays a significant function in planning. Porter for instance specified three generic strategies: overall cost leadership, product differentiation and focus. These strategies are important actions in order to be a cut above the other or achieve certain competitive edge.

Strategy is definitely different from mission and vision, and goals and objectives as it requires strategic inputs. These inputs could be in a form of internal characteristics of the organization and the external market conditions for instance. SWOT analysis, PESTEL, and value chain are internal and external analysis tools. These tools could help an individual or organization generate significant information about its strategic input and formulation of strategy.

Classroom-style training for instance is a remarkable strategy of an organization under knowledge-proficiency program of the human resource. This strategy is generated due to careful consideration of a strategic input such as understanding the company’s strengths, weaknesses, opportunities and threats. Classroom-style training may be the strategic outcome as a result of understanding the company’s both internal and external environment in response to how it would achieve its goals or objectives in line with its mission and vision statements.

In personal application, an individual after formulating mission and vision statements should create a strategy in order to realize them. Mission and vision should not only remain as statements, but must come into implementation and a good start of doing it is to engage strategy formulation in the actual planning process. MORE ARTICLES HERE>>

Source

Carpenter, M., Bauer, T., & Erdogan, B. (2009). Principles of Management. Irvington, NY: Flat World Knowledge.

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