Strategy In Strategy Formulation

2330 Words10 Pages
Changing Contemporary economy, competitive structure, technological innovations, and global economic environment - anticipation of such determines the competitive edge of a modern management in the Contemporary working scenario. Remaining competitive with the industry peers needs an extensive, innovative but yet effective strategy that gives a equilibrium for the management to adapt in the context from expansions to elevations. Management has always been subjected to enormous competitive strain and commonly perceived by a solution called Strategy Formulation. Innovative Strategy formulation in India under global market context can be witnessed through The Make in India – a new National Program which seeks to foster management of the biggest…show more content…
Assessment of values, operations, philosophies, cultures, objectives – Every corporate running in this world are set on the basis of certain values and systems, they would like to align with. For effective efficient strategy the organizations values must not be contrary to the strategy formulated and must go along with each other. There must be a proper assessment of the personal values of the organization and the interrelationship of the organizations philosophy of operations, cultures, stakeholders must be properly scrutinized and must be taken into proper consideration of the strategy. Attention must be paid to the key component of the strategy statement is the objective setting, as strategies are the medium to configure the objectives set by the organizations. Fixation of the objectives are one of the important dimensions of strategy formulation. In a wider sense objectives are the mediums of strategy formulations. 2. Mission, vision concepts- Core ideology of the organization expresses the purposes in which the organization is set to determine the thought process it will work with. It consists of the values and purposes of the organizations, it helps in establishing the boundaries of the activities and raises the areas of control and…show more content…
The factors of entrepreneurial conglomerate, innovation has led ultimate steps in the concepts of strategy formulation involving various challenges of the dimensions such as organizations operating policy, culture, values, members, core purposes, vision , mission, major lines of business. The transformation of the policy into actual working thought that is the implementation and execution is termed out to be one of the biggest challenges. Usually the strategy formulation can be reward fetching through commitment, willingness to change, internal power structure and understanding the priorities. The Make in INDIA the new national program can be taken as one of the innovative strategies to bring in investments in INDIA. Strategy formulation provides a base for corporate in this cut throat competitive world and to fill in the degree of gap that persists between the reality and the objectives of the
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