STRATEGIC MANAGEMENT
Every firm competing in an industry has a competitive strategy which may be clear and precise or embedded and understood by default. These strategies are either developed through a planning process or they are developed depending on the changing external and internal factors. Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its structure of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations. In other words, strategy is about the direction in which the business is trying to get in the long term. A strategy should help in finding the potential markets in which the business competes and its corresponding activities. It should help in analyzing the resources needed to compete, example : skills, assets , finance , technical know-how etc. Strategies should help in Analyzing the external environmental factors that affects the ability of the business to compete. Finally it should help in analyzing the values and expectations of the stakeholders who have the power in and out of the business.
The organization's strategy must be formulated in such a way that it has a unique distinctiveness which is clearly specified. This distinctiveness must place the organization in the potential market with a strong base . The strategy developed will be successful when it fits into the company's activities and they should balance each other and they should supply the right benefits to the ...