Business strategy may be defined as the means by which a business sets out to realize their desired objectives and to grow and make it realize profits. It may also be described as the long term plan for the business. A good strategy should cover a period of three to five years after which it is reviewed. The main reason for reviewing the strategy is because of the need to set other objectives after realizing the initial set objectives.
Two important things to know before setting out to create an effective strategy include the following. Firstly is to understand and identify the challenges being faced by the company. Secondly is anticipating the future of the company. This is because a good strategy must be able to address the challenges being faced by the company and also enabling the company to reach its desired future.
The first step therefore is to identify and understand the real problem the company is facing. For instance, if the company is recording weak sale, it is important to identify the weak sale as the problem and then find reasons why the company is recording those weak sales. The poor sales may just act as a symptom to indicate the existence of some more fundamental problems facing the company.
The why question should be asked until appoint where there is no further answer to the question as to why. For instance, the problem at the face of the company may be recording weak sales. The problem on the real sense may even be with the differentiation and value of the products.
The solution must also be one which can easily be implemented. The first solution should be a general one which seeks to address the problem in general. For instance in a situation where the problem at the face of it is recording poor sales while the fundamental problem is as a result of the value of the products and the resemblance with other products.
After establishing the general action, specific actions are then established like in regard to marketing so and even redesigning the goods to make them attractive. What is important to note is that all other specific strategies must be able to move the company forward in order for it to realize its objectives.
If the main action is in regard to creating differentiation and adding value, some of the specific actions may include surveying what the customers are likely to need, creating a department in charge of research and development, and also rebranding the product to give it a new look.
Of importance to note is that there should be no contradiction between the general solution and the specific solutions. All of them must seek to achieve the same results at the end which is to improve on the value of the products to the customers, effectively communicating the improvement of the products, which is effective marketing as well as enabling the growth of the company in general. These are some of the things any company wishing to come up with a good business strategy which is workable.
Two important things to know before setting out to create an effective strategy include the following. Firstly is to understand and identify the challenges being faced by the company. Secondly is anticipating the future of the company. This is because a good strategy must be able to address the challenges being faced by the company and also enabling the company to reach its desired future.
The first step therefore is to identify and understand the real problem the company is facing. For instance, if the company is recording weak sale, it is important to identify the weak sale as the problem and then find reasons why the company is recording those weak sales. The poor sales may just act as a symptom to indicate the existence of some more fundamental problems facing the company.
The why question should be asked until appoint where there is no further answer to the question as to why. For instance, the problem at the face of the company may be recording weak sales. The problem on the real sense may even be with the differentiation and value of the products.
The solution must also be one which can easily be implemented. The first solution should be a general one which seeks to address the problem in general. For instance in a situation where the problem at the face of it is recording poor sales while the fundamental problem is as a result of the value of the products and the resemblance with other products.
After establishing the general action, specific actions are then established like in regard to marketing so and even redesigning the goods to make them attractive. What is important to note is that all other specific strategies must be able to move the company forward in order for it to realize its objectives.
If the main action is in regard to creating differentiation and adding value, some of the specific actions may include surveying what the customers are likely to need, creating a department in charge of research and development, and also rebranding the product to give it a new look.
Of importance to note is that there should be no contradiction between the general solution and the specific solutions. All of them must seek to achieve the same results at the end which is to improve on the value of the products to the customers, effectively communicating the improvement of the products, which is effective marketing as well as enabling the growth of the company in general. These are some of the things any company wishing to come up with a good business strategy which is workable.
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