MB601Strategies and their Advantages in Connection with the Corporation’s Goals and

Strategies and their Advantages in Connection with the Corporation’s Goals and Objectives

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The rising market competition among organizations calls for companies to formulate strategies that will help them secure long term successful performance. Strategy refers to key decisions that an organization plans to take to ensure success through focusing on its goals and objectives. The success of any organization depends on how the strategies are formulated and implemented. We discuss these strategies and their advantages in connection with the corporation’s goals and objectives.

Environmental Scanning

Any organization’s environment is classified as internal and external. The environments have to be scanned in order to forecast and determine what influences the organization’s success. Environmental scanning can be defined as possessing and utilization information pertaining market trends, political, competitive and socio-cultural forces and the organization’s internal relationships by the key individuals within the company.

Internal environmental scanning: This involves analyzing factors such as interactions among employees as well as between the employees and the management and also between the management and the shareholders. It also focuses on employee welfare, access to company resources and the organizational structure among others. Internal analysis helps in pointing out the organization’s strengths and weaknesses so as to plan itself well for success (Furrer, 2013).

External environmental scanning: This is a process of carefully monitoring and analyzing the external factors that might affect the operation of the company by use of SWOT analysis. External environmental scanning can be categorized into industry environment, national environment and macro-environment. SWOT analysis helps the company to exploit its external strengths and take full control of its external weaknesses, forecast better strategies and improves its competitiveness.

Strategy Formulation

Strategy can be defined as set of key and well calculated decisions aimed to meet a given set of objectives (Fred, 2016). For corporate and company organization, strategy can refer to ideas, goals, expertise, and thoughts that can help the organization to come-up with a clear plan on how it will meet its objectives, missions and policies. Strategy formulation entails the formulation of long-term plans, to effectively run and manage the company.

Mission: Develop the company’s mission statement that clearly states the method to use in order to achieve the set objectives, philosophy and purpose of the company to reflect its vision.

Objective: Put in place strategies to meet both long-term and short-term objectives, it gives a clear timeline and what results is expected and how to achieve it.

Policies: This states the broad and clear guidelines for decision making process.

Strategy Implementation

This is the process of actualizing the policies and strategies through a well laid down procedures, budget and programs. Lower and middle level managers are mostly tasked with strategy implementation with review of top managers.

Programs: They include the analysis of the need to carry out programs activities, how and when to accomplish the activities.

Budgets: It states the urgency of the program activity, its cost and the implementation cost. All the program activities should be carried out within the planned budget.

Procedures: This explains the step by step means of doing or carrying out the job. It sets out stages of the implementation of the program activities.

Evaluation and Control

This process will evaluate the performance of the company so that it can determine its progress and achievements towards the company’s goals. If it has not achieved its projected goals, the decision makers will carry out corrective measures to adjust the situation. In this stage the company will be able to control and adjusts its actions for the better. This process will stimulate and improve the performance of the company.

Reference

Furrer O., (2013). Business Policy And Corporate Strategy. Vol. 1, pp. 94

Fred N., (2016). Three Forms of Strategy: General, Corporate & Competitive