Strategy is a long term plan to achieve a particular goal — Wikipedia.
Every company needs a Strategy in place to make sure that they survive threats from their competitors, shield themselves from economic crisis. For example some US Car makers knew the dependence of their automobiles on oil, they still went on with usual course of manufacturing huge cars and trucks. Only to realize that there is no future for their automobiles. Toyota & Honda were smart enough to explore alternate ways of reducing dependency. The US car makers either failed to strategize or implement the strategy they had drawn up. Other example is demise of walkman’s, CD Players. Only Apple stands out of the rest of the crowd who started these products. Though Sony started the revolution it did not innovate enough to stand out as a leader.
Every Organization should think on following lines
- What should we do to make sure we stand ahead of the curve. In short Where are we going
- How will we get there and track if the strategy we designed is being implemented.
Listed below are some of the high level steps for developing and implementing a strategy
Please follow this post for detailed steps
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