Strategy is one of the most important factors of running a business without a plan or a strategy in mind the business cant do anything through which it will gain something. People have different opinions of the word strategy. Mintzberg thinks its a pattern in a stream of decisions while Chandler says that it is the determination of the long run objectives of an enterprise. In strategy basically there are three levels out of which one is the corporate level in which decisions are the most important over here out of which most important is the decision taken by the head of the business which is the resulting scope and idea of the business.
The second is the business level in which it is seen how the individual business units compete in the market. These decisions are taken by the managers like the marketing manager.
And the last is the operational level where day to day decisions are made.
There are two types of strategies firstly the one which are planned to achieve the future goals of the organisation which are called deliberate strategies. While some of the other strategies are made automatically they are not made intentionally they are called emergent strategy.
Another important thing we came across in our lecture is the SWOT ANALYSIS.
Understanding the method of the swot analysis is quite simple it is simply taking information from the environmental analysis and separate it into strength and weaknesses and opportunity and threats.
In the swot analysis comes the strengths, weaknesses, opportunities and threats. All of these are the main parts of a swot analysis without them it can not be performed.
The usefulness of swot analysis is not limited to profit seeking organisations. It can be used in any decision making area. Examples include non profit organisations, government units and individuals.
Like for my own opinion Samsung for example can not focus on smart phones as they have diversified into many products. According to me Samsung has the most chance to grow in the Asian market they having a lot of demand over there mostly for there cell phones.Samsung no matter how high or low they set their profit margin the competitors will follow Samsung.
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