Approaches to Global Strategy
Approaches to Global Strategy
Tika Riley
Herzing University – New Orleans, LA
Approaches to Global Strategy
When starting a business, one must decide on a number of things from what type of business to how will your products and/or service reach your target customers. There are several types of plans to aid in this decision making process. Two very important plans are Organizational and Strategic planning. Organizational planning deals with the “what” questions in business and more of the day-to-day and month-to-month planning of what your business will be doing. Strategic planning deals with the “why” questions in business. All in All, both Organizational and Strategic planning must be integrated in order to make a business excel. Business owner and managers must not only make decisions but, they must strive to strategize. Strategic planning is what makes a business survive. If a business fails to conduct strategic planning, it is safe to say that they will fail when things get tough. Strategic planning prepares a business for the unexpected such as competition and disruptions. Some types of disruptions are sometimes uncontrollable, such as natural disasters. In cases like that, a business must know what it needs to do to keep people productive, maintain business operations and customer satisfaction. In a period of globalization, managers, consultants, and researchers have all recognized that the study of industries, strategies, and organizations in a global setting needs to be regarded as the norm. To help with these studies, it ultimately requires a strategic management process which can be categorized into 4 phases, the definition phase, translation phases, the building phase and the operating phase. The definition phase involves the selection of a market strategy. The translation phase has to do with general business philosophy. The building phase concentrates on establishing performance measurement systems. Last but not in any way
Tika Riley
Herzing University – New Orleans, LA
Approaches to Global Strategy
When starting a business, one must decide on a number of things from what type of business to how will your products and/or service reach your target customers. There are several types of plans to aid in this decision making process. Two very important plans are Organizational and Strategic planning. Organizational planning deals with the “what” questions in business and more of the day-to-day and month-to-month planning of what your business will be doing. Strategic planning deals with the “why” questions in business. All in All, both Organizational and Strategic planning must be integrated in order to make a business excel. Business owner and managers must not only make decisions but, they must strive to strategize. Strategic planning is what makes a business survive. If a business fails to conduct strategic planning, it is safe to say that they will fail when things get tough. Strategic planning prepares a business for the unexpected such as competition and disruptions. Some types of disruptions are sometimes uncontrollable, such as natural disasters. In cases like that, a business must know what it needs to do to keep people productive, maintain business operations and customer satisfaction. In a period of globalization, managers, consultants, and researchers have all recognized that the study of industries, strategies, and organizations in a global setting needs to be regarded as the norm. To help with these studies, it ultimately requires a strategic management process which can be categorized into 4 phases, the definition phase, translation phases, the building phase and the operating phase. The definition phase involves the selection of a market strategy. The translation phase has to do with general business philosophy. The building phase concentrates on establishing performance measurement systems. Last but not in any way
References: Bruce, R. (1992). The Strategy Process -- Concepts, Context, Case (Book). Long Range Planning, 25(2), 123-124Strategic Management: Formulation, Implementation, and Control, (12th Edition). Vinay Asthana. Abhigyan. 30.3 (October-December 2012) p70. Word Count: 299.Strategic Management: Formulation, Implementation, and Control, (12th Edition), John A Pearce II, Richard B Robinson, and Amita Mital, Tata McGraw Hill Education Private Limited, New Delhi, 2012, Pages 834. This is a From Academic OneFile.