This website uses cookies to ensure you have the best experience. Learn more

Strategy Formation And Management Essay

4884 words - 20 pages

We are all blind people and strategy formulation is our elephant. Since no one has had the vision to see the entire beast everyone has grabbed hold of some part or the other and “railed on in utter ignorance” about the rest

Course Title: Bachelor in business studies

Module : MGT 330

Module title: Business Strategy

Submitted to : Mr Mervyn Sookun

Submitted by : Madan Gupta
Student Id no: 860199.

...view middle of the document...

Thus, it is equally important to brief the context on which the statement is based.
The authors have included a fable “THE BLIND MEN AND THE ELEPHANT” in the text which tries to show the actors’ perspective of thinking about an object. In the fable, various blind persons have to describe about an elephant by feeling it in some sense. As the persons are blind and the elephant, a big creature in compare to a human being so each person can feel about only some parts of the elephant thus resulting in describing the elephant highlighting the particular part of the elephant. The most interesting thing is the description made by each blind person. As the blind persons are describing the elephant in the context of their feeling only not covering the whole so it is felt that none is wrong in the description. However, we can say no one is complete too. Moreover, the description of the elephant is not just what they all feel but a lot when we have to describe as a whole.
The author tries to highlight the importance of business strategy and its formulation by comparing with the beast, the elephant. In business, we agree that we work in team of members having different level of knowledge, experience, capacity, thinking perspective, level of realization and so on. Thus, it is obvious that the members think about the business organization and its plan, implementation, achievement etc. depending on each member’s quality as a whole. By, this we can say that the strategy formulation about any organization is different based on different perspectives. Thus, the statement highlights the importance of Strategic management, a uniform tool to be seen, thought, followed and realized by all the members of the team in the organization responsible for sailing the business in a direction with constant increase in the achievement made and reaching the ultimate goal of the business.

When we say strategy we think it is just the way of making plans that defeats the enemies plan but it is not limited to that. What is strategy then? Strategy basically deals with three basic questions and it applies to get the answer of these questions. The three questions are 'where are we today?', 'where we want to go in future?', and 'how we can go there?'. Strategy basically makes a bridge among these questions. Initially, strategy is related with or derives form the military vocabulary as term or tool. Chandler, A.D. (1962). The word strategy can be defined as “Those decisions which have high medium – term to long – term impact on the activities of the organization, including the implementation of those decisions, to create value for customers and key stakeholders and to outperform competitors.” (Hubbard, G, 2000).

Porter redefined strategy in an article in Harvard Business Review entitled “ what is strategy? Porter, M. (1996). He argued that a lot of what is currently called ‘strategy’ (by which he mean business strategy or corporate strategy) is only operational...

Other Papers Like Strategy Formation and Management

Reread the Management Focus on Procter & Gamble, and Then Answer the Following: What Strategy Was Procter & Gamble Pursuing When It First Entered Foreign Markets in the Period Up Until the 1980s? Why...

686 words - 3 pages production concentrating that in some larger facilities; towards trying building the global brands (it then eliminates the marketing difference among countries making that easier to launch the newer products). Procter & Gamble have been investing more in the Innovation Processes. Development of technology and many more for improving brand, product, design as well as function. Procter & Gamble uses posters strategy that simplifies its plans for the

Strategic Management Essay

1308 words - 6 pages concepts. Therefore, strategy can be conceived as a means to or plan for achieving goals and goals can be thought of as one element involved in a strategy process, whether the process is defined as rational, emergent or symbolic. The difference lies in whether the focus is on designing organisational outcomes or on the process, by which goals are ser and realized, says Hatch, M. (1997:120) In an age when management gurus are both lauded by the

Business Strategy

1949 words - 8 pages competitive advantage and improve organisational performance. There are two major and opposing viewpoints on strategic planning and management: The market based view (MBV) or outside-in perspective, proposes strategy formation based on industry analysis. The focus of MBV is on carving a unique competitive position in the market. Products/services are mapped to distinct segments and offered either on cost/price advantage or differentiation

Linear and the Adaptive Approaches to Stragety Formation

927 words - 4 pages Compare and Contrast the Linear and the Adaptive Approaches to Strategy Formation A strategy is commonly explained as a broad plan developed to take an organization from where it is to where it wants to be. A well-designed strategy will help an organization reach its maximum level of effectiveness in reaching its goals while constantly allowing it to monitor its environment to adapt the strategy as necessary. Strategies are established to set

Southern Company Case Study

1047 words - 5 pages Assignment 4: Southern Company—Case Study Author/Student: Antoine Jean “AJ” Garand Instructor/Professor: Dr. Marie-Line Germain, Ph.D. Course: Talent Management – HRM 532 Date: Sunday, February 26, 2012 Evaluate the effectiveness of the roles that the strategic leaders played in the formation of the performance management strategy. Silzer and Dowell (2010) define Talent Management as “ an integrated set of processes, programs, and


792 words - 4 pages , Weaknesses, Opportunities, and Threats) is one of the most effective ways to determine which type of strategy is most appropriate for your organization. A SWOT statement, sometimes called SWOT analysis, forces management to take an in-depth, honest look at how the organization is presently performing. As a result, the SWOT statement can be a realistic, personalized springboard for appropriately focused strategies in marketing, sales, expansion and other


2268 words - 10 pages valuable, rare and not easily transferred, imitated or replicated. Central to the resource-based theory of strategy is the ideal of core competencies. Core competencies contributed to C.K. Prahalad and Gary Hamel describe the resources an organization had (such as economic and business knowledge), what it does (such as solving problem and project management) and characteristics it needs but may not have (such as innovation and customer focus

Deliberate and Emergent

1456 words - 6 pages environment. It best case scenario, it enables management to act before everything is fully understood. * Deliberate strategies help to manage, to impose intentions on the organization and to provide a sense of direction. * The conclusion is therefore, that strategy formation walks on two feet, one deliberate, and the other emergent. And the relative emphasis on one or the other may shift from time to time, but not the requirement to attend to both sides of this phenomenon

Mgt/311 Week4

1247 words - 5 pages Small teams promote group effectiveness. Cohesiveness and mutual accountability decline, social loafing increases, and more people communicate less. Member Preferences If it is an employee’s choice they will work harder. Individualization will play a role when an employee decides they do not belong in a group. 2. Identify the team formation strategy that is most suitable for Riordan Manufacturing, and provide the rationale for the decision

Mgt/498 Strategic Management

1094 words - 5 pages detailed explanation on how the balancing of strategic management's outward, inward and forward-looking functions would be used to develop a vision and strategies to move forward. The five key facets of strategic management namely, goal setting, strategy analysis, strategy formation, strategy implementation, and strategy monitoring will be introduced in stages. References Concepts in Strategic Management and Business Policy, Ch. 1. Retrieved from The University of Phoenix eBook Collection database. 8/17/2015 12:59 am.

Strategy Management Introduction

1029 words - 5 pages strategically (Brinkerhoff 1991). Strategic management comprises five key facets: goal-setting, analysis, strategy formation, strategy implementation, and strategy monitoring (see Figure 5.1). These are the integral elements that, when applied together, distinguish strategic management from less comprehensive approaches, such as operational management or long-term planning. Strategic management is an iterative, continuous process that involves important

Related Essays

Global Management And Strategy Essay

970 words - 4 pages Global strategy and management Chapter 1: Understanding Global Strategy What is global strategy? Traditional global strategy is treating different countries as one worldwide all global market. Some companies are considering the world as one big country. For example Coke is distributed around the world. But that strategy has backfired repeatedly. For example, the Toyota Camry is the best-selling car in the U.S., but not even top five

Investment Strategy And Portfolio Management Essay

2889 words - 12 pages INVESTMENT STRATEGY AND PORTFOLIO MANAGEMENT Executive Summary Kaplan is a charitable fund established in 2007 to provide an investment vehicle for investors seeking to finance some educational objectives. The aim of the fund is to grow members’ contributions through investment in securities. Investors in Kaplan are yet to start making withdrawals from the fund but are due to begin in June 2012. This report looks at current issues in

Team Strategy And Conflict Management Plan

1467 words - 6 pages for self-managed| | |members. Must learn to delegate |teams. Functionality may lack because of | | |responsibly. |disagreements. | 2. Identify the team formation strategy that is most suitable for Riordan Manufacturing, and provide the rationale for the decision

Every Organisation Has To Prepare For The Abandonment Of Everything It Does"( Peter Drucker). Discuss This Statement In The Context Of Change Management And Strategy

2993 words - 12 pages INTRODUTIONWhat is change management and strategy & why has it become compulsory to be carried out in organisations?Management , in an organisation, is to make things happen within it in order to make it's goals and objectives achievable. Strategies should be implemented , decisions and actions should be taken from time on time so that the an organisation can remain competitive in today's globalized market & economy. Although , many