The problem of determining competitive strategy of a firm is that of finding the right product-market-sales approach combination for effective accomplishment of its objectives in each field of endeavour specified in the organisation mission and deriving associated goals in the various functional areas of the business. The choice of a particular strategy is possibly the most critical in the competitive [...]
Some frequently asked exam questions on strategy identification are as follows: Q.1. Identify the most important pitfalls that ought to be avoided in starting and doing strategic planning. Ans. The issues in a corporate strategic planning involve judgments, values, passions, and perceived consequences. So, irrationality cannot be avoided. Major pitfalls that should be avoided in starting and doing the strategic [...]
In this article we will discuss about:- 1. Meaning of Situation Audit 2. Process of Situation Audit 3. Fundamental Purposes 4. Description of Contents. Meaning of Situation Audit: Strategic planning is the process of making current risk-taking decision with the best possible knowledge of the future consequences and situations. It thus requires sensing of expectations and needs, creating awareness throughout [...]