This article throws light upon the eight steps in strategy formulation in management. The steps are: 1. Setting Basic Objectives 2. Identify Opportunities and Risks 3. Evaluating Alternative Resource 4. Formulating Alternative Strategies 5. Evaluating these Alternatives 6. Establishing Basic Strategy 7. Implementing Strategy 8. Evaluating Strategy. Step # 1. Setting Basic Objectives: The firm initially sets provisional objectives. The [...]
This article throws light upon the eight important factors of departmentation that affect span of management. The factors are: 1. Competence 2. Physical Dispersion 3. Non Supervisory Work 4. Required Interaction 5. Standardised Procedures 6. Similarity of Tasks 7. Frequency of New Problems 8. Preferences. Factor # 1. Competence: Prima facie, the more competent the manager and his (her) subordinates, [...]
After reading this article you will learn about:- 1. Introduction to Strategic Planning and Management 2. Definition and Importance of Strategy 3. Meaning of Strategic Planning 4. Focus of Strategic Planning 5. Strategy Formulation 6. Levels of Strategy 7. Strategy Implementation 8. Steps in the Strategic Planning Process 9. Strategic Management. Contents: Introduction to Strategic Planning and Management Definition and [...]