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Strategic Management - Strategy Formulation

Introduction of Strategic Alternatives & Choice of Strategy

   Posted On :  26.06.2018 03:31 am

Most companies today including most successful Indian companies like Bajaj Auto, Reliance and ITC have embraced strategic planning fully in their quest for higher revenues and profits.

Introduction
 
Most companies today including most successful Indian companies like Bajaj Auto, Reliance and ITC have embraced strategic planning fully in their quest for higher revenues and profits. In this process, there identify multiple strategies that they can adopt.
 
Strategic alternatives revolve around the question of whether to continue or change the business an enterprise is currently in or improve the efficiency and effectiveness of its current and future operations. Then, how do these companies make the choices? What factors influence their decisions?
 
Kent Nelson, former chair of UPS, explains why his company has created a new strategic planning department: “Because we’re making bigger bets on investment in technology, we can’t afford to spend a whole lot of money in one direction and then find out five years later it was the wrong direction”.
 
Tomorrow always arrives. It is always different. And even the mightiest company is in trouble if it has not worked on the future. Being surprised by what happens is a risk that even the largest and richest company cannot afford, and even the smallest business need not run. Peter Drucker DRUCKER 
Tags : Strategic Management - Strategy Formulation
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