Question

Discuss why it is so important to achieve synergy during the strategy implementation.

Please no hand writing, please make sure you give a unique answer (not copied one).

This question is from Strategic Management course.

Answer 1

While implementing a strategy, synergies help in organizing the businesses strategically and maximize the innovation along with cooperation.

1. Communication: Synergy in a strategy implementation leads to better communication and hence the effectiveness of implementation is better without biases and ambiguity.

2. Efficiency: The efficiency of a strategy with synergies between the firms and departments is more. This is because of the firms with their openness to share the expertise so that the alliance may benefit.

3. Best practice: The firms with synergies share their best practice and benefit the alliance. Both the firms and the project evolve using this approach.

4. Long term perspective: The firms who share synergies and resources tend to have a better long term relationship than others. This gives rise to many business opportunities in the future.

5. Skills development: The skills of both firms' employees are enhanced as they work together and learn from each other.