Question

1. Describe the Six Basic Strategies, which your company may chose to pursue, and discuss which one Strategy you recommend your company should pursue.

2. Describe the Mission Statement, which is consistent with your recommended strategy, and discuss how it will guide your company in Decision Making.

Answer 1

Answer 1:

The strategies are the action plans prepared to deal with the issues and problems related to the business activities. The strategies are developed so that the organizational goal can be achieved by the following mission planned. The basic strategies for the company can be-

1. Transformational strategy- This is done for long term profitability, where company plans of shifting its operating course for a long time.
2. Growth strategy- This strategy focuses on the expansion of the business, larger market share, and this can be gained in a short duration. This can be done by product diversification, product development, etc.
3. Corporate strategy- This strategy helps to use resources in an optimum way, planning for risk management and objective setting. The prioritization of activities is done for growth and stability.
4. Competitive strategy- This is ongoing planning where tries to make our product and services best, leading in competition to bring good business. Many strategies are formed to deal with it like to give the best Six sigma, benchmarking, packaging, etc. are the forms where we can give the product an x-factor.
5. Cost-effective strategy- This is a basic strategy where it makes a good profit margin, doing and giving best in less cost is the secret of business. The strategic planning done to reduce costing can be through technical use, implementation of total quality machine tools, saying no waste and scrap, reusing and recycling if possible
6. Functional strategy- This focuses on goodness for employees, on their training and development. These are short term and departmental or according to the organizational structure.

The strategy which will be recommended by me which a company can pursue is Corporate planning. This planning involves many layers of strategies. This starts with vision and goal setting, the goal can be achieved when the starting of the planning is correct. The resources will be used in a strategic manner, costs related to it, prioritization of the execution and implementation is done. The corporate strategy is done to give company growth, in business by large market share, stability by good competition, and renewal by overcoming trouble by turnaround strategies.

Answer 2:

The mission statement of any company shows the vision and goal, explains where the company wants to reach as a successful company, this shows the value and culture of the company, product, and their benefit. They give inspiration and a goal to the employees to achieve organizational as well as an individual goal. The vision and mission selects the pathway to reach the goal. The employees set an organizational culture that becomes a healthy atmosphere. The decision making is done to further activities, a mission and a good corporate strategy help to make decisions on important business matters about product, resource allocation, risk and return in the firm. For example, The company launching the homogenous product globally, decisions are strategized through corporate planning as the company Apple did with his product iPod.

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