Globalization is the order of the day. Compaines need strategic thinking and only by evolving good corporate strategies business can be competetive. A strategic business plan is a comprehensive master plan starting from how the organisation will achieve its business objectives and ways and means to achieve such objectives. Strategy is necessary irrespective of the nature of the business. Business houses which deals with financials services, Venturing , travel and exchange business should focus on strategies.
Strategies is important in view of changing business environment which is dynamic in nature. Environment is depends on socio-policital, technological,legal and demographic changes. Any change in the above may have bearing on the business. Strategy hepls to minimize the competetive disadvantage by forcing to think clearly abbout the mission,vision and objective of the business enterprises
Strategy improves the motivation of the employees and enchance their capabilities in order to take decision which are necessay to carry the business.
Strategy can be divided into 4 levels
Corporate level
Business level
Function level
Operational level
There are 4 approaches in strategies:
Chief Artchitect approach
Delegation approach
Collabarative or team approach
Corporate enterprises approach
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