Question

discuss three reasons for the  importance of developing and implementing an effective strategy. You can write these in bullet form.

Answer 1

Strategy is a process through which the vision, mission and goal of an organization is set and defined. Once formulated then organizations continuously thrives to achieve the same through set policies and procedures which means strategy implementation.

Three reasons for the importance of developing and implementing an effective strategy are as below:

1. One of the primary factor of framing strategy is to increase profitability on year on year basis and one way to increase revenue is to beat competition and hence strategies are framed carefully keeping in the mind the major competitors in the market.
2. The strategy involves all aspects of management like planning, organizing, controlling and implementing and this has impact on the growth and development of the organization.
3. Effective strategies should be framed and implemented in order to lessen the threat and look out for competitive advantage which would ensure the company to sustain in the market.