For a strategy to succeed, individuals in a company must understand and share a common definition...

For a strategy to succeed, individuals in a company must understand and share a common definition of a firm’s existing business concept. For example, ask any employee at Apple and they will tell you about the Apple model that sets them apart from competitors. A critical component of a business model is the core strategy. Describe the key elements that are involved in setting a core strategy.

Solutions

Expert Solution

SOL: If a company wants to grow and develop , the company should have a proper startegy and plan according to which the company should do their activities . It is very important for any company to have a proper startegy to do their business and earn profit in a long run . STRATEGY is a plan of action designed to achieve a long -term or over all aim .

KEY ELEMENTS INVOLVED IN SETTING A CORE STRATEGY

1. Mission and vision : The mission and vision of the company should be clear and specific . Mission includes the goals you want to accomplishand an outline of how you intend to fulfill them .Your vision will be brieferand more concise ,and wil paint a picture of what your bussiness should look like in five or ten years.

2. CORE VALUES : Core values states the central "musts" and "must nots" of your company , the vital principles that need to guide leaders and employees in their day-to-day and long-range decision making.

3. Strengths,Weakness,Opportunities,and Threats : A SWOT represents a snapshot of the pathways open to you and the pitfalls you may encounter , as well as the assets you can draw on to help you along the way .

4. Objectives,Strategies,and Operational tactics : The company must have a specific objectives , strategies and operational tactics to do its operation and activities and gain profit in long run .

5. Measurements and funding stream : You will also need financial analysis that takes into account past and projected performance . The numbers in your strategic plan don't need to be elaborate,but they do need to helpyou and potential investors to get an overview of your financial resources.

Rahul Sunny answered 2 years ago

Next > < Previous

Related Solutions

Strategy to Succeed and Homeostasis Anatomy and Physiology can be a daunting (but also exciting!) course....

Strategy to Succeed and Homeostasis Anatomy and Physiology can be a daunting (but also exciting!) course. We will cover every body system in this course and Anatomy and Physiology II. It’s a good idea to take a moment this week to self-reflect and get yourself organized for the upcoming term. Throughout this course, we will often return to a common principle which regulates the human body: homeostasis. For your discussion post, provide one example of homeostasis within the body. Provide...

Atleast 250 words Begin by identifying an organizations diversification strategy that did not succeed in creating...

Atleast 250 words Begin by identifying an organizations diversification strategy that did not succeed in creating competitive advantage Explain why you believe it failed. Analyze how, if approached differently, the diversification could have been more successful

What is the definition of an operations and supply chain strategy?

26.a. What must a plaintiff prove to succeed in a defendant's negligence claim? A) In order...

26.a. What must a plaintiff prove to succeed in a defendant's negligence claim? A) In order to succeed in an action based on the negligence of the defendant, the plaintiff must prove the following: 1. The defendant has failed in his obligation of confidentiality; 2. The conduct of the defendant has caused damage and / or economic loss; 3. There is a causal link between the damage suffered and the fault of the defendant. B) To succeed in a defendant's...

Describe a lock-in strategy that might be used by a company to protect the market share...

Describe a lock-in strategy that might be used by a company to protect the market share of its network good. please type the answer. thanks

Report the international definition of unemployment adopted by the ILO or the EuroStat. The definition must...

Report the international definition of unemployment adopted by the ILO or the EuroStat. The definition must specify (i) the working age group; (ii) maximum number of hours per week beyond which the person will no longer be consider unemployed; (iii) reference period (number of weeks or days) for looking for job; and (iv) working hours reference period for availability to start a job. Please also provide an accurate answer and the link where the definition is taken from.

In order to succeed in this program you must be self-disciplined and motivated. Describe situations you...

In order to succeed in this program you must be self-disciplined and motivated. Describe situations you have encountered in your life that would have convey that you have the desire, motivation and discipline it takes to successfully complete the Nursing Program. I need help on finding situations. I have worked as a cna, and in hospital settings for 3 years now.

At a recent board meeting of the Grayson Manufacturing Company, several individuals in attendance expressed concern that they could not understand

Required information [The following information applies to the questions displayed below.] At a recent board meeting of the Grayson Manufacturing Company, several individuals in attendance expressed concern that they could not understand how the choice of an activity level for determining overhead application rates for the company could affect reported operating profits. The controller, Susanna Wu, told members of the board that, in fact, companies have some latitude in how overhead application rates are set. For example, she told members...

In order to succeed in today's economy, businesses simply must embrace cultural diversity and inclusion. What...

In order to succeed in today's economy, businesses simply must embrace cultural diversity and inclusion. What are the risks to a company's financial success if they remain insular and homogenous?

match the proper type of prevention strategy of confounding to its definition

Subjects