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.

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

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