Question

Please explain how Comprehensive economic development strategy 2017 is effective in supporting key sectors and addressing local opportunities/threats in New Haven

Answer 1

Strategy”, narrowly defined, means “the art of the general” (the Greek Stratos, meaning ‘field, spread out as in ‘structure’; and agos, meaning ‘leader’). The term first gained currency at the end of the 18th century and had to do with stratagems by which a general sought to deceive an enemy, with plans the general made for a campaign, and with the way the general moved and disposed of his forces in the war. Also was the first to focus on the fact that the strategy of war was a means to enforce policy and not an end in itself. The strategy is a set of key decisions made to meet objectives. A strategy of a business organization is a comprehensive master plan stating how the organization will achieve its mission and objectives. The present-day environment is so dynamic and fast-changing thus making it very difficult for any modern business enterprise to operate. Because of uncertainties, threats, and constraints, the business corporation is under great pressure and are trying to find out the ways and means for their healthy survival. Under such circumstances, the only last resort is to make the best use of strategic management which can help the corporate management to explore the possible opportunities and at the same time to achieve an optimum level of efficiency by minimizing the expected threats.

Every firm competing in an industry has a strategy because strategy refers to how a given objective will be achieved. ‘Strategy’ defines what it is we want to achieve and charts our course in the market place; it is the basis for the establishment of a business firm; and it is a basic requirement for a firm to survive and to sustain itself in today’s changing environment by providing vision and encouraging to define mission. One should note that the labor efficiency and loyalty towards management can be expected only in an organization that operates under strategic management. Every guidance as to what to do, when and how to do and by whom etc, is given to every employee. This makes them more confident and free to perform their tasks without any hesitation. Labor efficiency and their loyalty which results in industrial peace and good returns are the results of broad-based policies adopted by the strategic management.

In the globalized business, companies require strategic thinking and only by evolving good corporate strategies can they become strategically competitive. A strategy of a business organization is a comprehensive master plan stating how the organization will achieve its mission and objectives. The strategy is significant because it is universal. It helps corporate to keep pace with changing environs, provide a better understanding of the external environment, minimizes competitive disadvantage by forcing to think clearly about the mission, vision, and objectives of the enterprise. It improves the motivation of employees and strengthens decision-making. It forms the basis for implementing actions. The strategy can be classified based on hierarchy into four levels: corporate level, strategic business level, functional level, and operating level. The approaches to strategy making are the Chief Architect approach, the delegation approach, the collaborator or team approach and the corporate intrapreneur approach. Strategy making is an ongoing process involving activities like defining vision, mission, and goals, analyzing organization and environment and matching them to decide suitable actions and objectives, and implementing with a review system.

Diversification is one of the grand strategies, which basically is a growth strategy. Basically, diversification involves a substantial change in the business definition in terms of product range, customers or alternative technologies. Diversification strategies have been adopted a number of business groups and individual companies both in the public and private sectors. In the 1960s and 1970s, the trend was to diversify so as not to be dependent on any single industry, but the 1980s saw a general reversal of that thinking. Overall, diversification strategies are becoming less popular as organizations are finding it more difficult to manage diverse business activities.