Strategy
Strategies: Root of business
“ Strategies are roots of any business, plans are stems and branches and growth is fruit”. There are many areas where strategies can be implemented:
Product strategies Marke ng strategies Growth strategies Financial strategies R & D strategies Service strategies HR strategies and many more
1. Framework For Opera onal planning
Strategies provide the framework for plans by channelling opera ng decisions and o en pre-deciding them. If strategies are developed carefully and understood properly by managers, they provide more consistent framework for opera onal planning. If this consistency exists and applied, there would be deployment of organiza onal resources in those areas where they find be er use. Strategies define the business area both in terms of customers and geographical areas served. Be er the defini on of these areas, be er will be the deployment of resources. For example, if an organiza on has set that it will introduce new products in the market, it will allocate more resources to research and development ac vi es, which is reflected in budget prepara on.
www. Venture-Care. com / Magazine October 2017
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