Tagged: , business , logos , templates…
In accordance to neighborhood authorities, NGOs and lecturers, there are about 90,000 road distributors in Dhaka (Bangladesh).
What social products and services? What harmless doing work problems? What employment safety? What fair fork out? What dwelling expectations?
Tagged: , poverty , dhaka , bangladesh , hdr , asia , sad , actuality , road , vendor , lungi , roads , taqbirhudaportfolio …
Advertising FM Radio
Focus Media Group
Фокус Медиа Групп
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Picked this up in the Oasis Lounge in the JFK (New York) airport. A very very good magazine on world-wide culture and experiences. Here is their web site. btusonline.com/
Tagged: , February , 2011 , oasis , JFK , airport , lounge , journey , magazine , business , cross-cultural , information and facts , world-wide…
The primary aim of any firm is success. In other terms, what they actually look for is to increase their earnings by way of satisfying the wants of the consumers providing them with goods and companies that is up to their expectations. If the consumers imagine that the goods and companies are up to what they believe that is price for money, then this will not only improve the current consumers but also the new consumers as perfectly. Rising the consumers means, on the other hand increasing sales which will eventually pave way to improve the earnings.
Why is Target Marketing Important ?
Right now, with the limited sum of sources readily available for the business organizations, it is in fact quite very important to use all of their resources, capabilities and cash successfully, in get to produce goods and companies that the consumers motivation. Obtaining explained that, in fact it is not an easy job to do than say. In other means, making goods and companies to fulfill the entire current market is not fully practical, and its only a squander of funds. Not all people today have the exact motivation for a solitary merchandise or provider. Various people today may possibly want unique items in get to fulfill their wants. As a consequence, it is hence vital to goal the consumers who are very likely to obtain the items made by the firm and concentrate the advertising endeavours on individuals consumers. This will on the other hand assist the organizations to improve their earnings even though successful the hearts of the consumers. This is in which the goal advertising arrives in to observe.
Target Internet marketing and Market place Segmentation
Target advertising is all about concentrating on one particular or several segments of the current market in get to develop items to fulfill individuals selected segments. In other terms, instead than hoping to concentrate on the entire current market as a entire, the organizations are likely to recognize the consumers who are mainly very likely to obtain their items. Upon determining their specific consumers, then they produce goods or companies so as to fulfill the consumers in just the goal current market. Target advertising in essence involves breaking down the current market in different segments in get to assist the firm to recognize its selected customers successfully. This approach is known as current market segmentation. This is quite very important in determining the goal current market. Typically a current market is damaged down into segments this kind of as,
Obtaining explained that, the organizations in essence tend to target on one particular or far more segments of the current market and hence develop products that ideal fulfills the expectations of the individuals specific. For example, an unique firm who tends to manufacture clothes will want to produce chilly temperature outfits for both equally the boys and ladies below the age of five and whose dad and mom are in the center income households. As a consequence, once they are aware of who their consumers are, the organizations are capable to use all of their sources only to produce what their consumers are inclined to obtain. This in essence minimizes the wastage which will eventually lead to produce much better good quality items with price effectiveness. This is owing to the actuality that, when the goal current market is identified then the organizations can most probably concentrate their advertising combine to accommodate the consumers identified.
Things to Take into consideration when Deciding on the Target Market place Segments
To say, it is not just plenty of to concentrate on any one particular or several of the current market segments in get to kind the selected goal current market for the organization’s items. In other terms, there are in essence two vital components that should be stored in intellect when it arrives to choosing the segments for the goal current market. First of all, the selected section/s should be interesting plenty of with regard to the dimension of the section, growth fee of the section, competitiveness in the section, brand name loyal consumers, and the expected revenue margins. For example, there should be an interesting selection of consumers( not way too major or not to tiny) in the section/s, an increasing growth fee, not way too a lot competitiveness, brand name loyal consumers with very good revenue margins.
Similarly, there should be a in good shape among the concentrated current market segments and organization’s targets, sources and capabilities. This means that the identified section/s should be capable achieve the targets of the firm, the firm should be capable to supply price to its consumers in the segments, how available are the segments to their distribution channels and the organizations cash and the invested cash essential to serve the section/s. The much better the current market segments suits the firm and are fully interesting, the larger the earnings are.
Ultimately, it should be explained that when it arrives to goal advertising, this on the other hand involves only a sure proportion of the entire current market. But nonetheless this will help to improve the revenue of the organizations hence paving way for success, instead than hoping to fulfill the entire current market which is of class is not useful in modern turbulent and aggressive setting. What really means by this is that by hoping to produce goods for a large current market, the organizations in essence have to face a good deal of competitiveness, a good deal of wastage trying to current market to the erroneous consumers ,and is also tough to produce very good good quality merchandise or companies that the consumers need for. That is why goal advertising is one particular of the vital techniques that should be taken into account and carried out effectively in get to reach success.
By Shameena Silva
As a business owner, you ought to be far more worried about approaches of bettering your profits and creating your business far more competitive. This is the most hard endeavor that every single trader has to do. With the present-day fierce level of competition experienced in the business business, you ought to often assure that your manufacturers are perfectly recognized to your concentrate on consumers. This can be achieved by means of intense advertising and marketing campaigns. Having said that, most buyers are often afraid of advertising because they see it as an extra price tag. But while advertising campaigns need adequate hard cash, their positive aspects often surpass the price tag. What is far more, there are numerous techniques of advertising that do not need a ton of hard cash. For occasion, business card printing has proved to be very an cost-effective way of advertising and marketing manufacturers.
Choosing the Very best Printing Business
When you want to use business cards to current market your business there are a several concerns that you will have to make. A person is to select the very best product for your tags. Recall, these tags are supposed to serve as your profits representatives. For that reason they ought to make the suitable effect of your business on anybody who sees them. This can be achieved by deciding on high top quality product for your cards. Choosing the suitable product is also significant because it will make your tags far more strong and successful.
In addition, you ought to select the very best patterns for your cards. Improperly designed tags will make very little impression on the current market, which can be alternatively irritating and high priced. That is why you ought to consider your time to select the very best designer. Luckily, there are copious business cards designers that can assist you arrive up with intriguing parts for your financial commitment. Having said that, you ought to not forget about the presence of inept designers whose key aim is to make a rapid buck from harmless shoppers. You ought to therefore be very very careful about the individual or enterprise you select. The following are some of the factors that you ought to take into consideration when selecting your business card printing companies:
• Success: A good printing enterprise ought to be in a situation to give you high top quality tags that can assist you popularize your business to the greatest selection of potential consumers. For that reason you ought to assure that their companies are successful.
• Encounter: The level of encounter of your printing enterprise is very significant. It provides you assurance understanding that your task is in able arms. You can browse on-line reviews of the enterprise you desire to retain the services of to decide their encounter.…
There are 1 billion folks in this earth who are just like you. A person billion folks trying to conjugate verbs. A person billion folks trying to have an understanding of the variance among considerably and lots of. A person billion folks trying to pronounce TH and make it audio organic. Certainly, which is suitable, one particular billion folks trying to find out English. This is since English has turn out to be the most essential language in the earth. 1.five billion folks previously talk the language in addition to the 1 billion that are understanding it.
Most main earth organizations and functions are administered in English, like the United Nations, Olympics, and other folks. Most global business is in English, and the language is often made use of among folks sort distinctive nations. English is the global language. As the earth will become smaller sized there will quickly be no way to stay away from English. So why not find out it now? Appear at all the pros you can have…
Obtain to Awareness and Information and facts
World wide web
Most of the world-wide-web web pages on the World wide web are in English. The World wide web has a massive quantity of facts, some of which can only be accessed in English. English will enable you to chat with folks from all around the earth in chat-rooms, e mail and other products and services.
International information is broadcast in English. Illustrations involve networks such as CNN and NBC International. These are considerably faster and far more up-to-day than neighborhood networks, and a awareness of English makes it possible for you to comply with information all around the earth. Similarly, global newspapers composed in English can be identified all around the earth.
About 90% of scientific journals are composed in English. Consequently, if you want to continue being recent in the earth of science, an comprehending of English is critical. For the scientists, imagine becoming capable to go to conferences all around the earth and enhance your comprehending in this industry.
Advancing Your Job
If you are fascinated in advancing in the business earth, English is a essential to results. Most nations in some way will do business with English speaking nations. As well, English has turn out to be the global language of business and is often made use of as a neutral language for business among several nations. It is now typical for an engineer in Mexico to get complex support in English from an professional in China. With English you can communicate with technicians and professionals from the United States in purchase to support your business. You can also communicate with business folks from other nations in the neutral language of English. Companies are also recognizing the benefit of English and now fork out far more for staff who can talk English. So even in your very own place, speaking English can get you far more money!
Long term Employment
Understanding English will open up the door to lots of new and thrilling positions in nations all around the earth. As well, you will be capable to obtain positions in your very own place since you can talk English. Your resume will be much better since you are bilingual and have a awareness of the English language. Your prospects will be quite a few when you can talk and go through English.
You will be capable to go through textbooks composed by American, British, and other English speaking authors devoid of needing the translated duplicate. Lots of typical novels ended up composed in English. Looking at Shakespeare just is not the similar in translation.
Some of the most well-known magazines in the earth are in English, such as Time or even Cosmopolitan.
Mastering English will enable you to view flicks in their authentic language. Hollywood flicks are not as good with translations or subtitles. Would not it be awesome to know precisely why the newest Hollywood blockbuster received so lots of Oscars?
When you find out English you can at last have an understanding of what your favourite song on the radio is expressing. American and British new music is some of the most preferred in the earth, and astonishingly some musicians even now have a little something essential to say in their lyrics.
Mastering English will give you the potential to journey to English speaking nations like the United States, Canada, England, and Australia. As well, you will be capable to communicate with other folks in Europe, Asia, and all around the earth. English is spoken in far more than one hundred nations and is often the only way to communicate in a international place. You would be surprised how lots of far more folks in Japan talk English than Spanish. Asking instructions is uncomplicated when you can talk the language. Comprehension the tour tutorial is a further profit of comprehending English. Your full trip will open up up ahead of your eyes when you can have an understanding of the folks and the points all around you. With English you will be capable to meet new folks on your vacations. Similarly, you will no extended experience ashamed trying to purchase that steak evening meal in a extravagant restaurant.
There is a satisfaction that will come with understanding a language. It will be incredibly worthwhile the 1st time you have an understanding of a movie in total, or go through a guide totally. Or what about helping an English speaking vacationer uncover their way all around your metropolis? It is also incredibly exciting to tell your friends what precisely the new song on the radio is speaking about.
Very little is far more fulfilling than obtaining a miscalculation-free of charge conversation when traveling in an English speaking place. It will be a terrific instant when you walk away and say to on your own: Hey, I recognized all the things that person explained.…
Rate Wars in the U.K. Grocery Industry:
Rate wars are a phenomenon that occurs across providers in a variety of industries in the course of the global financial process. In an oligopolistic industry composition, gamers closely observe the selling prices of every player and answer to any rate cuts. This paper seeks to check out the strategic business approaches currently being utilized in the British grocery oligopoly and figure out its consequences on the economic system applying a match theoretical design. I will conclude that such rate wars will generate independent merchants out of business, foremost to a consolidated sector dominated by no extra than four U.K. grocery chains.
By definition, rate wars indicate a state of extreme aggressive rivalry accompanied by a multilateral collection of rate reductions. In the limited run, rate wars can be ‘good’ for individuals because of to a reduced rate composition in current products choices, and ‘bad’ for competing providers because of to a minimize in earnings margins as very well as likely threats to its survival. In the long run, dominant companies in the sector could gain as smaller sized, marginalized companies are not able to compete and shut down. Nonetheless, it could be undesirable for individuals as the remaining companies might agree to enhance selling prices, possibly colluding even further than the rate set prior to the rate wars.
Major Players – Tesco and Asda:
In the U.K. grocery sector, both of those Tesco and Asda have used comparable discounting tactics to obtain industry share. Price ranges at both of those stores are mostly the exact same, as of the spring of 2005. Tesco’s industry share as of 2002 was 27.one% and Asda’s was sixteen.9%, in accordance to a review by BusinessWeek journal. Sainsbury, an upscale grocery chain which in 1995 was the U.K.’s largest grocery chain, has fallen at the rear of to third place with sixteen.one%. Safeway has a compact foothold in the industry with a 12.four% industry share. The dominant gamers in this industry are Tesco and Asda, and both of those are dedicated to rate reductions – primarily with nonfood things. Equally Tesco and Asda have a goal of opening 10-12 new stores for every 12 months in the course of the U.K.
Tesco was started in 1924 in North London by Sir Jack Cohen with proceeds he acquired from Military services in WWI. By 2005, the company is an intercontinental grocery and retail chain with 2,365 stores about the globe and a workers of around 367,000 employees. Tesco has had dependable advancement in earnings and income over the earlier five several years through 2005, and 10 million visits for every 7 days acquire place by customers to its stores. Tesco has four critical companies their main U.K. business, nonfood business, retailing services, and its intercontinental business. Tesco’s main industry is in the U.K.
Asda was obtained by Wal-Mart in June 1999. There are 265 supercenters and 19 depots across the U.K. and around 122,000 employees across the company’s operations. The Grocer journal named Asda “Britain’s best value supermarket” five several years in a row through 2005. Considering the fact that 1999, there have been over $915M in rate cuts (modified from British pound sterling to U.S. dollars). Progress in nonfood things have exceeded expectation, as 5,000 new standard items strains have been extra due to the fact 2002, like specialty things in pharmacies, opticians, jewellery, and image departments.
Match Theory – “Hawk-Dove” Strategic Match:
It appears that both of those gamers in the U.K. grocery industry are engaged in a strategic match that is comparable to the Hawk-Dove Match, devised and named by Maynard Smith and Rate (1976). This match has been a pretty vital instrument for comprehending the part of aggression between gamers in financial techniques. The Hawk-Dove match has been examined in a lot of situations across a variety of educational disciplines and has been instrumental in the are space of evolutionary match principle.
The concept here is that the Hawk is a pretty intense player, generally battling for some resource the Dove is a pacifist, never ever battling over that exact same resource. The goal of this match is to pick out among the two tactics in buy to figure out how to share a widespread resource.
Other assumptions in the Hawk-Dove match are as follows: (one) fights among Hawks are brutal (2) the loser is the initially 1 to sustain injuries and (3) the winner usually takes sole possession of the resource. Just about every Hawk has a 50% possibility of successful over an additional Hawk. The Dove withdraws in any conflict with a Hawk and, as a result generally loses. When two Doves interact, both of those share the resource.
This match has two pure-tactic Nash equilibrium, which establishes the dominant tactic: 1 chooses to be a Hawk and the other chooses to be a Dove. There is also a mixed-tactic equilibrium, in which every animal chooses Hawk with a likelihood of 1-third and Dove with likelihood of two-thirds. This is indicative of a distribution of tactics in a inhabitants in which Hawk is performed 1-third of the time and Dove is performed two-thirds of the time. In other words and phrases, taking part in only Hawk or Dove solely, or in any other proportion, would be evolutionarily unstable.
In actuality, Tesco and Asda have both of those been taking part in the Hawk tactic. Why would this manifest when it is not an equilibria of the match and, in simple fact, is the most suboptimal final result? It is achievable that neither company is knowledgeable that they are taking part in this match. A extra most likely rationalization is that the providers are both of those keen to sacrifice limited-term gains in buy to be the dominant gamers in the U.K. grocery sector in the long run. Community data reveal that executives at Tesco see Asda as a huge danger, even although the quarterly income at Tesco are one.5 instances that of Asda. Tesco is pretty centered in this rate-war ecosystem, and the company has even displayed on their grocery shelves the listing selling prices for their items vis-a-vis Asda and Boots, a drug chain in the U.K.
This defense has seemingly paid off for Tesco, as it is even now the industry chief in terms of U.K. industry share and web cash flow. Furthermore, the company has been pursuing a special promoting tactic based mostly on a prosperous database of 10 million purchaser surveys, purchaser panels, and mailed questionnaires with the goal of participating the individuals in currently being empowered to redesign Tesco to best fulfill their needs and expectations.
Asda has been escalating at 10% for every annum, in the meantime, and is a feasible competitor for Tesco. Yet another player, Sainsbury, has been in continual industry-share drop due to the fact 1995 because of to its unsuccessful execution of a high-priced option. Safeway, yet an additional major player and family title in the U.K. grocery marketplace, filed for bankruptcy in 2005 and subsequently merged with William Morrison. These four gamers in combination characterize 72.5% of the sector, as of 2005.
Rate wars in the British grocery oligopoly industry have impacted extra than just Tesco and Asda. Equally providers have been taking part in a Hawk-Dove strategic match, whereby both of those gamers are performing as Hawks. Their ensuing actions have weakened the business potential clients for independent merchants, such as nearby grocers and foodstuff outlets, a lot of of which have shut down as a end result. Furthermore, nearby companies across the value chain of the U.K. grocery sector, such as suppliers and distributors, have been negatively impacted as very well.
Tesco and Asda have been following this tactic due to the fact Asda entered the industry place in June 1999. These actions will most likely end result in the ongoing consolidation inside of the U.K. grocery sector, with no extra than four dominant gamers in this place – with the largest industry share heading to Tesco and Asda.…
It seems that each manufacturing enterprise is now making an attempt to adapt the Lean Philosophy, invented and mastered by Toyota Company. Lean manufacturing has also spilled in excess of into non manufacturing industries. Sadly, lots of organizations don’t absolutely recognize the accurate meaning of Lean Production. Lean Production, just put, is “constantly bettering your processes to reduce squander”. This appears basic, but lots of organizations will fail to turn into genuinely Lean due to the fact they don’t have an environment to employ and maintain Lean.
Most people consider Lean is just a set of instruments (One particular Piece Flow, JIT, Kan-Ban, 5S, 6-Sigma, Kaizen Groups, Press / Pull Methods, etcetera.) that can be made use of to minimize squander. Even so, Lean is not only a set of instruments, it is a culture. If a enterprise has serious troubles with worker turnover, worker morale, products high-quality, products supply, machines uptime, plant housekeeping, etcetera., it will be very complicated to shift the employees to a new way of considering and conducting business. In other text, if your employees are in continual hearth battling method, they will not be capable to appropriately employ Lean.
Deal with the evident complications initial
To put together for Lean, you should “fix the evident complications initial”. Many moments companies will know particularly what the complications and options are. They just don’t have the time, methods, or incentive to fix them. If you have an vehicle that is constantly breaking down due to the fact of a poor transmission, then fix it! Restore or substitute the transmission. Do not employ a Lean System to fix the car or truck. Just fix it. Lean is not made use of to fix damaged processes. Lean is made use of to constantly improve doing the job processes to reduce squander. When all the evident complications are preset on that auto, it is then time to good tune it to turn into far more successful. It is time to glance at ways to minimize squander (price) to eventually help you save funds!
A Term about 6-Sigma
Some organizations now mandate that 6-Sigma be made use of to fix complications. Sadly, 6-Sigma just isn’t generally made use of correctly. 6-Sigma is intended to remedy elaborate complications that have a lot of variables that trigger variation in a procedure, which eventually trigger flaws. 6-Sigma uses statistics to systematically discover what the distinctive variables are doing in the procedure and points to potential options. It eradicates guessing as to what’s resulting in the versions. Again, fix the evident complications initial. Many complications don’t have to be analyzed to detect options. In lots of cases, the options are evident: i.e., If the gentle bulb is blown, then, adjust the gentle bulb.
Price Your People today
Modern society usually refers to organizations as entities. We speak of IBM, GM, and Microsoft as entities having said that, they are genuinely groups of people. GM would not construct cars, the employees of GM construct cars.
To establish that culture as effectively as Toyota Company has, organizations should initial understand that they have to establish, nurture and benefit their employees. In get to construct a culture of people wanting to constantly improve, people have to be engaged in their jobs. They have to feel valued by the enterprise. They have to feel they are found and rewarded for their contributions. Ultimately, the enterprise has to benefit getting lower worker turnover to develop consistency. A enterprise with higher worker turnover can’t maintain a successful Lean environment.
To foster this kind of environment in present day business globe just isn’t quick. There is lower loyalty between U.S. organizations and their employees for a wide range of motives. Some organizations glance at employees as an price rather that an asset that can be conveniently minimize. If employees of a enterprise do not feel the enterprise values them, they will discover other jobs. With present day business globe, it is complicated to employ a very long expression Lean system. Of course, a enterprise can dictate to it is employees to use Lean instruments to minimize squander, having said that, to maintain that ideology very long expression involve an engaged, loyal, consistent, operate pressure.
Build and Keep Solid Leaders
Great managers are coaches, very poor managers are dictators. A fantastic supervisor will consider in the team concept in which each member of the team is significant and his/her opinions are valued. A fantastic supervisor will benefit his/her employees and understand that for him/her to be successful, the team has to be successful. A very poor manger will dictate to his/her employees, which makes havoc! A fantastic, successful, business unit with higher worker morale will fall aside in months if a very poor supervisor has taken in excess of. Very poor managers fail due to the fact they don’t have sturdy management abilities. They lack people abilities, interaction abilities, conclusion building abilities, and delegation abilities necessary to establish and maintain efficient groups. A sturdy chief should market the Lean System and understand that eventually the employees as a team are the ones to make it transpire.
Feel and act Environment Course (even if not there still!)
To turn into Lean is to turn into Environment Course. When walking into a facility that has an unclean, unorganized operate environment, a single understands he/she have not walked into a Environment Course facility. There is no need to have to glance at the productivity figures to establish no matter whether or not the facility is Environment Course. If a plant is Environment Course, it seems Environment Course as shortly as you wander into the door.
A Lean facility is comprehensively organized. Each individual procedure is clearly defined through expectations. Creation is operated through really crystal clear Visual Management. A accurate Environment Course facility has the discipline to maintain business. Exterior auditors, potential consumers and employees will be turned off if the operate environment just isn’t cleanse and organized. Holding a operate area cleanse and organized is basic having said that, lots of organizations forget this basic activity.
Make Decisions Centered on Logic and Not Politics
Most of the time decisions built senior management are implemented without the need of questioning irrespective if the decisions make perception or not. Also lots of moments, decisions are built by senior management without the need of them thoroughly being familiar with the procedure and troubles. Lower-stage managers eventually employ strategies and methods that are not dependent on logic but politics. They will employ strategies even if they themselves do not consider in them. This can develop a lot of complications which will make applying Lean Methods complicated.
Decisions need to be built through the business by efficient interaction. Senior management need to not just mandate, but market their strategies and be open up to questioning and ideas from decreased-stage managers. Senior management need to thoroughly recognize the troubles and processes by successfully speaking with the managers at the distinctive concentrations. Big decisions any time achievable need to be built as a team vs. an individual.…
STRATEGY, ETHICS & SOCIAL RESPONSIBILITY
*Shanmukha Rao. Padala **Dr. N. V.S. Suryanarayana
The earlier days’ concept is, the managers focused on ‘today’s decisions for today’s business’. However, the rapid change experienced by companies has made the managers to anticipate the future and prepare for it. They have prepared systems, procedures and manuals and evolved budgets and planning and control systems, which included capital budgeting and management by objectives. The inadequacy of these techniques has led to the emergence of long range planning which in turn gives rise to strategic planning and subsequently to strategic management.
Strategic management deals with decision making and actions which determine an enterprise’s ability to excel survive or die by making the best use of firms’ resources in a dynamic environment. The main purpose of study of strategic management is to examine why some organizations succeed while others fail and yet others completely change. Before going to discussing about strategic management, it is necessary to point out on ‘Strategy’ in this chapter.
Strategy is the overall plan of a firm deploying its resources to establish a favourable position and compete successfully against its rivals. Strategy describes a framework for charting a course of action. It explicates an approach for the company that build on its strengths and is a good fit with the firm’s external environment. It is basically intended to help firms achieve competitive advantage. Competitive advantage allows a firm to gain an edge over rivals when competing. Competitive advantage comes from a firm’s unique ability to perform activities more distinctively and more effectively than rivals. A firm’s distinctive competence or unique ability here implies, those special capabilities, skills, technologies or resources that enable a firm to distinguish itself from its rivals and create competitive advantage (such as superior quality, design skills, low-cost manufacturing, superior distribution etc.).
The term ‘terrain’ is highly relevant in explaining the concept of strategy more clearly. From a business sense, terrain refers to markets, segments and products used to win over customers. The essence of strategy is to match strengths and distinctive competence with terrain in such a way that one’s own business enjoys a competitive advantage over rivals competing in the same terrain. The basic premise of strategiy, as things stand now, is that an adversary can defeat a rival- even a large, more powerful one- if it can manoeuvre a battle or engagement on to a terrain favourable to its own capabilities. The term ‘Capability’ refers to the ability or capacity of a bundle of resources deployed by a firm to perform an activity.
The word strategy came from the Greek word ‘strategy’, which means a ‘general’. At that time, strategy literally meant the art and science of directing military forces. Today strategy is used in business to describe how an organization is going to achieve its objectives. Strategic management may be defined as a systematic approach to positioning the business in relation to its environment to ensure continued success and offer security from surprises. While no approach can guarantee continuous success and total security, an integrated approach to strategy formulation, involving all levels of management, can go some way in this direction. In simple words strategy can be defined as ‘Strategy is ideas and actions to conceive secure the ‘Future’.
DEFINING AND EXPLAINING STRATEGY:
Management is an art as well as science. Many of the concepts used in building management theory have been derived from practice. Unlike the pure sciences which have their foundation in experimental research, management studies draw upon the practical experiences of managers in defining concepts. Business policy is rooted in the practice of management and has passed through different phases before taking its shape in the from strategic management. One of the earliest contributors to this yoiung subject was Alfred D Chandler.
Alfred D Chandler (1962)
Chandler made a comprehensive analysis of interrelationships among environment, strategy, and organizational structure. He analysed the history of organizational change in 70 manufacturing firms in the US. While doing so, Chandler defined strategy as: “The determination of the basic long-term goals and objectives of an enterprise and the adoption of the course of action and the allocation of resources necessary for carrying out these goals”. Note that Chandler refers to three aspects:
Kenneth Andrews (1965)
Andrews belongs to the group of professors at Harvard Business School who were responsible for developing the subject of business policy and its dissemination through the case study method. Andrew defines strategy as: “The pattern of objectives, purpose, goals and the policies and plans for achieving these goals stated in such a way so as to define what business the company is in or is to be and the kind of company it is or to be”. This definition refers to the ‘business definition’, which is a way of stating the current and desired future position of company, and the objectives, purposes, goals, major policies and plans required to take the company from where it is to where it wants to be.
Igor Ansoff (1965)
Professor Ansoff is a well-known authority in the field of strategic management and has been a prolific writer for the last three decades. In one of his earlier books, Corporate Strategy (1965), he explained the concept of strategy as: “The common thread among the organisation’s activities and product-markets….. that defines the essential nature of business that the organization was or planned to be in future”.
Ansoff has stress on the commonality of approach that exists in diverse organizational activities including the products and markets that define the current and planned nature of business.
William F Glueck (1972)
Another well-known author in the area of strategic management was Glueck, who was a Distinguished Professor of Management at the University of Georgia till his death in 1980. He defined stragety precisely as: “A unified, comprehensive and integrated plan designed to assure that the basic objectives of the enterprise are achieved”. The three adjectives which Glueck has used to defined a plan make the definition quite adequate. ‘Unified’ means that the plan joins all the parts of an enterprise together, ‘comprehensive’ means it covers all the major aspects of the enterprise, and ‘integrated’ means that all parts of the plan arte compatible with each other.
Henry Mintzberg (1987)
Mintzberg of McGill University is a noted management thinker and profile writer on strategy. He advocates the idea that strategies are not always the outcome of rational planning. They can emerge from what an organization does without any formal plan. He defines strategy as: “a pattern in a stream of decisions and actions”. Mintzberg distinguishes between intended strategies and emergent strategies. Intended strategies refer to the plans that managers develop, while emergent strategies are the actions that actually take place over a period of time. In this manner, an organization may start with a deliberate design of strategy and end up with another form of strategy that is actually realized.
Michael E Porter (1996)
Michael Porter of the Harvard Business School has made invaluable contributions to the development of the concept of strategy. His ideas on competitive advantage, the five-forces model,k generic strategies, and value chain are quite popular. He opines that the core of general management is strategy, which he elaborates as: “….. developing and communicating the company’s unique position, making trade-offs, and forging fit among activities”.
Strategic position is based on customers’ needs, customers’ accessibility, or the variety of a company’s products and services. A company’s unique position relates to choosing activities that are different from those of the rivals, or to performing similar activities in different ways. However, a sustainable strategic position requires a trade-off when the activities that a firm performs are incompatible. Creation of fit among the different activities is done to ensure that they relate to each other.
It must be noted that the different approaches referred to above to define strategy cover nearly a quarter of a century. This is an indication of what a complex concept strategy is and how various authors have attempted to define it. To put it in another way, there are as many definitions as there are experts. The same authors may change the approach they had earlier adopted. Witness what Ansoff said 19 years later in 1984 (his earlier definition is of 1965): “Basically, a strategy is a set of decision-making rules for the guidance of organizational behaviour”.
ANALYSIS OF DEFINITIONS OF STRATEGY:
The analysis of various definitions of strategy presents the following points:
ELEMENTS OF A STRATEGY:
Any coherent strategy should have four important elements: