In order to survive the competitive environment and discover creative inventions, different types of strategy need to be implemented which is discussed below:
Through the medium of this strategy, organizations are able to create high-level objectives and goals along with measurement and initiatives to accomplish the same. This strategy would be very helpful for new start-ups experience contingencies during incorporation process.
This strategy is totally focused on communicating the objectives and goals to the professionals who further perform accurately and flourish the desired requirements. Organizations creating a positive or favourable link between balanced scorecard and strategy map would grow in a systematic manner.
Organizations would be able to understand the steps required to be implemented in order to fulfil the vision by comparing the performance and current position of the enterprise. Moreover, this strategy also points out the internal and external loopholes so to become more superior and advanced in the market place.
Value creating strategies:
Strategies should create value for the organization and provide benefits to every stakeholder involved in the same. While strategies like six sigma enable the organization to understand the perspective of the customers, total quality management would enhance the internal condition of the enterprise.
Discussion and Analysis
Assessment of significance and limitations of strategic management
Creation of strategy is more of a mandatory rather than alternative in order to shed difficulties and identify the profitable opportunities. Apart from securing the position of the organization, strategic management mainly consist of following advantages:
Lack of intervention of Board of Directors
Interference of BOD is problematic and disturbs the entire credibility of the enterprise while performing the trading operations. This often misdirects the organization and puts negative impact towards the goodwill of the enterprise (Antoniou and Ansoff, 2014). Moreover, with the implementation of strategic management, involvement and obligations of BOD are reduced which further enable the managers to supervise the operations appropriately.
Assist towards decision making procedures
Strategies rebuilt the loopholes of the enterprise, assist towards producing profitable, and result oriented decisions in an appropriate manner. Further, it divides the vision and mission of the enterprise into SMART goals which are quite easier to achieve by respective professionals or workers. Creation of cordial bond between executive director and the workers are also one of the major highlights of strategic management. Moreover, strategies which are built after observing the internal condition of the organization are directed to enhance the participation level of the employees and impact the creativity of the marketing professionals.