This is 6 months ago will be in May and a lot of things can happen for a listed company. But now they are looking for increased growth and profitability. They could easily change the ownership to any aggressive bidder and the worse could happen to the existing management of Aybe. There is also the need to reward the shareholders for their loyalty.
The official CIMA terminology for strategy is: For a more detailed definition, Johnson, Scholes and Whittingham define strategy as: It also provides a clear direction and allows the management to focus their decision making on the strategic objectives of the company.
A business strategy should co-ordinate all elements of the business in a structured planned approach and will build on key competencies to ensure the customers demands are met.
Approaches to Business Strategy There are four main ways of approaching a business strategy and employing one will depend on the size of the company as well as the industry.
Planned Strategies The Rational Planning Model The Rational Planning Model pictured below is a example of a planned strategy of a company that is put in place by the directors.
Strategy Evaluation and Control — measuring the performance against the objectives.
This also means the cost will be high — from staff time to using strategy consultants. Meanwhile, the company could end by being constrained by the planned strategy and not take new opportunities or adapt to changes in the business environment.
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Emergent Strategies image taken from stanford social innovation review These strategies are more inclined to be used in dynamic fast paced industries like high technology where opportunities and threats arise quickly so the company needs to adapt.
Emergent strategies emerge during the course of normal business rather than being planned as mentioned above. Either due to opportunities that pop up i. For example; a new innovative product was released by a competitor, so Company ABC decides to develop a similar product not to lose their competitive advantage.
Incrementalism Is a short term strategy based approach that is employed in smaller fast paced businesses who cannot realistically undertake the full strategic planning process.
This approach was taken on by lots of businesses during the economic downturn from as uncertainty made it harder to predict.
The strategy is adjusted and developed constantly using a series of small scale changes to reach the overall strategic direction. The public sector is an area where incrementalism is used as there are a wide range of stake holders to satisfy making it harder to take a longer approach used with planned strategies.
Opportunism This approach is used in smaller companies who have an entrepreneurial leader who likes to take advantage of every opportunity that presents itself. There are no formal strategies in place and this allows the business to take advantage of opportunities as they arise.
There is little plan and direction in terms of the business strategy to be employed but this allows for a very dynamic and flexible business that can grow quickly by adapting to the market conditions around it without the constraint of a rigid business strategy.
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Analysis Tools - CIMA - Students can use this model through value chain analysis, the resource-based view of the From Strategy to Business Models and to Tactics 50+ swot analysis template - free word, excel, pdf, ppt from strategy to business models and to tactics (pdf).
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