Cutting Costs Strategically
February 12, 2025
Organizations that have become synonymous with product leadership and innovation have not reached such a position by chance. Rather it is by design that these Organizations continue to innovate and offer new products and services to the customers. Managing creativity and managing innovation is a part of the Organizational culture and value system that these […]
As an affiliate, one of the first major decisions that need to be made is selecting an affiliate program. This program then forms the basis of all the time and money that the affiliate would spend trying to generate a sustainable income. You cannot win too often if the playing field is unfavorable! Choosing the […]
International trade and commerce has existed for centuries and played a very important part in the World History. However International Retailing has been in existence and has gained ground in the past two to three decades. The economic boom in several countries, coupled with globalization have given way to Organisations looking at setting up retailing […]
Consumer and business markets have distinct characteristics by which they function. Earlier, importance was given mainly in understanding customer and their business. But in this age of technology and globalization companies cannot afford to ignore competition. Many companies are lowering their cost by outsourcing production to Asian countries. Companies must keep an eye on strategies […]
Brand identity stems from an organization, i.e., an organization is responsible for creating a distinguished product with unique characteristics. It is how an organization seeks to identify itself. It represents how an organization wants to be perceived in the market. An organization communicates its identity to the consumers through its branding and marketing strategies. A […]
It needs to be remembered that strategic management and strategic planning are intricate and complex processes that take the organization into unchartered territories. Hence, they do not provide a readymade prescription for success nor do they promise instant solutions to all problems that the organization is facing.
Instead, strategic management and strategic planning are processes that take the organization through a journey that involves providing a framework for solving problems and addressing questions.
Some of the pitfalls to be avoided in strategic management and strategic planning are listed below:
The point to be noted here is that out of the box thinking and non-linearity are important for firms to succeed in today’s business landscape.
While these are the some of the pitfalls of strategic planning, there are other aspects like not working to a plan and being too much bureaucratic.
Since the organizations of the future need to be agile and flexible with the ability to be malleable according to the changing market conditions and yet at the same time, have a core structure that is consistent with core competencies, a mix of formal and informal planning is needed for effective strategic management.
Strategy is formal and emergent at the same time meaning that there needs to be formal planning as well as elbowroom for spontaneous evolution of the strategic planning process. This is the overriding imperative that organizations must follow if they are to actualize strategies that make them market leaders.
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