Cutting Costs Strategically
February 12, 2025
This article discusses the ten qualities needed for companies to stay ahead of the competition and win the race for the market in the next decade. With so much of rapid change and accelerating trends, it is important for companies to be, the biggest and the best or else they run the risk of getting […]
Advertising is considered as the best tool to make people aware of the product a company wants to sell. This is the best way to communicate with the audience and to inform them about the product but with a proper media selection and of course timing. But there are some myths which have been creating […]
As the world has moved towards globalization, businesses and Organisations have had to keep pace with the external environment. We have seen the emergence of large Business Organisations and Multi National Companies who have business presence in multiple sectors and are present in markets across the globe. Such Organisations are structured differently and promote de-centralised […]
Introduction The rise of the internet and electronic commerce has changed the way in which customer and company interact with each other. The electronic commerce brings together more consumer and supplier, but it eliminates any form of direct and face to face interactions. For this specific reason electronic relationship are considered a formidable challenge for […]
The Dominant View: The Business of Business is Profits Ever since the modern corporation took shape in the form that it is now, there has been an overriding consensus that the corporation exists to serve its shareholders or stockholders. The late legendary economist of the Chicago School, Milton Friedman remarked that the “responsibility of business […]
Following are the main differences between Strategy Formulation and Strategy Implementation-
Strategy Formulation | Strategy Implementation |
Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. | Strategy Implementation involves all those means related to executing the strategic plans. |
In short, Strategy Formulation is placing the Forces before the action. | In short, Strategy Implementation is managing forces during the action. |
Strategy Formulation is an Entrepreneurial Activity based on strategic decision-making. | Strategic Implementation is mainly an Administrative Task based on strategic and operational decisions. |
Strategy Formulation emphasizes on effectiveness. | Strategy Implementation emphasizes on efficiency. |
Strategy Formulation is a rational process. | Strategy Implementation is basically an operational process. |
Strategy Formulation requires co-ordination among few individuals. | Strategy Implementation requires co-ordination among many individuals. |
Strategy Formulation requires a great deal of initiative and logical skills. | Strategy Implementation requires specific motivational and leadership traits. |
Strategic Formulation precedes Strategy Implementation. | STrategy Implementation follows Strategy Formulation. |
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