Cutting Costs Strategically
February 12, 2025
The business of retail has always been evolving with technology. Companies which have been at the helm of technology have dominated the retail sector. Consider the case of Wal-Mart which reached new heights in retail thanks to pioneering the RFID based inventory system. Similarly, Amazon has been using its technological advancement to give tough competition […]
Most of the organizations have murkiness in considering customer loyalty and satisfaction. They feel that both are same and a satisfied customer is always loyal to them. But this is not true as the customer can be delightfully satisfied but he may be or may not be loyal. This is because satisfaction an emotional and […]
Business Managers of today are living in challenging times. Business targets had never been stiffer, work pressure and managing the complexities of competition is keeping them on their toes all the time. Today, success or failure of a business and the Organisation is dependent wholly upon the Organisation’s ability to be flexible and to respond […]
Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. It is ensures that all brand activity has a common aim; is guided, directed and delivered by the brand’s benefits/reasons to buy; and it focusses at all points of contact with the consumer. Brand positioning must make sure that: Is […]
Integrated marketing strategy integrates relevant marketing tools to deliver similar message to a larger audience. Remember, an integrated marketing strategy is successful only when it creates awareness of a particular brand among a large number of end-users. Remember, a marketer needs to carefully blend and make the best possible use of all promotional tools so […]
The word “strategy” is derived from the Greek word “strategos”; stratus (meaning army) and “ago” (meaning leading/moving).
Strategy is an action that managers take to attain one or more of the organization’s goals.
Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.
A strategy is all about integrating organizational activities and utilizing and allocating the scarce resources within the organizational environment so as to meet the present objectives.
While planning a strategy it is essential to consider that decisions are not taken in a vaccum and that any act taken by a firm is likely to be met by a reaction from those affected, competitors, customers, employees or suppliers.
Strategy can also be defined as knowledge of the goals, the uncertainty of events and the need to take into consideration the likely or actual behavior of others.
Strategy is the blueprint of decisions in an organization that shows its objectives and goals, reduces the key policies, and plans for achieving these goals, and defines the business the company is to carry on, the type of economic and human organization it wants to be, and the contribution it plans to make to its shareholders, customers and society at large.
Strategy is a well defined roadmap of an organization. It defines the overall mission, vision and direction of an organization. The objective of a strategy is to maximize an organization’s strengths and to minimize the strengths of the competitors.
Strategy, in short, bridges the gap between “where we are” and “where we want to be”.
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