Cutting Costs Strategically
February 12, 2025
The first four elements in the services marketing mix are the same as those in the traditional marketing mix. However, given the unique nature of services, the implications of these are slightly different in case of services. Product: In case of services, the ‘product’ is intangible, heterogeneous and perishable. Moreover, its production and consumption are […]
The Phenomenon of Sweatshops The global marketplace is driven by intense price competition as well as quality considerations. This means that those exporters who can offer quality at the lowest price often bag the orders from the global corporations like Nike, GAP, Apple, and other western multinationals who outsource their production to emerging markets. Since […]
When the suppliers are unable to entertain customers or their business strategies fail to build a good relationship with customers, they probably end up with customers’ dissatisfaction. Their can be many reasons for the customers to become dissatisfied. Some of these reasons are: Taking example of India, most of the population here are vegetarian. They […]
Outdoor advertising communicates the message to the general public through highway billboards, transit posters and so on. Outdoor advertising is a very important form of advertising as the ads are huge and are visible to one and all. The important part of the advertising is that the message to be delivered should be crisp and […]
Definition of Business Policy Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions. Business policies are the guidelines developed by an organization to […]
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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