Cutting Costs Strategically
April 3, 2025
The business environment today has become extremely competitive. Companies are not only facing competition from their local competitors but also from global ones. Different economic and geopolitical factors make global supply chains necessary. The problem with having global supply chains is that operations become broad and complex. It is much easier to manage operations located…
What is Core Competency? Core competency is a unique skill or technology that creates distinct customer value. For instance, core competency of Federal express (Fed Ex) is logistics management. The organizational unique capabilities are mainly personified in the collective knowledge of people as well as the organizational system that influences the way the employees interact.…
Core Competency Theory The core competency theory is the theory of strategy that prescribes actions to be taken by firms to achieve competitive advantage in the marketplace. The concept of core competency states that firms must play to their strengths or those areas or functions in which they have competencies. In addition, the theory also…
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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