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Answer.
Definition of Strategy:
In business, corporate strategy refers to the overall strategy of an organization that is made up of
multiple business units, operating in multiple markets. It determines how the corporation as a
whole supports and enhances the value of the business units within it; and it answers the question,
"How do we structure the overall business, so that all of its parts create more value together than
they would individually?
Strategy at the business unit level is concerned with competing successfully in individual markets,
and it addresses the question, "How do we win in this market?" However, this strategy needs to be
linked to the objectives identified in the corporate level strategy.
Major reasons for lack of strategic management in some companies:
The importance of new ventures to the economy is substantial in terms of innovation, employment,
and sales and effective planning can help these new firms survive and grow. Unfortunately,
research has shown a distinct lack of planning on the part of new ventures. Five reasons for the lack
of strategic planning have been found:
1. Time scarcity. Managers report that their time is scarce and difficult to allocate to planning in
the face of day-to-day operating schedules.
2. Lack of knowledge. Small firm owners/managers have minimal exposure to, and knowledge of,
the planning process. They are uncertain of the components of the process and the sequence of
those components. The entrepreneurs are also unfamiliar with many planning information sources
and how they can be used.
3. Lack of expertise/skills. Small-business managers typically are generalists, and they often lack
the specialized expertise necessary for the planning process.
4. Lack of trust and openness. Small firm owners/managers are highly sensitive and guarded
about their businesses and the decisions that affect them. Consequently, they are hesitant to
formulate a strategic plan that requires participation by employees or outside consultants.
5. Perception of high cost. Small-business owners perceive the cost associated with planning to be
very high. This fear of expensive planning causes many business owners to avoid or ignore planning
as a viable process.
In addition to these reasons, other factors have been reported as difficulties of the planning process. For example, both high-performing and low-performing small ventures have
problems with long-range planning. Both time and expense are major obstacles.
Additionally, low-performing firms report that a poor planning climate, inexperienced
managers, and unfavorable economic conditions are problems.
Answer.
countries like Canada, and several African nations. What has really mattered is that, the quality of
teaching has improved, as VIT has been able to attract high-calibre teachers from all over the
country.
Advantage. Each organization has its own internal value chain of activities. Michael Porter
suggested that the value chain of an organization can be split into primary activities and support
activities.
Primary activities are those that are concerned with creating and delivering the end product.
Operations The raw goods acquired are converted into the final product. Value is added to the
product at this phase as it moves through the production line.
Outbound logistics Once the products have been produced, they are ready for distribution to
distribution centers, wholesalers, and retailers.
Marketing and sales Marketing ensures that the end product is targeted to the right customer
group. The marketing process establishes an effective strategy.
Services After the products are sold, the organization has to offer support services. This may be
in the form of customer support, guarantees and warranties.
Procurement This section supplies raw material for the organization and obtains the best price
and quality.
Technology development An organization should be technology driven. The organization uses
technology to reduce production cost, which in turn adds value, and to develop new products
through research and development.
Human resources The organization has to recruit and train the right people to succeed in their
objectives.
Firm infrastructure The organization needs to ensure that its financial structure, legal structure
and management structure works efficiently and helps the organization move forward.
Answer.
Political factors:
Political factors impact the organizations in many ways. Political factors can create benefits and
opportunities for the organizations. The political environment has an important impact on the
business. There is a large field with many factors which the companies have to consider if they want
to expand overseas Political environment is not stable and can change quickly. Monitoring,
understanding and adapting to the political environment is absolutely essential for any business,
because it significantly affects every business.
Political factors are basically to what degree the government intervenes in
the economy. Specifically, political factors include areas such as tax policy, labor law, environmental
law, trade restrictions, tariffs, and political stability. Political factors may also include goods and
services which the government wants to provide or be provided (merit goods) and those that the
government does not want to be provided.
Political factors can be:
1) Stability of the government
2) Fair-trade laws
3) Antitrust laws
4) Tax laws
5) Minimum wage legislation and Economic policy of the government pollution laws as cited in
Develop
6) Defense and military policy Diplomatic events in surrounding countries
These factors can be restrictive or beneficial. Restrictive factors are those factors that limit profits
Technology:
Technological factors include technological aspects such as R&D activity, automation, technology
incentives and the rate of technological change. They can determine barriers to entry, minimum
efficient production level and influence outsourcing decisions. Furthermore, technological shifts
can affect costs, quality, and lead to innovation.
Technology Do you need an Enterprise Content Management (ECM) Solution?
Your information management program is going to rely on technology to enable your organization
to comply with your policies and execute your information management processes. The right
application of technology can provide your program with a great degree of control over your
organizations information while having a minimal impact on daily activities of your staff.
Technology Your users love Collaboration Tools What do you do with those?
Controlling the creation phase of the information lifecycle is one of the most complicated
information management issues you face. Striking a balance between controlling information and
allowing your staff to be creative and innovative requires imagination and collaboration.
Technology What about your Enterprise Systems and Business Applications?
The business applications (e.g., ERP, Human Resources Information System, Accounting, etc.) within
your enterprise support your business processes and enable your organization to run efficiently.
Often, these applications are repositories of your corporations information assets. Whether stored
as content in a transactional system or as rows of data in a database table, the information stored in
your business applications is a key component of your institutional knowledge and intellectual
capital.