Strategic Formulation Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Strategic Formulation Case Solution

Strategy Formulation:

Strategy formulation is the important well-being of any company or organization. In addition, the formulation of an effective strategy provides help to the company in a number of actions and desired results which would be difficult otherwise(Ulwick, 1957). A strategic plan provides a clear vision and purpose of an organization and gives an accurate insight to employees regarding objectives of the firm. Furthermore, the strategy formulation forces the organization to examine and evaluate the viewpoint of change in the estimated future and to prepare for the organization for the anticipated change. Moreover, a strategic plan provides direction to the decision makers and helps them to make the effective decision. On the other hand, an organization that does not have clear strategic plan given no direction to the decision makers of the firm which in turn leads them towards complexities and challenges. There are six steps in strategy formulation process;(Mahima Gupta, 2015)

Define the organization
Define the strategic mission
Define the strategic objectives
Define the competitive strategy
Implementation
Evaluation

Define the Organization:

This is the first step in the strategy formulation process. Defining the organizations basically means identify the company’s customers. A company should identify and evaluate those factors that are appreciated by its customers as well as a company should also evaluate the needs of their customers in order to attain customer satisfaction. Further, a company should also examine what are those attributes that forced customers in buying the company’s product.(Mahima Gupta, 2015)

Define the strategic mission of the company:

A mission defines the long term perspective of an organization and the gives the purpose of organization existence. It tells where the organization is going and what it endeavor for going forward. A strong mission will provide the guidance to a company for carrying out its plan and actions. A mission statement of an organization should contain the values of business, its purpose, position an organization holds, specialties and an organization’s vision that what it wants to achieve in future.(Friis, 1983)

The third step in the strategic formulation required to an organization to identify and make its objectives that it wants to achieve through its business practices. The objectives may include market position relative to its competitors, projected market share, production of goods and services, technological innovation, and increase in sales volumes. Furthermore, strategic objectives should be transmitted to every level in the organization so that everyone could play its part in order to achieve these objectives.(Friis, 1983)

This step of strategy formulation requires an organization to evaluate whether it fits in the marketplace. This steps require every department to aware of its roles and duties and what efforts an organization should put in order to maintain a competitive position(Barney, 1991).The very important element in formulating a competitive strategy is to identify organization’s resources and capabilities and to allocate the resources within the organization.(Friis, 1983)

Moreover, three factors are important that must be considered in developing the overall competitive strategy. First factor is the industry, in which the company should evaluate the market size, potential market growth, new market entrants and threats to industry. The second factor is the competition, in which the company should understand the major market player in order to achieve success. A company should identify the strength, weaknesses and the competitive strategy of its rivals in order to offer better products and services in the market. Lastly, the company should conduct its SWOT Analysis in order to examine its internal and external environment so that the company could prepare itself to respond further.(Yang Li, 2008)...............

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Strategic Formulation Harvard Case Solution & Analysis