Strategy for Large Companies

Assignment on

Strategic planning process for Large Companies

ATLANTIC INTERNATIONAL UNIVERSITY

HONOLULU, HAWAII

April 2014

Table of Content

Content Page

- Introduction 3

- Features of Strategy 4

- Objectives of Business Strategy 4

- Need of Strategy in Business 6

- Steps in creating a Business Strategy 7

o Designing a Vision Statement 8

o Setting Mission Statement 9

o SWOT analysis 10

o Create a Balanced Scorecard 13

o Set Goals and Objectives 16

o Create a Strategy Map 17

o Set Key Performance Indicators or KPIs 19

o Create Dashboards to monitor KPIs 19

- Actualization 22

- Conclusion 23

- References 24

STRATEGY IN BUSINESS

Introduction

Word “strategy” has originated from the Greek word “stratçgos”; where, stratus (means army) and “ago” (means moving or leading).

In business strategy means inter connecting activities of organization and optimally allocating and using the scare resources of the organization to meet the current and future goals and objectives. It is important for us to understand that businesses do not operate in vaccum, and whenever any decision is taken, their will generally be reaction from from all stakeholders affected by such decisions i.e employees, competitors, suppliers or customers.

When we talk about "strategy" we understand it as a road map. Strategy is a road map and different actions during the journey which business leaders and managers have to follow and take to achieve one or more institutions goals.

A Definition of Business Strategy

Strategy in business is a long term plan of activities and action planned to achieve a specific objective/goal or set of objectives or goals for an organisation.

Strategy is not same as vision, mission, priorities, objectives, goals and...