STRAGETIC MANAGEMENT

Strategic Management



Strategic Management

Introduction

A business strategy explains the plans of a business i.e. how is it planning to succeed in the market. This strategy is planned to make sure that the Angle poise is able to evaluate its position against the competitors in the industry (Daft & Willmott 2010, p.620). Business strategy helps a business in formulating strategies according to the goals and objectives of the Angle poise and helps to target the potential customers. When Angle poise is evaluating its own position, it sees what are the success factors of the companies that are on top in the industry and tries to formulate strategies and will make it the market leader in the industry.

It seeks how it can achieve competitive advantage that will keep it ahead of other companies in the industry (Sanjay & Mark 2004, p.265). Angle poise has been established for over 70 years and specializes in manufacturing lamps with unique designs. They have used the design of the lamp and its flexibility to market the product within the niche sector where they have been able to charge prices at the high end of the market. Their products have also been used in art galleries and museums with its retro type of styling.

Strategy

Strategy is a plan set out by a company by effectively using the resources for marketing its products and for creating a competitive strategy. This strategy is used for making sure that the Angle poise makes their strategies to compete in the market with other companies. It makes sure that Angle poise uses both of its resources i.e. monetary, as well as, human resources to compete in the market. Strategies are helpful when a company is designing its marketing plan and it helps the company to take new actions that will benefit the Angle poise.

It will also make sure that the plan that the Angle poise is making effective use of the strategy and is implementing it properly (Moyer, 2002, pp. 26). The strategic plans that the Angle poise plans should be implemented very carefully because a lot of companies fail while implementing the plans. The companies should make sure that they successfully implement the strategies. The strategy options available to the company. This will require you to use appropriate frameworks such as the Ansoff matrix to describe the options available, explain what this would mean for the company and evaluate the various options in terms of resources needed, ease of implementation and risk.

Strategy Options available to the Company

A strategy is an approach or plan, so strategic planning is the general planning for the proper management of a process. Strategic planning helps you to plan out the daily activities of your business or your project. It provides you with a comprehensive overview of what you do and where you go. Strategic Planning brings clarity to what you do and how you will get there in comparison of a plan of action that only affects daily ...