Macy's

Macy's

Introduction

In business world, strategies have great importance for the success of organization. There are several strategies that business develops for benefits for the organization. These strategies include corporate level strategies and business level strategies. These strategies are developed for each function of the business such as sales, accounting, marketing and customer services etc. These strategies are effective tool for business success effectively and efficiently. These strategies are developed for attaining various business objectives such as customer retention. Strategies are developed to retain customers and effective communication with customer to satisfy their needs (De Wit & Meyer, 2010). Some strategies are developed for effective utilization of resources. Strategies are also developed if business is planning to expand. Strategies help in effective utilization of resources and thus resulting in low cost operation, differentiation or quality production based on the objectives of the organization. This paper analyzes the business level and a corporate level strategy of Macy's which a retail business is. In later part of this paper business overview will be given along with the main objective of this paper.

Discussion

Strategic management is a common business practice where businesses develop strategies for the organization from which policies are developed and implemented at the functional level. This is an effective way to help managers and top layer of the organization to compete in the long term. In today's competitive environment business ownership and entrepreneurship is referred to the latest fashion for attaining good status and wealth. There are lot of businesses that launched every year and every month but it is noticed that among those business very few survives and maintain their position in competition and rivalry. In any business managing the business successfully entirely depends on the business strategies that are adopted by the business manager or owner of the business. Therefore, it can be said that strategies are essence of the failure and success of the organization. Without the proper, effective and efficient management of strategies an organization cannot survive.

Strategic management consists of two separate, but operationally interdependent processes, namely the formulation of strategy and its implementation. Strategy formulation is based on the identification and evaluation of potential opportunities and threats, analysis of possible alternatives to the future operation and selection of optimal alternatives. Implementation of this strategy integrating activities, coordination, and control, which resulted in the company gradually, modifies its structure, resources and skills in the direction of future patterns of conduct outlined in the strategy (Jones, 2010).

When an entrepreneur enters a business without formulating coherent strategies in advance, you have to learn through trial and error. This is a wasteful process that often leads to failure of the business before the businessperson has learnt how to run it successfully. On the other hand, developing marketing, technology, operational and people strategies in advance can help businesses avoid fundamental errors. Such a desirable outcome is possible only if the business strategy development is an objective exercise. If the strategy is based on subjective feelings and preconceived notions, that resulting business plan can ...