What is Strategy?
You’ve probably got bored of this question but this is something inevitable in business context. Be it a multi billion bank or a roadside pan shop tehy all have some strategy to keep their business afloat and ofcourse in success.To be in different in the market place each company has its own ways to device their own strategy. So which one and how you should derive your strategy.
5 Competitive forces for Strategy
Michael E Porter, A harvard business school professor writes a great deal about strategy and competitiveness for more than three decades now. He is one business fellow who gets the point. He says that strategy is to improve the productivity continuosly to reach the profitability margins.
That hits the bulls eye. A strategy should improve your production. You cant be producing the same amount of goods as you manufactured last year, if so your marketing team is suffeing so much. And why do you want to increase productivity. Obviously to improve your sales and your bottom line. According to Michael Porter,
Consumers’ bargaining power
Threat of substitute products/services
Supplier’s bargaing powers are the five forces that defines the holistic approach of strategy.
Ofcourse, Strategy is a big topic to be explained in a 13 minute video. If you want to know more, or if you have any questions please click here to join of Facebook Page. You are welcome to post new topics and discussion but please stick to the basics.