Strategy.
A strategy is a long term plan of action designed to achieve a particular goal. Strategy should be competitive. Competitive strategy consists of moves to: attract customers, to strenghten firm’s market position and focuses on management’s plan to compete successfully. In other words, strategy is about:
o What resources (skills, assets, finance, relationships, technical competence, (facilities) are required in order to be able to compete? (resources)?
o Which markets should a business compete in?
o What have you done to improve customer service?
o What have you done to improve customer satisfaction?
o What have you done to reduce costs?
o What have you done to increase productivity?
o What have you done to increase revenues (ienākums) from new products and services?
There exist different types of business strategy: a takeover – buying enough shares in a company to get control of it; a joint venture – when two or more companies agree to work on a project; a merger – combining two or more companies; an alliance – an agreement between companies to cooperate in certain business activities.
It is very important to follow time, make modifications in strategy and, of course, to be able to respond quickly to customer’s needs. These conditions are very important that your company’s strategy would be competitive.
Strategy brings clearness to your working plan. It is like priorization (prioritātes noteikšana) that guides (virzīt) what to do, and how to do it. Very often correctly developed strategy brings performance to your business and achievement of an objectives.