Please write a 100 word peer response
A key factor in successful strategy is that you develop a clear, measurable goal and a strategy to reach that goal.A big change in strategy is about making a change in goal setting.A goal should always be about something. For example, in a business decision to expand the scope of its business, the goal could be:”to become the number one selling wine in the USA by 2010.”What Is A Strategy A strategy is a set of actions designed to achieve a particular goal. Therefore a strategy is a clear and defined plan of action .Strategy consists of 3 main parts.
Strategy Elements: These are the different types of strategies that the company uses to achieve its goal along with details about the actions taken. These can also be called goals or objectives from the point of view of the company (Assadinia,2019).
Strategy Objective: This is the ultimate result of the strategy, what a key distinction between strategy and business planning occurs in the latter when business planning is used primarily to develop a strategy that describes what is good for a business. When planning is used to generate business plan documents, the focus is always on developing a document that will result in the best possible result (Chew,2018).
References
Boso, N., Adeola, O., Danso, A., & Assadinia, S. (2019). The effect of export marketing capabilities on export performance: Moderating role of dysfunctional competition. Industrial Marketing Management, 78, 137-145.
Nadeem, A., Abedin, B., Cerpa, N., & Chew, E. (2018). Digital transformation & digital business strategy in electronic commerce-the role of organizational capabilities. Journal of theoretical and applied electronic commerce research, 13(2), i-viii.
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Answer 2
Aiming towards the success of the organization competitively is every target of any business. It is important for the business leader to focus on the reputation, revenue, strengths, and assets which are the required components for the success of the business. The main factor here is the plan which helps in providing better opportunity for the business to win the competition. Effective plan is the important for any business to implement (Hill, 2020).
Identifying the requirements of the customers is very much essential. The success of the business depends on providing goods and services to its customers by identifying the needs and wants. The advantages and disadvantages of the competitors should be understood well first. Secondly, the plan should be identified and understand how it should be implemented effectively. It is important to identify big markets and collect the skills and experiences to add to the business. Investments and operations should be planned so well so that they bring profits to the business. Productivity is one of the important things to be considered for gaining competitiveness. This can be achieved by employees performing well and integrating with the objectives of the organization as their own (George, 2019)
References
George, N.R. (2019). Key Planning Factors Competitive Success Business. Retrieved from,
https://smallbusiness.chron.com/key-planning-factors-competitive-success-business602.html
Hill, B. (2020). What Are the Key Planning Factors for Competitive Success in Business? Retrieved from, https://yourbusiness.azcentral.com/key-planning-factors-competitive-success-business-11982.html
