What is Total Quality Management ? Total Quality Management (TQM) is a management ideology that focuses upon quality management and is derived from other management theories such as quality circles, strategic planning, etc. Total quality management consists of three words, which are explained below : 1) Total : The word ‘total’ in TQM signifies that it … Read more
What is Strategic Intent ? Strategic intent refers to the pre-defined future state that the organization is planning to reach within a stipulated period of time. The term strategic intent was popularized by Gary Hamel and C.K Prahalad. They defined strategic intent as the reason of existence of an organization and the ends it wants … Read more
What is Outsourcing Strategy ? Outsourcing strategy is the process by which the company utilizes the service of another company or service provider to perform tasks which were being done in-house. The company adopts this strategy so that it can get its resources to focus on activities in which it is the best and hence … Read more
What is Combination Strategy ? A combination strategy is said to be employed by a company when it tries to achieve several business objectives with the aid of a single strategy. Business strategies usually involve objectives like growth, consolidation or stability. Some business strategies can be combined like offering differentiated products in a niche market … Read more
What is Stability Strategy ? The stability strategy is most often used by companies but it presents a very confused picture. Most companies strive for growth and do not look for stability in their strategy formulation. A stability strategy implies that the company looks for stability in its strategy and does not affect too many changes. The … Read more
What is Grand Strategy ? The grand strategy of the company is also known as the corporate strategy or the master strategy. It provides the general plan by which the company intends to achieve its long-term goals. It basically falls into four types expansion, stability. retrenchment and combination. Companies which can have many product lines … Read more
Contents – Introduction and Definitions of Strategic Management. Characteristics or Features of Strategic Management. Four Phases in Strategic Management Process. Limitations of Strategic Management. Importance of Strategic Management. Differences between Strategic Management & Operational Management. What is Strategic Management ? The word “Strategy” and “Management” combined to from Strategic Management. Strategic management begins with the formulation of mission statement … Read more
✏ Table of Content : What is Business Models ? Components of the Business Model Business Model and Business Strategy Relationship Between Company’s Strategy and its Business Model Differentiate Between Business Model and Strategy What is Business Model ? There are number of people who frequently use the terms ‘business model’ and ‘strategy’. But still the … Read more
What is Scenario Planning ? A ‘scenario’ is a likely shape of the firm’s industry in the future. Planning by itself is a process of learning. Scenario Planning is a technique which enables the managers to check how the strategies that they have designed are likely to fare in the future. It also allows them … Read more
What is Strategic Evaluation ? Strategy Evaluation in Strategic Management : The last part of the strategic management process is concerned with the evaluation of the strategy for its effectiveness. At this stage, the organisation evaluates whether the implemented strategy has been successful in meeting the desired goals and objectives of the organisation or not. In … Read more