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Business Strategy: Strategy Formulation

In the strategy formulation process, an organization’s directors generate a general plan of what an organization should and should not do, given its market forces and its internal resources, in order to best meet its goals. Porter’s Generic Strategies: A firm should consistently choose one of Porter’s generic strategies. The first dimension is whether you…

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Business Strategy: Internal Analysis

After evaluating an industry’s attractiveness, we analyze the firm’s internal strengths and weaknesses for competing in that industry. The strengths and weaknesses identified by the internal analysis can also be displayed in a SWOT table. The internal analysis does not care about the product and the industry itself; it is concerned with the capabilities that…

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Introduction to Business Strategy

After covering the basics of marketing, I will cover the basics of strategic planning: the act of formulating a new strategic plan for an organization. Business strategy is all about formulating, implementing, and evaluating decisions that enable an organization to achieve its long-term objectives. Strategy formulation combines and converts three inputs – (1) long-term objectives, (2) external analysis,…

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Writing a Business Plan: Strategic Objectives

This post describes what to write in the second component of a business plan: the strategic objectives section. After introducing the company, you have to disclose your strategic objectives, consisting of your vision, mission, and shorter-term objectives. Vision Vision refers to the changes you are aiming to achieve for the communities you serve some 5-10…

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Writing a Business Plan

Now that we covered the basics of marketing, I think you are well-equipped to apply your knowledge of marketing concepts in writing a business plan. I acknowledge that a sophisticated business plan would require some understanding of marketing, strategy, and finance. I haven’t yet written about strategy and finance, but I will include pieces of my…

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