Steps While Making Strategies

In this tutorial, you will learn about, What are the Steps While Making Strategies.

Strategies: This word has been borrowed from the defence (Given by Michael Potter).

To make some unique products which serve the purpose and gives maximum satisfaction to the end user. It means giving maximum value and satisfaction to consumers.

The following steps need to be kept in mind while making strategies:

Business Environment:

  • Scanning the environment (controllable and uncontrollable) (micro and macro)
  •  SWOT and PESTEL Analysis.
  1. Optimum utilization of resources: (efficient and effective resources) in achieving the objectives even the various alternatives should be carefully analyzed and the best should be selected.
  2. Establishment of planning premises: Premises are planning assumption, the setting of the future. Premises consider the forecast of that business condition under which a plan is to operate. Forecast and trend analysis provide most of the information required in planning.
  3. Determination of alternative courses: this step-in planning is to search for and examine the alternative course of activities. All possible alternatives should be out for their comparative and analytical evaluation.
  4. Evaluation of alternative and selecting the best course of action:
  5. Preparation of derivative Plans: here derivation means – formulate the derivative plans in support of basic plans. For any business organization, it is essential that it is must have a primary and a basic plan. Derivative plans are developed in each area of business so as to achieve the objective.
  6. Timing and sequence: by timing here we mean the period for which the plan is developed. The starting and finishing period should be fixed for each plan schedule is equally important for the success of the plan.
  7. Securing participation of employee: for the success of a plan loyalty and sincerity of subordinates are very essential.
  8. Feedback of the employee and consultation with the employee.
  9. Considering the strategy: Strategy plays a significant role in the execution of the plan. A suitable strategy should be planned and followed for the success of planning.

Follow to the proposed course of action: Continuous monitoring.

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