Why is this such an important strategic prerequisite
This is information te professor posted with the question,
The more things an organization attempts to do, the more information it needs to have in terms of environmental assessment for the ,purpose of strategy formulation and adjustment. According to Mendelson and Ziegler (1997), firms need to define their businesses in terms of what they do best. This limits the scope of the business and makes for a more focused organization. This does not imply that a firm cannot explore new products and markets.
A firm must look at its strategic success factors and consider those when making decisions about what products/services to provide, customers to serve, markets to enter, and how it will go about doing all that.
What a firm does best is directly related to its core competences. It should consider strategic partners and alliances if considering moves that require competences it does not possess. According to Schermerhorn, Hunt, and Osborn (2005), organized chaos is a good thing when making critical decisions.
First, put as many ideas on the table as possible; second, frame the ideas so that alternatives can be considered; third, look at alternatives from different points-of- view; fourth, make certain all the pieces of the puzzle fit. You should then establish the potential value and application of an idea, and identify costs, benefits, and available resources before deciding to implement (p. 317).
Schmermerhorn, J. R. Jr., Hunt, J. G., & Osborn, R. N. (2005). Organizational Behavior. New Jersey: Wiley
Mendelson, H. & Ziegler, J. (1999). Survival of the Smartest: Managing Information for Rapid Action and World-Class Performance. New York: Wiley.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more