Answer to Question #203924 in Management for Lizzy

Question

In view of the intense competition within the business environment and the changing trends in consumer tastes and preferences,develop a strategy for a firm of your choice.With your knowledge in strategic management process, discuss the steps you will follow to develop the strategy

Answer 1

1.Understand the current position

2. Reflect on how you got there

3. Be clear about your corporate identity (mission, vision and values)

4. Analyze your strengths and weaknesses

5. Analyze the business environment

6. Identify and evaluate strategic options

7. Set objectives

8. Communicate the strategy

9. Implement the strategy

10. Review progress