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Strategies to Tide Over Competition

Strategies to Tide Over Competition

Distinctive Competence: set of unique capabilities that certain firms possess allowing them to make inroads into preferred markets and to gain advantage over the competition.

Human brain is the greatest think tank and it evolves new methodologies of business management from time to time in order to sustain as well as win the race. Planning is the key factor that decides the rise or downfall of a business empire.

“Where we are?” and “Where we want to be in the next few years?” is how every business leader’s basic thought process must be, without which he cannot proceed further in the competitive corporate environment. If we call planning as the basement of a building, then it should be very precise, clear cut and robust so that the business empire built on this basement will never collapse and it will also serve as a role-model for everyone who aspires to set his foot in the corporate business world.

strategic planning

At the corporate level, strategic planning helps to establish the

  • Purpose
  • Mission and
  • Objective for the firm as a whole and “outlines the overall plan to attain them.”

Strategy is nothing but a unique set of action plan that will distinguish you from your competitors and make you have an edge over them. Likewise strategic planning is nothing but thinking out of the box to” CREATE YOUR OWN NICHE MARKET” in the business environment. STRATEGIC COMPETENCE takes you to the top of the ladder; but to withhold your position you need to formulate innovative ideas to tide over the challenges in the market. Strategic planning facilitates this process by giving you time frame to complete your short term objectives and long term goals.

Planning for SBU’s:

Business level planning is done for the enterprise’s STRATEGIC BUSINESS UNITS or SBU’S. These are individual” cash cows” that makes your business noteworthy and also brings in constant revenue to run your other units successfully even in periods of recession or if a particular product is not that successful as you might have expected it to be.

I shall compare a business plan to a travel plan. Both involve planning, resources, capital, marketing and so on. . . Both have starting points but a business plan and its objectives never end and you can never come back to the starting point in a business as that of a travel, because you only expand and grow to greater heights in a business provided your plan is pucca. And also the strategy seeks the integration and control of marketing, finance, production and human resources at the functional level.

Strategic Plans at different functional levels:

Strategic plans at different levels must be integrated to ensure that they work in tandem and reinforce each other, thereby contributing to the corporate level strategy adopted for the entire corporate group. I would call strategic planning as” INTELLIGENCE DESIGN CHOICE ACTIVITY “adopted by a corporate and it has become an inevitable feature in the directory of the business world.

 

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