How is a strategic vision develop?

How is a strategic vision develop?

A strategic vision is a prerequisite to effective strategic leadership. Managers develops strategic vision by focusing on the following aspects:

• What customer needs are to be satisfied?
• What business activities are to be pursued?
• What kind of long-term market position to be built-up pursues competitors?
• What kind of company to be created?

Developing a company’s vision is the responsibility of the senior management or the entrepreneurs of the company. They need to find out the answers of the following questions:

• Where do we go from here?
• What changes lie ahead in the business landscape?
• What difference will these changes make to the company’s present business?

In simple language, a strategic vision is the outcome of careful thinking about:

• Future market areas
• Company’s strategic paths
• Future commitment

Why strategic vision is important for an organization?

Why strategic vision is important for an organization?

The significance of strategic vision can be realized through the analysis of the following points:

• Setting direction
• Strategic paths
• Well-conceived business course
• A guide for resource allocation
• A platform for crafting strategy
• Commitment to one direction

Explain why information systems are so essential in business today.

Explain why information systems are so essential in business today.

Information systems are a foundation for conducting business today. In many industries, survival and even existence is difficult without extensive use of information technology.

Information systems have become essential for helping organizations operate in a global economy

Organizations are trying to become more competitive and efficient by transforming themselves into digital firms where nearly all core business processes and relationships with customers, suppliers, and employees are digitally enabled

Businesses today use information systems to achieve six major objectives:

• New products, services, and business models
• Operational excellence
• Customer/supplier intimacy
• Improved decision making
• Competitive advantage and
• Day-to-day survival

Why are Crafting and Executing Strategy Important?

Why are Crafting and Executing Strategy Important?

Crafting and Executing Strategy are top-priority managerial tasks for two very big reasons.

First, there is a compelling need for managers to proactively shape, or craft, how the company’s business will be conducted.

Second, a strategy-focused organization is more likely to be a strong bottom line performer.

Information required for market and demand analysis.

Information required for market and demand analysis.

1.      Who are the buyers of the proposed project product?

2.      What is the current aggregate demand?

3.      Distribution pattern of demand overtime and geographical pattern of distribution

4.      What is the break-up of demand lot size?

5.      What price the customers are convinced about the superiority of the product?

6.      What price and warranty will ensure its acceptance?

7.      What channels of distribution are most suited for the project?

8.      What trade margins will induce distributors to carry it?

9.      What are the projects of immediate sale?

10.  What could be the best media for advertising the product?

11.  Superiority of others suppliers

12.  What are the govt. policies of regarding the product?