How the Movie Yuva Explains The Need Theory of Motivation and What Motivates Us
What are nAch, nAff, and nPow and How the Need Theory Explains What Motivates Us Motivation Theories are used by organizational and behavioural experts to help people in understanding what motivates them and how organizations can fit employees to the appropriate roles so that they do work that excites them and in the process, help […]
Operational/Transactional Processes
Perhaps the most frequently used and the most important type of processes in any company are the operational processes. These are processes which define the primary activities that a company needs to perform in order to successfully execute its business. It is very important to understand the concept of value stream and map the same […]
Why Blockchain May Not be Suitable for Commercial Banking?
As far as technology enthusiasts are concerned, blockchain is the most important invention since the wheel! It is very easy to find literature where technical gurus are praising blockchain as being the solution to all technology-related problems being faced by mankind. This overenthusiasm is the reason that most people believe that blockchain will revolutionize many […]
PESTLE Analysis of the Global Aviation Industry
Introduction When we think of airlines, we usually think of luxury and opulence as well as comfort and convenience. However, beneath the veneer, the airlines worldwide are caught in a cycle of higher operating costs, lower profits, and decreasing margins because of the various factors discussed in this article. Though the passengers might not notice […]
Role of Social Media in The Silicon Valley Bank Run
Bank runs have been part of the banking industry for a long time. This is an unintended consequence of the fractional reserve banking system which is followed by the banking industry across the globe. Bank runs were common during the 1920s when the Great Depression took place. However, with the passage of time, the banking […]
Strategy formulation refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision.
The process of strategy formulation basically involves six main steps. Though these steps do not follow a rigid chronological order, however they are very rational and can be easily followed in this order.
Objectives stress the state of being there whereas Strategy stresses upon the process of reaching there.
Strategy includes both the fixation of objectives as well the medium to be used to realize those objectives. Thus, strategy is a wider term which believes in the manner of deployment of resources so as to achieve the objectives.
While fixing the organizational objectives, it is essential that the factors which influence the selection of objectives must be analyzed before the selection of objectives. Once the objectives and the factors influencing strategic decisions have been determined, it is easy to take strategic decisions.
It is essential to conduct a qualitative and quantitative review of an organizations existing product line. The purpose of such a review is to make sure that the factors important for competitive success in the market can be discovered so that the management can identify their own strengths and weaknesses as well as their competitors’ strengths and weaknesses.
After identifying its strengths and weaknesses, an organization must keep a track of competitors’ moves and actions so as to discover probable opportunities of threats to its market or supply sources.
A critical evaluation of the organizations past performance, present condition and the desired future conditions must be done by the organization.
This critical evaluation identifies the degree of gap that persists between the actual reality and the long-term aspirations of the organization. An attempt is made by the organization to estimate its probable future condition if the current trends persist.
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