Cutting Costs Strategically
February 12, 2025
In recent years, there has been an increasing emphasis on governing corporations according to social and environmental norms and ensuring that the negative externalities associated with them are minimized. When we talk about negative externalities, what we mean are the social and environmental costs that corporations impose on society and which are not factored into […]
What is Retailing? The sale of products to the customers from a fixed location (malls, department stores, super markets and so on) in small quantities for their end use is called as retailing. Coupons play an important role in promoting the retail stores and making the brand popular amongst the masses. What are Coupons? Any […]
Affiliate marketing is a catch all term. It is a term just like marketing meaning that it applies to a lot of industries and businesses. Since the connotation is so vast, generalizations must not be made for affiliate marketing. What may be true for affiliate marketing in case of one product may not be applicable […]
Setting up a web page and promoting online business has become a necessity for all business organisations, irrespective of the size of the organisation and the business. Every minute, several thousands of people from all over the world are accessing the internet and searching for products and information. A few hundred of them could be […]
“The work of a tailor is to collect the raw material, find matching threads, cut the cloth in desired shape, finally stitch the cloth and deliver it to the customer.” Advertising Agency is just like a tailor. It creates the ads, plans how, when and where it should be delivered and hands it over to […]
Following are the main differences between Strategy Formulation and Strategy Implementation-
Strategy Formulation | Strategy Implementation |
Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. | Strategy Implementation involves all those means related to executing the strategic plans. |
In short, Strategy Formulation is placing the Forces before the action. | In short, Strategy Implementation is managing forces during the action. |
Strategy Formulation is an Entrepreneurial Activity based on strategic decision-making. | Strategic Implementation is mainly an Administrative Task based on strategic and operational decisions. |
Strategy Formulation emphasizes on effectiveness. | Strategy Implementation emphasizes on efficiency. |
Strategy Formulation is a rational process. | Strategy Implementation is basically an operational process. |
Strategy Formulation requires co-ordination among few individuals. | Strategy Implementation requires co-ordination among many individuals. |
Strategy Formulation requires a great deal of initiative and logical skills. | Strategy Implementation requires specific motivational and leadership traits. |
Strategic Formulation precedes Strategy Implementation. | STrategy Implementation follows Strategy Formulation. |
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