Crafting and Executing Strategy
Crafting and Executing Strategy
Hamza Abobaker
Strategic Management
Dr. William Stieber
January 20.2013
1. Develop an argument supporting the importance of a strategic plan for the success of the defined business.
The business I have chosen to write about is the pharmaceutical business. In order to become a successful business in this field a business manager needs and must know the importance in education on all aspects of the field. Pharmaceuticals are not only about medicine, but also about the education, the knowledge bases that back up this medication as well as knowing that this medication is at the top of the line available to its buyers is not only performance but also cost.
The strategic plan I want to present for the business is simple. First it must prove it is what the business needs to survive in today’s competition. Second, it must prove that it will last for more than just the current medications but for future planning without losing the cost and effectiveness to allow the buyers ( both patients as well as facilities ) to afford it at a reasonable price. Third it needs to be able to be laid out in simple terms that are both reachable and also challenging in order to improve current conditions of the business. In saying this, it is necessary to find a strategic plan that allows this business to compete with the generic market of medications available and the current competitors with the same kinds of medications. What makes this company better and what will draw consumers to the new product over others. First, the company needs to have a vision. When somebody decides to take a vacation she/he also decides where, what and how that vacation is going to happen. This is much like the vision needed for a company. It needs to have not only where the business will go but what will happen along the way to allow it to happen. As a business owner or manager in order to build a strategic plan there is no right or wrong answer but rather
Hamza Abobaker
Strategic Management
Dr. William Stieber
January 20.2013
1. Develop an argument supporting the importance of a strategic plan for the success of the defined business.
The business I have chosen to write about is the pharmaceutical business. In order to become a successful business in this field a business manager needs and must know the importance in education on all aspects of the field. Pharmaceuticals are not only about medicine, but also about the education, the knowledge bases that back up this medication as well as knowing that this medication is at the top of the line available to its buyers is not only performance but also cost.
The strategic plan I want to present for the business is simple. First it must prove it is what the business needs to survive in today’s competition. Second, it must prove that it will last for more than just the current medications but for future planning without losing the cost and effectiveness to allow the buyers ( both patients as well as facilities ) to afford it at a reasonable price. Third it needs to be able to be laid out in simple terms that are both reachable and also challenging in order to improve current conditions of the business. In saying this, it is necessary to find a strategic plan that allows this business to compete with the generic market of medications available and the current competitors with the same kinds of medications. What makes this company better and what will draw consumers to the new product over others. First, the company needs to have a vision. When somebody decides to take a vacation she/he also decides where, what and how that vacation is going to happen. This is much like the vision needed for a company. It needs to have not only where the business will go but what will happen along the way to allow it to happen. As a business owner or manager in order to build a strategic plan there is no right or wrong answer but rather
References: http://mystrategicplan.com/resources/objectives-and-goal-setting/3187165.html. Retrieved in January 17, 2013 http://smallbusiness.chron.com/strategic-planning-important-business-2671.html. Retrieved in January 18, 2013 http://www.taskey.com/methodology.aspx. Retrieved in January 18, 2013 http://www.timethoughts.com/goalsetting/vision-statements.htm. Retrieved in January 18, 2013 http://www.umacs-business-solutions.com/financial-objectives.html.Retrieved in January 19, 2013