Question

*Have a Fitious organization and how to form a Strategy and come our with your strategy*

Answer 1

To form and follow a strategy for an organization the following steps should be followed:

- Gathering all the facts required to form a strategy- the strategy for any business helps it to achieve its goals and mission. Hence it should be based on a thorough study of the internal strengths and external threats. Conducting a SWOT analysis and PESTLE framework can help in identifying the organization's current situation and predict its future to form an effective strategy accordingly

- developing a vision and mission statement- mission and vision statements are very important for any organization to grow in a particular direction. They describe the purpose of the business and the values it will follow. They can provide a base to form strategies to attain goals efficiently.

- developing high-level strategic objectives- forming objectives for every area of the business is essential to form strategies. Strategies are formed to attain objectives. If the objectives are not SMART- Specific, Measurable, Achievable, Realistic and Time-related, the strategies formed will also be difficult to implement or follow.

- forming short term plans- based on the long term objectives, short term plans are formed for each department so that the functions and actions of each of them can be defined clearly. These plans can help in measuring the performance based on the strategies formed and results attained from the actions.