In evaluating how well a company’s present strategy is working, a manager has to
ID: 353028 • Letter: I
Question
In evaluating how well a company’s present strategy is working, a manager has to start with the strategy. Figure 4.1, Identifying the Components of a Single-Business Company’s Strategy, in your textbook, shows the key components of a single-business company’s strategy. Discuss with your class how to analyze whether a company’s present strategy is working. Include at least one APA-formatted citation from your textbook, Crafting & Executing Strategy, to support your rationale and receive full credit.
Explanation / Answer
A single business strategy includes set of procedures and goals for a small business organization. In a small business, generally not much variety of [products are sold, thus Single business strategy covers all the procedures which is applied to focus on single or some few products of the company.
It has three levels- Corporate, Business and Functional. At Corporate level strategy more broad areas of business are to be care of like external environment [problems, evaluations of business opportunities, Return on Investment issues, new product line,etc. which require higher level managerial consent. Business strategy focus on single business company’s gaols and performance, actions to be taken to improve its competitive advantage, improvement in working at lower level, proper strategy implementation at lower level, etc. Functional Strategy is at different departmental level like Marketing, Finance, Human resource,etc. In Single Business Company are niche companies which face high competition, control at functional level is very important otherwise no use of corporate and business strategies.
In Single business strategy more comprehensive and gaol orientated plans are made in depth and it can be analysed at different stages whether we are going in the right direction or not. Clear duties and responsibilities at different level make the quality check simple and problem at any level can be identified easily. One’s identified, corrective actions in right direction can be taken.