Innovate strategy formulation

Document Type:Article

Subject Area:Business

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More recently organizations are investing in developing their capabilities through research to ensure they capture a bigger market share and amass customer loyalty. Strategy implementation is especially important because poor execution puts the company at a disadvantage no matter what plans have been laid out. The Make in India program is a management program that seeks to develop successful management ideas and skills in India. The program identifies industry trends and emerging challenges and provides innovative solutions that are market led and youth-centered. Strategy formulation calls for various key aspects that will ensure organizational success. This innovative design is all encompassing and also pays great attention to the factors that might stymie the execution of the design such as leadership and the organizational culture.

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To ensure success and effectiveness of the strategy, the organization has to build proper internal and external structures that complement its goals, ensure continuous assessment and evaluation of the plan and its progress and finally establish clear priorities and ensure utmost dedication and loyalty from all the relevant stakeholders. Explanation and Critique The concept of strategy formulation is extremely important for any organization looking to maintain or expand its position in the industry. Emerging trends have forced companies to re-evaluate their processes and come up with new innovate ways to stand out in the market. The innovative strategy formulation process is more intricate and involving. Continuous assessment of risks and potential business enables the organization to ensure customer satisfaction and stability in spite of the external environment.

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