Strategic Management: Formulation, Implementation, and Structures
**Understanding the Formulation and Implementation Process**
- Successful strategy formulation does not guarantee successful strategy implementation.
- Implementation is *”difficult to do something”*, while formulation is easy to say *”going to do it”*.
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**Formulation:**
- Positions forces before the action
- Focuses on effectiveness
- Primarily an intellectual process
- Requires good intuitive and analytical skills
- Requires coordination among few individuals
- Needs to involve divisional and functional managers
- **Implementation:
Digital Transformation: PRISM, Strategy, Technology, and Funding
PRISM Framework for Digital Initiatives
The PRISM framework categorizes the value proposition of digital initiatives:
- Product: Involves growth and expansion, enhancing revenue. This may include new designs and models.
- Process: Enhances efficiency and effectiveness, offering risk mitigation. This often involves changes to organizational structure and work practices.
- Intangible: Value that can’t be quantified in dollars. Examples include branding, employee morale, differentiation, and cultural shifts.
Company Incorporation and Legal Aspects of Business
Key Concepts in Company Structure and Operations
Shareholders, Shareholder Meetings, and Management Body
A) Shareholders: Shareholders can be individuals, groups of people, or other companies that own one or more shares of a company. They are involved in the decision-making process, particularly in electing the board of directors. Shareholders convene for a meeting at least once a year to discuss the company’s status.
B) Shareholder Meetings: These are gatherings where all shareholders come together
Read MoreEuropean Monetary System Failure and the Rise of the Euro
European Monetary System Failure in 1992
In the 1970s, there was excessive exchange rate volatility due to the abandonment of the fixed exchange rate system based on the gold standard. In 1979, the European Economic Community created the “currency snake,” a system of fixed exchange rates in which currencies could only fluctuate within a band of 2.25%. The main goal was to bring financial and monetary stability, as well as reducing the risks associated with devaluations. These measures would promote
Read MoreBusiness and Consumer Markets: Procurement, CRM, and Segmentation
Business Market vs. Consumer Market
Both business and consumer markets aim to understand and satisfy consumer needs, benefiting from market orientation. Both are market-driven.
Marketing Functions
Manufacturing, Research & Development (R&D), Customer Service, Accounting, Logistics & Sales.
Marketing Values
Value is created by identifying ways for customers to create value. Offering value involves creating programs with services, ideas, and products that address problems.
Business Products
- Used
Spain’s 1959 Economic Stabilization Plan: Impacts & Results
Background of the National Economic Stabilization Plan
The National Economic Stabilization Plan was an economic package approved by the Spanish Government in 1959. The plan’s objective was the stabilization and liberalization of the Spanish economy. It marked a break with the policy of autarky of the Franco regime and made possible the beginning of an era of economic growth in the country during the 1960s.
Goals of the Stabilization Plan
The Plan set a series of goals to achieve economic stability,
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