Strategy formulation

Strategy

Student’s Name

Institution’s Name

Date

Strategy formulation is the situation whereby an organization makes use of the most suitable courses of action in order to achieve the goals that it has defined (Pearce, Robinson, & Subramanian, 2000). Strategy implementation on the other hand is the considered to be very critical to the success of a company. It addresses the questions, who, when where as well as how an organization can be able to achieve its desired objectives and goals. Its puts its focus on the entire organization. Implementation of the strategies takes place after SWOT analyses, Environmental scans as well as the identification of the strategic goals and issues (Pearce et al 2000).

According to my own view, Strategy formulation is first and foremost the most important between the two. This is because this is where all the planning is carried out before implementation is undertaken. These two are dependent on each other. This is because in order for any organization to be able to achieve its objectives, they need to not only formulate their strategies but also to implement them. This is because, when both are utilized together, success is likely to be the outcome of this. This will only be so if this is done appropriately.

In a situation whereby a poor strategy that was set has been implemented well, the situation leads to what we can refer to as Roulette. In situations whereby an appropriately set strategy has been implemented wrongly, this will lead to trouble. Finally, when a poorly set strategy is implemented poorly, then ultimate outcome in failure. This thus shows evidently that these two are dependent on each other. Thus, to carry out a diagnosis of the reason for failure of a strategy in trouble, roulette and failure cells need the analysis of both the implementation as well as formulation strategies (Pearce et al 2000).

It is hardly possible to implement strategies before formulating them. This is because strategy formulation involves the placement of the forces before the action is undertaken (Pearce et al 2000). When you implement strategies before formulating them, then it would mean first of all that you may not have the strategies to implement as you would not have formulated them in the first place. It is thus advisable to follow the required procedure of how to handle this.

Every person at a specific point may want to bring forth a particular change in their lives. In my case, I have been in employment for quite some time and my change is that I would wish to start my own business and after it has proved to do well, I would wish to quit my job then. The business am interested in involves the starting of a real estate which has proved to be one of the most stable businesses in the country at the moment.

One of the driving forces that is quite encouraging for me to start this business is that this business requires a lot of input in the beginning. Thereafter, the amount of input is quite minimal as the building starts operations and are occupied. The only cash that is needed is mainly for little maintenance cases but the profit is remarkable. Another driving force is that the availability of land is not quite hard. The suitable location for the placement of the business is quite easy to get as long as the finances needed are in place.

On the other hand, the constraints that are holding me behind from achieving this goals is mainly finances. The land for the business is easily available but the prizes are too high and not affordable. As much as I have been saving, I cannot be able to afford the cost of the land as well as the building cost. The amount of input required for the construction after the acquisition of land is as well too high. This is because most areas have designated building codes and one cannot build anything affordable but have to adhere to the building codes.

Force-field analysis is a decision making technique which is deemed to be very useful. It helps one in making a decision by making analysis of the forces against and for change and helps one in the communication of the reasoning behind their decision. This techniques can be utilized for two purposes: to make a decision as to whether it is worth it to go ahead with the decision for change and secondly, to increase the chances one could have for success (Zand, 1995). This is basically by ensuring the forces are strengthened, supporting the implementation of the change as well as weakening the forces that are against it.

In this situation, I believe that this could help me make a better decision about the change. I can be able to do an analysis on whether the change can be beneficial in the long-run compared to the cost that I may be inputting at present. This tool can also help me in the getting the ways that the change can be successful at the long run and thus minimizing the losses. Thus, this technique instills positive thinking and helps one to be a go getter and not base entirely on the negatives but the positive sides as well.

The statement, “If you can’t measure it, you can’t control it.” I totally agree with this statement. Let’s take for example you have a retail store. In this store, you need to have a manager or yourself to take care of the inventory as well as stocks. Let’s say for example you ignore this whole process and you decide to just run the business without putting in mind what needs to be bought, what is finished and such kinds of things. There will be a likelihood that the business will fall. You will realize that stocks get finished without your notice and thus your clients will find another alternative of a store to shop from since yours in unreliable. If this goes on for some time, you will automatically be forced out of business. This thus gives us an explanation of the statement, “if you can’t measure it, you can’t control it.” Every business needs to have an inventory in order for it to run effectively

References

Pearce, J. A., Robinson, R. B., & Subramanian, R. (2000). Strategic management: Formulation, implementation, and control. Columbus, OH: Irwin/McGraw-Hill.

Zand, D. E. (1995). Force field analysis. Wiley Encyclopedia of Management.