As the discussion declares the organization’s strategic objectives control business strategy and determine the key success factors in the industry. These strategic goals frequently include the vision or mission for the business. These set out the direction and benchmarks for financial and market outcomes of the business. These are the more common strategic goals which were comprehensively covered in the course. Next, we learned how to define business strategy which includes a description of the following: customer targeting strategy and its requirements. the product line and the product positioning strategies for the market segment. identifying the technologies needed to deliver the product-market strategy. determining the strategic processes necessary to execute the product-market strategy. and spelling out the market access strategy.
This paper stresses that for business strategy evaluation and recommendations, one other major learning was on the conduct of strategic evaluation or SWOT analysis whose scope includes both internal and external factors that exert influence on the firm’s business strategy. Internal evaluation is made on the basis of the organization’s functional and process capabilities. External assessments, on the other hand, are based on the critical factors that have been determined, particularly the opportunities and threats confronted by the organization. In addition, this process also involves a comparison of the industry’s key success factors and competitive resource requirements, and again the company’s internal capabilities and financial resources.