Strategy-We had heard this word many time & when we think about this it lead towards some powerful outcome. “Strategic” in front of the name of any business process, and suddenly that process acquires an aura of great importance
it is originally a Military term – which says that use of available resources in pursuit of victory.
It’s really the same in the business world. Each company has a business strategy that paints a broad picture of how it will compete in the marketplace.
How to define strategic plan- It is to determine actions to support the mission, goals, and objectives of an organization. It generally includes an organization’s explicit mission, goals, and objectives and the specific actions needed to achieve those goals and objectives.
Let ‘s talk about Supply chain strategy – The supply chain strategy is a complex and evolving way that organizations use to distinguish themselves in the competitive contest to create value for their customers and investors.
Designing and building the right supply chain, one that promotes the business strategies, may just be the most powerful way to gain an edge on the competition, to move faster, deliver more value, and be more flexible in the face of both steady change and surprises.
What is Business & Organizational Strategy & Is it effect Supply chain?
–Business – A plan for choosing how to compete. Three generic business strategies are (1) least cost, (2) differentiation, and (3) focus
–Organizational – It defines how the company will function in its environment. Specifies how to satisfy customers, how to grow the business, how to compete in its environment, how to manage the organization and develop capabilities within the business, and how to achieve financial objectives.
Supply chain – is then a strategy for how the supply chain will function in its environment to meet the goals of the organization’s business and organizational strategies. Competitive advantages are closely related to business strategy because they outline the advantages the organization should realize once it has decided how it will compete. A business model is the organization’s business and organizational strategy formalized into a business plan.
Thanks for Looking at my Blog.. Next one – Process to develop Supply chain Strategy-APICSEDU