Can You Say What Your Strategy Is?

(2008) Synopsis In this article Edward Jones a brokerage firm is used as example, which show steady increase in its sales and profit from 85 years of history. The article conceived that most of the executives cannot define their strategies which lead to the failure of firm. For success of organization there are two important points; first is clearly formulate strategy and secondly effectively implement the strategy. The strategy should be simple and clear statement. The strategy statement is that statement which defines the end outcomes to be achieved. It not only defines the end point but also define a time frame to reach on these end points. It has three elements; first you have to clearly define your mission and vision along with strategy objective. The objective of Edward Jones is the ultimate objective of firm is to maximize profit per partner. Then define the scope (second element of strategy statement) that includes defining customers, geographic location and vertical integration. The scope of Edward Jones is customer. The last element is defining competitive advantage that is what makes your firm different from competitors. It is the main element of strategy formulation. Edward Jones has competitive advantage of customer value preposition. Analysis By analyzing the article it is clear that only those companies succeed in market whose executive can answer What Their Strategy Is? According to Below Morrisey & Acomb (p.1); Strategic planning is the most essential function of Executive in an organization. If your destination is not clear then any path will take you there.

Can You Say What Your Strategy Is? In the above statement the strategy should be SMART that is specific, measureable, attainable, and reachable and time bound. The clear strategy clarify to the employees that what they can do for the success of organization. Strategy formulation means make your firm unique rather than prove yourself best. According to Porter (p.1) the worst error in strategy is to compete with rivals on the same dimensions. So, according to these references strategy formulation is most important set of tools and techniques which specify employees what to do and what want to become and how to go for success of company. Clear, specific and time bound strategy is a way to succeed. Only those companies get victory in market whose executive can define their strategy in 35 or less than 35 words. Most of the organizations failed because of uncertainty about organization strategy. Unique strategy gives you competitive advantage over competitors which is core element for strategy formulation.

Can You Say What Your Strategy Is?

References Below, Morrisey & Acomb, The Executive Guide to Strategic Planning. (p.1) Retrieved March 17, 2013, from http://www.garytomlinson.com/media/Synopsis__CBC20_The_Executive_Guide_to_Strategi c_Planning_-_Diagram.pdf Porter, BYU Managers Toolbox, Formulating Strategy. (p.1) Retrieved on March 17, 2013, from http://training.byu.edu/documents/t-strategy.pdf