What is Strategy?
There are three core elements to be discussed when it comes to strategic management.
Strategic management is nothing but taking the organization or project or process to the next level by implementing strategic actions. When we say strategic action or plan of action, it concerns both the internal and external environments being thoroughly analyzed, to decide upon the future course of action. Strategic management is oriented towards future development with the present environment and past experiences serving as the premises.
Say, you are running a blog, your blog will be yet another blog among the millions of other blogs to start with. Two things to be considered if you want to survive and sustain.
1. Your blog should be unique in order to attract audience- Returning visitors are the key to success.
How do you go about it?
First thing is analysis or let us call it market research, where you will look into the niche you want to compete. Try to understand that the product or service you are trying to promote has to have an online presence. Virtual market is million times bigger and powerful than a physical market. Make sure your product or service is competitive – price-wise, quality-wise and popularity. If there is a lag, you must not hesitate to allot some funds towards promotion in the form of media advertisements or Google ad-words. It has been proven that these ads increase the traffic to your web-store multi-fold. For people not having an online store, social media platforms like Facebook and Twitter come in handy.
There is no harm in spending a little to create an awareness that there exists a product whose manufacturer or promoter is so and so.
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We’ll talk more about decision making in the next article…