Definition: Strategic benchmarking compares a company’s processes to those of industry leaders, analyzes them, and makes the required changes at the organizational level to align them with the company’s goals and long-term plans. Strategic benchmarking is a step above traditional benchmarking. Businesses assess organizational procedures and capabilities, review relationships, and finalize strategic planning to gain …
In the early 1960s, two professors from the University of Texas at Austin, Robert Blake, and Jane Mouton, developed a managerial effectiveness theory known as the Blake and Mouton Managerial Grid. The grid is a tool that helps managers understand how to manage their team to achieve the best results. This blog post will discuss …
Businesses have many tools to scan external environments, such as PESTLE Analysis, Porter’s Five Forces, and other tools to analyze internal environments, such as value chain analysis and BCG Matrix. However, none of these tools help organizations safeguard their intellectual property and processes. In such situations, VRIO Frameworks come to the rescue. Barney, J.B. developed …
Definition: Strategy implementation is the execution of the organization’s strategic plan to achieve its long-term goals and objectives. It is a process of turning plans into actions to achieve desired outcomes. The success of an organization depends on the implementation of strategies. Developing strategies on paper is easy; however, implementing them on the ground is …