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 …
Definition: A strategic vision describes the achievable future state of an organization. The timeline for reaching the vision can vary from three to ten years or more. A strategic vision supports the organization’s mission statement and helps the organization and employees visualize the direction of the organization. As the vision is time-bound, the organization will …
Definition: A Strategic Mission defines the unique purpose of an organization’s scope of operations. It is a high-level long-term plan that an organization aims to achieve. A mission statement explains why the organization exists, its purpose, and what it serves. A mission statement supports the organization’s corporate strategy. A strategic mission statement should be exciting …