We also see a lot of hype around data analytics, making it easy to jump in without a deliberate and flexible approach. Maybe, maybe not. It allows organizations to be proactive rather than reactive. The work of strategic planning doesn’t stop at the strategic plan, but it’s a start! Strategic management is both visionary and practical and, at its best, finds an effective balance between these two poles.The functions of strategic management primarily revolve around setting a direction for your company, guiding the company as it moves in the direction that has been outlined, and evaluating and adjusting the articulated direction as the business and its environment … Profit is the scorecard. The five strategic criteria outlined in this article are primary determinants of the strategic value of an alliance. Strategic planning is a business process that many companies employ to identify critical success factors that set the course for future growth and profits. Bottom line. Strategy fit means that both the competitive and supply chain strategies have aligned goals. 1. strategic fit, we first describe its elements in detail. Here are the top 5 benefits of strategic planning: 1. The main aim of a business is to earn profits. Potential strategic fit is a function of all of the following EXCEPT: A. firm’s strengths B. firm’s resources C. brand personalities D. product prices Strategic fit is expressed in the synergy potential (2 + 2 = 5) of the merger. Many middle-market executives are concerned they’re behind the trend when it comes to data analytics. This is known as profitability analysis or customer profitability analysis (CPA). Using these criteria to identify genuine strategic alliances in the portfolio today and as a guide for developing future strategic alliances are the first steps … It sought to inform a potential customer about what a business had to offer (product or service), usually through mass advertising. There are two main elements that constitute strategic fit: (1) the customer’s expectation, which is the main building block of Indeed, it holds great potential for improving decision making and thereby performance, profitability, and value. ACHIEVING STRATEGIC FIT For any company to be successful, its supply chain strategy and competitive strategy must fit together. Thus a company has to attract and retain those customers who are profitable. Strategic fit can be used actively to evaluate the current strategic situation of a company as well as opportunities such as M&A and divestitures of organizational divisions. A strategic plan allows organizations to foresee their future and to prepare accordingly. In Simple terms – An analysis of cost and revenue of the firm which determines whether or not the firm is profiting is known as profitability analysis Focus on PROFITABILITY as the Key Measure of Success. Shouldn’t great customer service and powerful branding lead to profitability? 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