E Strategy For The Field Of Commerce - 2563 Words

o Strategy can be defined as a series of correlated decisions at each point of time (or steps, choices = tactics) based on the information available at each point of time (= information set) to reduce the dispersion of eventualities (variance or standard deviation) about a particular future desired outcome (mean or median). o Application of strategy to the field of commerce is referred to as business strategy ï‚ § A series of correlated steps planned to attain a desired business outcome such as achieving cost minimization / internationalization / improved return on capital (note that these ones are desired outcomes or goals and NOT strategy --- Strategy describes the best possible way to move towards those target outcomes). o Trackermap†¦show more content†¦those in the strategic plan. In Trackermap the above is referred to as the Implementation Finance sections. Link between Strategic Plan Business Plan o Strategic plan decides what needs to be done / why it needs to be done to move towards desired (external) goals and objectives o Business plan outlines how is it to be done / by whom at what cost / and when? o These two entities are correlated â€Å"to do the right thing† (Strategic Plan) AND â€Å"to do the thing right† (Business Plan). Together they form a Strategic Business Plan. 1.B.2.T2 – QA : Strategic Business Planning †¢ Q: Is the Vision the same Desired Outcome? If Vision is formed later (in Trackermap) how do I know what to aim for to begin my strategy plan? †¢ A: Vision embodies the desired outcome(s), resources required and uncertainties (risks). Vision is a picture / desired outcome(s) is (are) specific objectives within that picture. Vision is related to Strategic Plan (called Formulation in Trackermap). Mission is a map of the path to attain the desired outcomes. Mission is related to the Business Plan (called Implementation / Finance in Trackermap). Vision and Mission can only be properly and comprehensively articulated towards the end of Strategic Business Planning process. Trackermap Strategic Business Planning =