Long term objectives are prepared from the mission statement of the organization on the basis of which all other activities depend. Long term objectives highlight the expected consequences that emerged from application of certain strategies. All the strategies of the Business Organization are formulated & implemented in the guidance of the long term objectives. These objectives are for longer period of time ranging from two to five years & this time frame should also be consistent for the resulting strategies.
After completing the phase of strategy formulation, the next important stage is the strategy implementation in Strategic Management in which the theoretical work is converted into practical one. In order to produce effective business performance, the strategies & plans should be converted into individual actions. Strategy implementation is the most difficult stage of the whole strategic management process and most of the organizations fail in properly motivating their employees to perform their duties well so that the overall objectives of the organizations are accomplished. Most of the organizations know that what kind of strategies & plans are beneficial for the success. But some of them have the capability to translate the formulated strategies & plans into action which means successful implementation of the strategy. There are certain potential methods of strategy implementation. An impressive foresight leadership organization has worked to provide such advanced principles.
Vertical integration strategy is a way through which companies try to hold their upstream suppliers and downstream buyers. There are three types of vertical integration and vertical Integration strategies are the combination of those strategies that are applied in the organization to acquire control over suppliers, competitors & distributors. Following are the three main types of vertical integration strategy, which are also collectively known as vertical integration strategies.
Grand Strategy Matrix is one of important matrix of strategy formulation frame work. For formulation of alternative strategies, it is popular tool. In Grand Strategy Matrix there are four kinds of quadrants and an organization is placed in one of these four quadrants. In each quadrant of the matrix there is set of strategies specified on the sequential order of attractiveness that are considered by the organization. SWOT Analysis, PEST Analysis, TOWS Matrix and grand strategy matrix all are adopted for same purpose of promoting and establishing business in the market.
Organizations pursue defensive strategies when the circumstances require some sort of adjustments in the structure or functioning of the organization. Three types of strategic Marketing Strategies are regarded as defensive strategies.