measuring a strategy
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How do you develop a way of measuring a strategy? Give an example.
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This solution shows how to develop a way of measuring a strategy and provides an example.
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In order to develop a way to measure the effectiveness of the company's strategy in place, short term goals, targets and benchmarks needs to be established, against which the performance of the organization in the light of the implemented strategy should be compared and any deviations from the targets and benchmarks should be acted upon immediately. Care should be taken in establishing such benchmarks in the sense that these targets and benchmarks should be in consistency with the overall corporate level mission, vision and long term goals of the organization and should not be over ambitious.
An example of such short term targets at regular intervals for various departments of the organization will be: Sales or revenue targets, market share targets for marketing and sales departments, profitability targets for ...
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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