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An organization's strategy must be appropriate for its resources, environmental circumstances, and core objectives

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Introduction

Question 2 An organization's strategy must be appropriate for its resources, environmental circumstances, and core objectives. The process involves matching the company's internal resources and capabilities to the external business environment the organization faces. Strategy formulation involves doing a situation analysis: both internal and external; objectives are set vision, mission statements, overall corporate objectives. The plan provides the details of how to achieve these objectives. This strategy will determining where you are now, determining where you want to go, and then determining how to get there [1]. Business Strategies management involves: managing resources eg:-financial, personnel, time, and information technology. Strategic management is actually a solid foundation or a framework within which all the functionning managerial operations are bundled together. ...read more.

Middle

Financial management is importance to provide the necessary financial resources to enable the agency safer, and to ensure a high standard in the management of finances. Finance and financial management encompass numerous business and governmental activities. In today's business environment, corporate finance addresses issues relating to individual firms. Specifically, the field of corporate finance seeks to determine the optimal investments that firms should make, the best methods of paying for those investments, and the best ways of managing daily financial activities to ensure that firms have adequate cash flow. Financial management influences all segments of corporate activity,. Through the acquisition of funds, the allocation of resources, and the tracking of financial performance, financial management provides a vital function for any organization's activities. ...read more.

Conclusion

While historical information is critical, it doesn't help organizations identify problems or opportunities as they occur, or take immediate action to optimize the results. With the pace of business quickening, company can't always afford to wait until the next day, next week, next month to review progress. They need more timely information to monitor, manage, and optimize operational processes that affect button line results. Despite the important of data and information as an asset and a resource in providing competitive advantage and sustaining their success [3]. By integrating and consideration the human resource, people and information and technology management in the business strategy is importance to enable long run of successes business operation. Reference: 1. Introduction to business strategy : a strategic management approach /Tony Morden: 2. Aligning human resources and business strategy / Linda Holbeche 3. Porter, M.E. (1985) Competitive Advantage: Creating and Sustaining Superior Performance. ...read more.

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