Discussion response
Stephanie respond with 150 words
When it comes to having drawback that is subjective the forming of the strategies would be suggested as follow:
Forecasting errors are where sometimes the calculation is based on subjective data that might be wrong, which might make the strategy useless.
The margin of errors is when the provided information can be ambiguous, it could make the process of the element to be read in a circle of events that do not have a closed-end, which may not give the answer desire in the strategy.
No data points are the concepts that could possibly be relatively new with no competitor to compare it to, which can sometimes work in the favor if the product if its is really good, however it can take it toll once another competitor decides to challenge it, which means the strategy plan always need to be up to date.
Customer base: can be considered another aspect to pay attention to, although a product might be up and running, the demographic will also play a factor, where the item may not be a hot commodity for their area, thus the strategy will fail
Market potential: when it comes to this strategy, you have to think about if there is a competitor, and how the companies next potential source out to new regions to have similar success.
Regulatory norms: has to be considered when trying to market an item in area however when doing so there might be a need to attend to regulations, which can’t be ignored and paid-up front in order to move forward.
References
David, F. & David R. (2017) . Strategic Management. Concepts
Fahim with 150 words
When it comes to formulating strategies that management needs to prepare, identify, and achieve, there is an organizational process in which this needs to be done. By doing so, this creates an appropriate plan of action and allows visual representation that can help management acheve their desired goals and objectives. But in order to determine things go according to plan, it is important for both the management and employees to understand the objectives and strategies very carefully. For example, one drawback of using only subjective information in formulating strategies is that everything presented needs to be understood and explained properly to each department. Correct and meaningful work will not be done if the information is not given in the correct manner. Second, in the absence of proper information, the risk of employees’ motivation being low is significantly high due to them not being aware of the result they are trying to achieve, this reducing their input and efficiency in strategy of a certain goal. Third, Within the absence of vital and complete information, it is unpredictable to assume what the result will be at the end of the company’s goal due to the push the organization will have into complete darkness and the next steps for the organization, which could be harmful. Fourth, a huge drawback is the lack of information can impact the organizational financial resources as they will not know what they are doing. They also will not be able to determine how much financial support will be appropriate. Fifth, the organization can get unnecessary feedback that was not needed in the first place, due to a lack of understanding and direction. Lastly, the organization and management will not be able to predict itself for a market environment as they are totally unaware of their organizational future process.
Resources:
David , F. R., & David , F. R. (2016). Strategic Management A Competitive Advantage Approach, Concepts and Cases. In Strategic Management Mymanagementlab With Pearson Etext Access Card A Competitive Advantage Approach, Concepts and Cases (16th ed., pp. 7–8). essay, Pearson College Div.
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APA
390 words