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Strategic Management and Business Policy

Unit 1

Unit 1

Introduction to Strategies

Structure: 1.1 Introduction Objectives 1.2 Fundamentals of Strategy 1.3 Conceptual Evolution of Strategy 1.4 Scope and Importance of Strategies 1.5 Purpose of Business Setting goals SMART Objectives and tactics 1.6 Difference between Goals and Objectives of Business 1.7 Strategic Intent through Vision and Mission Statements 1.8 Core Competencies of Business 1.9 Summary 1.10 Glossary 1.11 Terminal Questions 1.12 Answers 1.13 Case-let

1.1 IntroductionIn this unit you will study the basics of strategies that are applicable in business. A strategy involves integrating organisational activities and assigning the limited resources within its environment to meet the organisation goals. Strategy is the method by which an organisation systematically achieves its future objectives. A business cannot progress for a long term without a reliable strategy. In this unit, you will learn meaning of business strategies, its conceptual evolution, scope and its importance, distinction between goals and objectives, analysing strategic intent through vision and mission statements and finding out the significance of core competencies of business and critical success factors.

Objectives After studying this unit you should be able to: define and explain the scope and importance of strategy identify the purpose of business and the SMART goalsSikkim Manipal University Page No. 1


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differentiate between goals and objectives of an organisation describe the strategic intent using vision and mission statements explain how core competencies and critical success factors of business help in strategic decisions.

1.2 Fundamentals of StrategyStrategy is a common direction set for the company and its various components to accomplish a desired position in the future. A meticulous planning process results in strategy. It is the comprehension of the goals which has logical step by step process. It defines the general mission and vision of an organisation. It is important to consider that the decisions taken by an organisation are likely to affect the employees, customers and competitors.

Strategy guides the organisation to achieve a long term goal. The strategy is advantageous to the organisation through its configuration of resources within a challenging environment. It helps to meet the requirements of market and stakeholder expectations. Strategy is a plan that is aimed to give a competitive advantage to the organisation over rivals through differentiation. Creating a strategy begins with extensive research and analysis. It is a process through which senior management concentrates on top priority issues tackled by the company to be successful in a long term.

It is the design of decisions in an organisation that sets its goals and plans to achieve it. The organisation plans the future goals to contribute at large to its shareholders, customers and to the society. Strategy is always improving and is amendable. It is a plan of future activities which is aimed at the progress of an organisation. It is a set of directions to enhance the position of the organisation in the overall market. Business strategy is the method by which an organisation achieves and maintains its success. If an organisation cannot identify its strategy clearly then it will struggle to survive in the competitive market. A steadfast strategy should be built to grow in the market.

A fundamental concept is required to direct an organisation to create a sustainable and successful plan. The organisation must understand the customer requirements and relate to its customers for the success ofSikkim Manipal University Page No. 2


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business strategy. This understanding should be based on the attitude of the organisation to progress rather than focusing on a specific competitor or on current objectives. It is from this principle that the other objectives follow. Business strategy is used to achieve competitive advantage. The efficient development and implementation of strategy depends on the capability of the organisation. This includes the ability to prepare the strategic goals and implement the plans through strategic management. Levels of strategy Strategy exists at different business levels. The different levels of strategies are as follows: Corporate Strategy This is regarding the general function and scope of the business to meet the stakeholders expectations. As it is significantly influenced by the investors in the business, it is also called the critical level strategy. Business Strategy This is regarding how a business competes effectively in a particular market. It includes strategic decisions about the selection of products and meeting customer requirements. Operational Strategy This is regarding how each part of the business is organised and delivered to the corporate and business level. Operational strategy focuses on issues of resources and practices of an organisation.

1.3 Conceptual Evolution of StrategyThe word strategy is derived from the Geek word strategia, and conventionally used as a military term. It means a plan of action that is designed to achieve a particular goal. Earlier, the managers adopted the day-to-day planning method without concentrating on the future work. Later the managers tried to predict the future events using control system and budgets. These techniques could not calculate the future happenings accurately. Thus, an effective technique called strategy was introduced in business to deal with long term developments and new methods of production. The different concepts of strategy are: It is defined as a plan to direct or guide a course of action It is a pattern to improve the performance over time It is a fundamental way to view an organisations performance

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It is a scheme to out-maneuver competitor

Nature of strategy Strategy is the blend of procedures intended to meet a particular situation and to solve certain problems. It is a combination of internal and external factors that are involved in meeting the organisations objective. A good strategy which is effectively implemented is the key to success of an organisation. Strategy is the capabilities of a business, its strengths and weaknesses, the outer environment of opportunities etc. It is a plan of action that develops a competitive advantage in business. Example - Southwest Airlines is one of the profitable air carriers in North America. Its strategy was not imitating its rivals but implementing a different strategy comprising low fares, frequent departures and customer service. The nature of strategy is as follows: Strategy is intended to grab the opportunities and face the threats provided by the external factors. Strategic proceedings are required for new opportunities which might arise in future. Strategy requires systems and norms for its efficient adoption in any organisation. Strategy provides framework for guiding the project.

Self Assessment Questions 1. _____________is the method by which an organisation achieves and maintains its success. 2. Operationalstrategyfocusesonissuesof _____________and_____________ of an organisation. 3. _____________is regarding how a business competes effectively in a particular market.

1.4 Scope and Importance of StrategiesStrategy is prepared to achieve the mission of the company by long-term and short-term goals. Strategy is prepared to create an understanding about how the external and internal environmental factors affect the business activities and to make a proper selection of new alternatives. The best option is selected keeping companys competence, risk, and business opportunities into consideration.


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Scope of strategy The different scopes of strategies are: To fix mission of the organisation There is a purpose behind the establishment of an organisation. Goals are set to achieve these objectives. The mission of the organisation is achieved by the successful achievement of the objectives. A strategy is prepared to achieve long term and short term goals. Example The mission of an automobile company is to launch a car running on solar energy within the next 15 years. To create constructive internal environment Internal environment includes financial resources, production capacity and manpower. If the internal environment is inadequate to meet the objectives, measures should be taken to improve it. Example To increase the selling capacity, efficient training is provided to the salesmen to improve marketing skills. Analysis and assessment of external environment The external environment includes product of competitors, trend of customers, government policy, new technology etc. An analysis should be made on how the external environment is affecting the business activities at present and in future. By evaluating these factors, an effective strategic plan should be developed.

SWOT analysis SWOT is a method used for assessment. The SWOT analysis is done after analysing the internal and external environment. SWOT stands for strengths, weaknesses, opportunities, and threats. The organisations strengths, weaknesses, opportunities and threats are considered. These factors are related to the objective of an organisation and a proper strategy is adopted to improve and develop the situation.

Example If an organisation has sufficient export orientation, but faces a labour problem then its business gets affected. This is the companys weakness. If an efficient strategy is devised to improve the situation the company can expand its export business. To develop an overall strategy The organisation should have a clear long-term goal. For the success of long-term and short-term objectives, a strategy is prepared.


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Example To manufacture machines run by solar energy, a strategy should be planned to locate plants to have international presence, build research department, and manufacture the machines. To increase resources and facilities To achieve targets as per the time frame, it is important to improve the required resources and facilities. To increase the production, it is important to increase employees and their facilities. Proper distribution of financial and non-financial resources is necessary to encourage employees to achieve targets. Evaluation and control Short-term targets are evaluated on a timely and regular basis for the success of strategy. If the activities are not progressing towards the planned goals then steps are taken to improve it. Example Training and guidance is given to the employees to improve their work efficiency. Some activities can be improved by controlling steps. Example Changes in policy and methods, changes in technology, etc.

Importance of strategy Strategy is an important feature as it facilitates a quantity of procedures and preferred outcomes that would be difficult otherwise. Preparing a reliable strategic plan is important as it provides a clear idea of the objectives to the employees of the organisation. A strategic plan gives the employees a clear vision of the goals and objectives of an organisation. The formulation of strategy influences an organisation to prepare for change and to study the prospect of change in the estimated future. An organisation plans its capital budgeting through a logical strategy plan. Usually, companies have limited funds therefore they must assign capital investments effectively to obtain maximum returns from their investments.

Strategic planning in business is essential for the long term survival of an organisation. To identify the progress of business and its success is the fundamental purpose of strategic planning. It facilitates the opportunity to grow and increase the turn over. A business cannot progress for a long term without a reliable strategic plan. Thus, quality time should be devoted to plan the strategy as it demands innovative ideas and a unique key to progress. It is a crucial business procedure from the beginning of the business as it is impossible to progress and expand in business without a competent strategic plan.


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Strategy is important because it is not possible to predict the future. In future the organisation might have to deal with uncertain consequences which are a part of the business environment. Strategy deals with long term progress rather than daily activities. It deals with probability of innovations of new products or new markets to be developed in future. Strategy is created to predict the credible behavior of customers and competitors. Strategies dealing with employees predict the employee behavior. In contrast, an organisation without a clear strategic plan is affected by external pressures and is less efficient in handling changes in the market. In todays highly competitive market, an organisation without a rational strategy is likely to be overtaken by its competitors.

Activity 1 Consider that you are the manager of a mobile phone company that is introducing a mobile phone with new features in the market. Frame and design the basic and important strategies to make the product successful. Refer this link for guidance:http://www.futurelab.net/blogs/marketingstrategy-innovation/2008/02/nokias_mobile_phone_strategy.html

Self Assessment Questions 4. The internal environment includes_____________, _____________ and ____________. 5. A strategic plan gives a clear vision of the _____________ and _____________ to the employees of an organisation. 6. _____________ is a tool for auditing an organisation.

1.5 Purpose of BusinessWhen we start a business we should know its purpose. As a business is an organ of the society, the purpose must lie in the society. The purpose of business is to create a customer. The foundation of a business is its customers who maintain its existence. As the purpose of the business is to create customers, every business enterprise has two fundamental functions, marketing and innovation.

Marketing is the management process which involves identifying, predicting and satisfying the customer requirements.


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Innovation is the development and implementation of novel product or service with the aim to improve efficiency and competitive benefit. It is a process where product or service is innovated to increase customer satisfaction. The main objectives of a business are: Survival The purpose of a business is to survive in the competitive market. Profit maximisation To make maximum profit out of the business. Sales growth To increase the sales and expand the business. 1.5.1 Setting goals SMART To develop a successful project it is important to set the goals for the project. While setting business goals, use goals that a strategy can incorporate to achieve the objective. SMART goals are widely used in business. The acronym SMART stands for Specific, Measurable, Attainable, Realistic and Time-based. It is a tool used to set goals to achieve planned results.

Specific Goals should be well defined, easily recognized, and convey a clear idea. It must be fully furnished with detailed explanation of the what, when and how. Measurable The entire goal statement is a measure of the project in a business. Concrete criteria are established to measure the progress of a business. This is required to measure the progress, meet the targets and achieve the goal. Attainable To attain the goal plan, create the steps for the project and a time frame to complete the project. Realistic The goal should be realistic. Every objective should represent significant progress so that the goal can be achieved. Timely The goal should have a time frame. Setting a time frame creates a sense of urgency and gives a focused target to work.

1.5.2 Objectives and tactics Business objectives are concrete results that an organisation wants to achieve over a specified period of time. There can be different objectives for an organisation like, to earn profit and to provide quality service or goods to


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its customers. Objectives describe the target and ultimate goal of the business. Objectives are clearly outlined with timelines and budgets. Tactics are the different methods that are employed to achieve specific and measurable objectives. It is the doing phase that follows the planning. In the strategy phase of a plan, the managers decide how to achieve the goals. Tactics refers particularly to the action employed to fulfill the strategy. Strategies comprise of various tactics in an organisation where many people are involved in attaining the common goal. While strategy involves the higher ups of an organisation, tactics involves all the members of the organisation.

Tactics are the daily activities in the business that are relatively specific. Tactics are the concrete ways to implement strategies Tactics include things like newsletters, press releases, advertising, and other tools that are used for marketing the business. Tactics should not be confused with the overall objective. Sometimes the business focuses entirely on tactics and abandons the overall objective, this is when tactics fails. It should be the part of the overall plan for a successful business.

Example When a team loses a game, the coach doesnt change the objective of winning the next game. He changes his tactics by learning from the previous failure. Self Assessment Questions 7. _____________ are the actual ways in which the strategies are executed 8. Every business enterprise has two fundamental functions _____________ and _____________. 9. Objectives are clearly outlined with ___________and_____________.

1.6 Difference between Goals and Objectives of BusinessIn the previous section, you studied objectives of business and how it is different from tactics. In this section we will discuss the difference between goals and objectives. For that we first need to understand the goals of business. Goals are statements that provide an overview about what the project should achieve. It should align with the business goals. Goals are long-termSikkim Manipal University Page No. 9


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targets that should be achieved in a business. Goals are indefinable, and abstract. Goals are hard to measure and do not have definite timeline. Writing clear goals is an essential section of planning the strategy. Example - One of the goals of a company helpdesk is to increase the customer satisfaction for customers calling for support. Objectives are the targets that an organisation wants to achieve over a period of time. Example - The objective of a marketing company is to raise the sales by 20% by the end of the financial year. Example - An automobile company has a Goal to become the leading manufacturer of a particular type of car with certain advanced technological features and the Objective is to manufacture 30,000 cars in 2011. Both goals and objectives are the tools for achieving the target. The two concepts are different but related. Goals are high level statements that provide overall framework about the purpose of the project. Objectives are lower level statements that describe the tangible products and deliverables that the project will deliver.

Goals are indefinable and the achievement cannot be measured whereas the success of an objective can be easily measured. Goals cannot be put in a timeframe, but objectives are set with specific timelines. The difference between organisational goals and objectives is depicted in table 1.6.Table 1.6: Differences between Organisational Goals and Objectives Goals Are long term Are general intentions with broad outcome Cannot be validated Are intangible can be qualitative as well as quantitative Are abstract Objectives Are usually meant for short term Are precise statements with specific outcome Can be validated Are tangible are usually quantitative and measurable Are concrete

Self Assessment Questions 10. _____________are high level statements framework about the purpose of the project.Sikkim Manipal University

that

provide

overall

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11. An objective describes _____________and_____________ that the project delivers. 12. Goals are _____________and the achievement cannot be measured.

1.7 Strategic Intent through Vision and Mission StatementsA strategic intent statement is a one-page document that defines the goals of an organisation for a specific period of time in future. A strategic intent statement motivates the employees to achieve short-term and long-term goals. This statement encourages the employees to work as a team and to explore new methods, skills and technologies that help in achieving these goals. The strategic intent is a particular viewpoint of the competitive position that an organisation expects to build in the coming years. The strategy intent statement sets the organisations long-term expansive policy directions. It gives a clear direction to the organisation for the future.

Strategic intent describes the purpose of existence of an organisation and how it will continue to sustain its competitive benefits. It provides a clear picture about what an organisation should do to achieve the company vision. It clarifies the vision of the organisation and motivates its employees. It helps the management to accentuate and concentrate on the priorities. It emphasises on developing new resources and capabilities to create future opportunities. It influences the organisations resources and core competencies to achieve the vital goals in the competitive environment.

Vision and Mission statements A well-articulated strategic intent guides the development of goals and helps in inspiring the employees to achieve targets. It also facilitates in utilising the intent to allocate resources and in encouraging team participation. It comprises of the vision and mission statements.

Vision statement A vision statement defines the purpose and principles of an organisation in terms of the values of the organisation. It is a concise and motivating statement that guides the employees to select the procedures to attain the goals. Vision statement is the framework of strategic planning. A vision statement describes the future ambition of an organisation. A vision is the ability to view what the organisation wants to be in future. It is prepared for the organisation and its employees. It should be implanted in the


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organisation being collectively shared by everyone in the organisation. It conveys an effective business plan. It integrates an understanding about the nature and aspirations of the organisation and develops this conception to lead the organisation towards a better objective. It must synchronise with the organisations principles. The ambition should be rational and achievable.

Example - Wal-Marts vision is to become worldwide leader in retailing. Vision statement of L&T L&T employees shall be innovative and the empowered team will constantly create values and attain global benchmarks. L&T shall promote a culture of trust and continuous learning. It shall meet the expectations of employees, stakeholders and society. Mission statement A mission statement is the extensive definition of the mission of an organisation. It is a concise description of the existence and fundamental purpose of an organisation. It describes the present potentials and activities of the organisation. It conveys the purpose of the organisation to its employees and the public. It is vital for the development and growth of the organisation.

Mission statement is the responsibility by which an organisation aims to serve its stakeholders. It gives a framework on the operations of the organisation within which the strategies are devised. It describes the present capabilities, the stakeholders and the reason for existence of an organisation. The statement distinguishes an organisation from its other competitors by explaining its scope of activities, technologies, its products and services used to achieve the goals and objectives. It should be practical and achievable. It should be clear and precise so that the actions can be taken based on it. It should be unique and different to leave an impact on everyone. It should be credible so that the stakeholders accept it.

Example -Wal-Marts mission is to provide ordinary customers the chance to buy the same thing as rich people. Mission statement of IBM


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At IBM, we strive to be the forerunner in inventing, developing and manufacturing most advanced information technologies, including computer systems, software, storage systems and microelectronics. The distinction between mission statement and vision statement is that the mission statement focuses on the present position of the organisation and the vision statement focuses on the future of the organisation. Self Assessment Questions 13. A _____________ is a one-page document that defines the goals of an organisation for a specific period of time in future. 14. A mission statement conveys the purpose of the organisation to _____________ and _____________. 15. The aim of _____________ should be rational and achievable.

1.8 Core Competencies in BusinessCore competencies are those skills that are critical for a business to achieve competitive advantage. These skills enable a business to deliver essential customer benefit like the selection of a product or service by a customer. Core competency is the key strength of business because it comprises the essential skills. These are the central areas of expertise of the company where maximum value is added to its services or products. Example Infosys has a core competency in information technology.

It is a unique skill or technology that establishes a distinct customer value. As the organisation progresses and adapts to the new environment, the core competencies also adjust to the change. They are not rigid but flexible to advancing time. The organisation makes the maximum utilisation of the competencies and correlates them to new opportunities in the market. Resources and capabilities are the building blocks on which an organisation builds and executes a value-added strategy. The strategy is devised in a manner that an organisation can receive reasonable profit and attain strategic competitiveness.

Core Competencies are not fixed. They change in response to the transformation in the environment of the company. They are adaptable and advance over time. As an organisation progresses and adapts to new circumstances, the core competencies also adapt to the transformation.


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The characteristics of core competencies are: To provide potential access to a wide range of market Should be difficult to imitate by competitors Should make considerable contribution to the customers Example - Microsoft has expertise in IT-based innovations and technologies. Customers receive many benefits by purchasing and using Microsoft products. For many reasons including unique skills, it is difficult for competitors to imitate Microsoft's core competences. Resources are the key inputs of the organisations production process. These can be manpower, financial, technological, or services. For the organisation to have core competency the resources should be unique, beneficial and specialised in the particular field. Resources should be built on the strengths of the organisation and not on its weaknesses.

Organisational capabilities are the ability of the organisation to identify and integrate its resources so that it can be used in the most efficient manner. If an organisation lacks the capability to utilise these resources productively then the organisation cannot create its core competency. The organisation can devise strategies to either develop new resources and capabilities or improve the existing resources and capabilities to build core competencies of the organisation.

A company can continue to reinvest in its core competencies. When the core competencies are advanced to those of the competitors they are called distinctive competencies. The distinctive competencies should be unique and advanced to the competitor capacity. It should be used to develop new product or service. Core competencies of an organisation distinguish it from its competitors. They can help in deciding the future of the organisation. For the strategy to have the best probability of success, it should be built on core competencies. The competencies are enhanced continuously. They are developed through a continuous process of improvement and enhancement.

Critical Success Factors (CSFs) Critical success factors (CSFs) are used extensively to identify the key features that an organisation should focus on to be successful. The CSFs are important sections of activities that are performed perfectly to achieve


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the mission and objective of the business. It refers to the main areas which ensure successful competitive performance for an organisation. Identifying the CSFs is important as the organisation can focus on its efforts to develop its resources to meet the CSFs and measure the success of the business. It is important for the organisation to decide in building the essential requirements to meet the CSFs.

Critical Success Factors are associated with the strategic goals of an organisation. They also focus on the essential areas that affect the business. The chief areas that affect the business are: Industry - These factors result from specific industry characteristics. The organisation should consider these factors to remain competitive. Environmental These are the factors that are the result of environmental influences on an organisation like the economy, competitors, and technological advancements. Strategic - These factors are the result of particular competitive strategy selected by the organisation. Temporal - These factors are the result of the organisation's internal influence like challenges and directions.

The CSFs are essential for the success of an organisation. Identifying CSFs helps to ensure that the business is focused and thus avoids wasting effort on insignificant areas. To keep the project on track towards common aims and goals, CSFs should be specific and should be communicated to everyone involved.

Activity 2 ABC Company is a leading producer of microwave ovens. There are some strategic plans considered by the management to introduce washing machines. As a manager in the manufacturing department, identify the core competencies and critical success factors of your company to make the product successful. Refer this link for guidance: http://www.ameinfo.com/66915.html

Self Assessment Questions 16. _____________ is a unique skill or technology that establishes a distinct customer value.Sikkim Manipal University Page No. 15


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17. The _____________ should be unique and advanced to the competitor capacity. 18. _____________ are used to identify the key features that an organisation should focus to be successful.

1.9 SummaryLet us sum up what we have discussed in this unit Strategy is the method by which objectives are systematically followed and achieved over time. It is an action that managers take to attain one or more of the organisation goals. It involves integrating organisational activities and assigning the limited resources within the organisational environment to meet the organisation goals.

Strategy is an important feature as it facilitates a quantity of procedures and preferred outcomes that would be difficult otherwise. Strategy is important because it is not possible to predict the future. In future the organisation might have to deal with uncertain consequences which comprise the business environment.

Tactics are the different methods that are employed to achieve specific and measurable objectives. Goals are long term targets whereas objectives are generally achieved in short duration. A strategic intent statement is generally a one-page document that defines goals of an organisation for a specific period of time in future. A strategic intent statement motivates the employees to achieve short-term and longterm goals. It comprises of the vision and mission statements. Core competencies are those skills that are critical for a business to achieve competitive advantage. These skills enable a business to deliver essential customer benefit like the selection of a product or service by a customer.

1.10 GlossaryIntent: Tactic: Competency: Core: Committed Method or an approach Capabilities, proficiency Main or most basic


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1.11 Terminal Questions1. Define strategy and explain its different levels. 2. Differentiate between goals and objectives. 3. Explain the strategic intent through vision and mission statement. 4. What are the core competencies of business?

1.12 AnswersSelf 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Assessment Questions: Strategy Resources process Operational strategy Business, financial resources, and manpower. Goals and objectives SWOT Tactics Marketing and innovation Timelines and budgets Goals Tangible products and deliverables Indefinable Strategic intent Employees and public Vision statement Core competency Distinctive competencies Critical success factors

Terminal Questions: 1. Refer section 1.2 Strategy. 2. Refer section 1.6 Difference between goals and objectives of business. 3. Refer section 1.7 Strategic intent through vision and mission statements. 4. Refer section 1.8 Core competencies.


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1.13 Case-letWal-Mart retail giants strategy Wal-Mart is an American public corporation running a chain of discount department and warehouse stores. In 2007, Wal-Mat was rated the largest corporation on the Fortune 500 list. Wal-Mart has more than 6900 stores worldwide. It has operations in 13 countries and is expanding its supplier network globally. In 2007, it reaffirmed its aim to offer its customer the lowest price available. This strategy was demonstrated by its holiday actions planned one year earlier. The strategy was to open the stores one hour earlier than its competitors and provide special holiday discounts. This strategy was effective because the sales of December 2007 increased by 2.6 percent over one year while the sales of its chief competitor declined. Wal-Mart had used an effective strategy. Though Wal-Mart has market power and an effective strategy, it is gradually making changes in its products and approach to customers. Wal-Mart announced its plans to open 400 in-store health care clinics by 2010. These clinics will staff a large number of nurse practitioners and provide services to handle medical problems at low costs. Wal-Mart has also introduced green policies which are designed to make a positive impact on the environment. Example -Wal-Mart is promoting energy efficiency by selling long-life low-energy light bulbs. In this way, Wal-Mart is making modifications in its strategy which helps in competing with its competitors more effectively.

Discussion Questions 1. Explain the strategy adopted by Wal-Mart to compete with its rivals. 2. What is the new venture planned by Wal-Mart? 3. Discuss the modifications made by Wal-Mart in its strategy to compete with its competitors. Source link http://books.google.co.in/books?id=jX7RXTi8MTEC&pg=PA87&dq=Wal+ Mart+strategy&cd=1#v=onepage&q=Wal%20Mart%20strategy&f=false

References Thomas L. Wheelen, J. David Hunger (2002): Concepts in Strategic Management and Business Policy, Pearson Education, New Delhi


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E-References http://www.coursework4you.co.uk/essays-and-dissertations/criticalsuccess-factors.php -Retrieved on 27 July 2010 http://tutor2u.net/business/strategy/core_competencies.htm-Retrieved on 27 July 2010 http://www.ehow.com/how_5966402_create-strategic-intentstatement.html -Retrieved on 27 July 2010 http://www.managementstudyguide.com/business-policy.htm - Retrieved on 27 July 2010


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