Abstract

Every enterprise needs a central purpose, expressed in terms of the services, it intends to render the society. It also needs a basic concept of how it will create these services. Because it will be competing with other enterprises for resources, it must have some distinctive advantages in its services or in its methods of creating them. Most central mangers recognize that master strategy is of cardinal importance, but less certain about how to formulate this strategy. This article seeks to help in the shaping of master strategies. It outlines key elements and an approach to define these. The crucial factors outlined for strategy formulation are--Supply strength of company, other company resources, matching company strengths with key success factors, total service to customers, fuller use of existing resources, expansion to obtain a resource, expansion to enhance market position and compatibility of efforts. The author emphasizes that a firm's future success depends on its basic plan, its master strategy for dealing with the change, growth and adaptations.