In order for a company to stay competitive in the current cut throat competitive environment, it has to set in place deliberate strategies intended at developing the company.
There are five key elements that are taken into account in business strategy formulation: the objectives and aspirations of the business; enables the business to chart a way that is consistent with what the business intends to achieve. Means of assessing changing demographics and making adjustments as necessary; enables the organization to be effective in making decisions of strategic importance in the growth of the company and in keeping it competitive. Means of strategy execution; enables the company to put in place measures to ensure the strategy is implemented in the intended manner. Selection of a path for organizational development, basis for selecting the particular path; enables the company to implement changes and modification to the strategy in a systematic manner (Mazzucato, 2012). A good example of a successful retail business is Intel a manufacturer of integrated electronic structures.
The strategic plan of Intel offers the mission of the company which asserts that the company intends to engage in manufacture, research and development of integrated electronic structures intended for fulfilling the requirements of electronic systems makers. The plan asserts the type of products that are to be manufactured and how they will be manufactured and processes of selling the products to the various consumers. The strategic plan then sets out the intended market for the products and expected demand initially in the United States and prospects of expansion (Kourdi, 2009). The adoption of a specific strategic plan by Intel has led to competitive advantage for the company. An important part of the strategic plan gives the mission of the organization as developing products that are intended to fulfill certain specific needs of a certain market.
This gives it a competitive advantage over other manufacturers since it focuses on certain products for a certain market and hence it is not distracted (Campbell, Edgar & Stoneouse, 2011). The company also sets out a plan for manufacturing and development of the company from California to the United States and ultimately all over the world which gives it competitive advantage in that the plan is implemented systematically with the company’s growth and it is also adjusted in order to fulfill the changing needs of its consumers.