T & TEC Essay

There are a gazillion companies out there, but some stand out. Whether it is because of their popularity, affiliations, history, profile or service, one factor simply makes or breaks a company; it’s strategy management process.

‘Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through it’

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

Strategy refers to the plan or action taken to achieve organizational goals. When Ellen took over Tufts-NEMC, the hospital was struggling with payroll and scale. Ellen had to focus on meeting payroll, a short-term strategy, and could not focus entirely on the longer term. She took some immediate measures to help cut cost

Mission: a statement of the organization’s function in society that often identifies its customers, markets, products, and technologies.

Chandler (1977) believes strategy is about using the necessary recourses so the organizations are able to carry out their long-term goals and aims. Which relates to Johnson (1987, pp. 4-5) who states, “Strategic decisions occur at many levels of managerial activity and will be concerned with the long-term direction”.

FirstEnergy engages in generation, transmission and distribution of electricity and “produces approximately 80 million megawatt-hours of electricity annually from a fleet of carbon-free nuclear, scrubbed coal, natural gas, and hydro plants” (see Appendix B) (About Us, 2017). FirstEnergy is currently implementing the first phase of its “Energizing the Future” transmission upgrade project. This long-term initiative will receive a $4.2 billion investment from 2014 to 2017 is designed to increase service reliability and accommodate increased future demands (Transmission Projects, 2015). This project includes “replacing existing equipment with advanced technologies designed to enhance system reliability, meeting projected load growth driven primarily by sale gas-related activity in our region, and reinforcing the system in light of power plant deactivations” (Transmission Projects, 2015).

Strategy is not only a tool for outfoxes the competition but also an incredible means for creating and shaping a company

This paper begins with a summary view to develop the concept of strategy and why its implementation is difficult. The following sections then cover the core discussion of this paper to support the aforementioned

According to Meyer, (2010), strategy is the action that company can take to achieve its desired goals. When it comes to a company, thinking can be said to be either long-term or short-term. When translated into action, it is what is called operations or projects. However there are differences between operations and

Difficulty in finding similarities in markets or operational capabilities; Tata has more than 100 operating companies in seven main business groups doing business in 80 countries: chemicals, information systems and communications, consumer products, energy, engineering, materials, and services. It’s difficult to find similarities in markets or operational capabilities, so they need more effort to develop to different strategies for different markets especially for consumer products. More complex and challenging process of managing strategically it face.

“A sly rabbit will have three openings to its den” it’s an old traditional Chinese proverb. The same applies to strategy. In this fast growing and dynamically changing business world a single strategic plan won’t suffices lifetime for any industry. To be strategic means to have a foresight. Defining an objective and achieving it by going against the hurdles. It is difficult for an organisation to foresee into the future in this rapidly changing business world, problems such as globalisation, rigid organisational structures, new regulations every now and then, complex alliance and partnership. There are many different definitions for strategy. What I understand about Strategy is that it’s a long term directive to an organisation. Corporate strategy is termed as finding organisational objectives and goals and planning and action to achieve those objectives. Strategic planning is done by organisations keeping in mind few main areas. One is the external environment of the organisation is unpredictable, any new rules and regulation can be imposed. Next is an internal resource of the organisation, before making any future plans organisation must consider its internal resources. And thinking before adding new values to organisation to what it is today. (Clegg, 2011)

Strategy: Johnson et al (2005, p9) argues, "Strategy is the direction and scope of an organisation over the long term, which achieves an advantage in a changing environment through its configuration or resources and competences with the aim of fulfilling stakeholder expectations."

Alfred Chandler(1963) defines strategy as ‘ the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals’. And Michael porter(1996) sees it as ‘Competitive strategy is about being different. It means deliberately choosing different set of activities to deliver a unique mix of value’.

TS&D serves as the foundation for the energy sector that allows government, businesses, and the public to access the production of the sector.