For this time i have learned how well a company's strategy is working...and understand why a company's resources and capabilities are central to its strategic approach and also how to evaluate their potential for giving the company a competitive edge over rivals.
The best indicator of firm's present strategy working which is they achieving its stated financial and their strategic objectives. And also their firm is an above-average industry performer
Furthermore, a company also should have a specific indicators of strategic success. For instance
- growth in firm's sales and market share
-acquisition and retention of customers
-strengthening image and reputation with customers
-increasing profit margins, net profits and ROI
-growing financial strength and credit rating
-leadership in factors relevant to market/industry success
-continuing improvement in key measures of operating performance
Besides that, the company should able to seize market opportunity and nullify external
threats. For example use SWOT analysis as a tool for sizing up firms.
1-internal strength (the basis for strategy)
2-internal weaknesses (deficient capabilities)
3-market opportunities (strategic objectives)
4-external threats (strategic defenses)
And the importance things in company's strategy is BENCHMARK.
Benchmarking is a potent tool for improving a company's own internal activities which is we compare with other companies performance and borrowing their "best practices"
Where we can get benchmarking information???
-reports, trade groups, analysts and customers
-visits to benchmark companies
-data from consulting firm
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