Strategy is certain plans of action that is designed to achieve some long-term aim. According to Mintzberg (1978), any strategy should be carefully thought out and should be based on certain alternatives. It is required to assess the market environment to resolve the inflexibility in the organization.
Strategy can be divided by three levels such as corporate strategy, business strategy and financial strategy. As opined by Johnson (2011), strategy involves certain advantages for the organization and it helps to increase the level of resources by changing the environments, meet the needs of the market and fulfill the expectations of the stakeholders. In the words of Dess et al. (2009), strategic management is a process by which competitive advantages can be developed by analyzing the decision and action of an organization.
Hambrick (2009) concludes that through strategic management, the general managers of a company take creative decisions for developing the performance of a firm. Strategic management has made a balance in between the internal and external environments. The formation of the strategy includes certain essentials like internal and external analysis, competitive advantages, strategic options and strategic implementations (Afonina 2015). Zajac (2000) has stated it, strategic fit is different from the normal static consideration and it requires long-term circulation.
Managers should be careful and vigilant while making and implementing strategic ideas. When a new business has been incorporated, certain external environment has affected the same. External environment includes the societies that influenced the industry or firm; factors that creates impact on the action of a firm and competitors of the firm. Certain strategic tools like SWOT, PESTLE analysis, 5 forces analysis, competitor analysis, Blue ocean theory and Porter’s generic strategy assist to make the company strategically improved. The prosperity of a company is depending on the effective strategic management. There is certain business model canvas that helps to develop the base of a business and it will help the company to establish a successful corporate future for the company in the market. In this report, the management strategy of The London Distiller Company has been mentioned that incorporated in the year 2011 (Londondistillery.com 2018).
The approaches have been taken by the company to resolve its corporate competitiveness regarding the external environment. Further, the process that help the company to identify the risks and threats have been pointed out in this report.