Economic strategies are a set of rules for making decisions that guide a firm or enterprise in its activities.
Strategic decisions are characterized by two features - long-term consequences and their irreversibility. Based on these features of strategic decisions, a logical conclusion follows that their implementation is capable of fundamentally changing the potential of the enterprise. Solutions of this kind are binding on enterprises at a certain stage of their development.
The economic strategies of enterprises, as well as economic strategies for pc, are based on strategic decisions. The strategies themselves, in fact, are a kind of framework on which specific tasks and special decisions are laid on individual issues of the enterprise.
Strategic decisions are made by choosing one of many options. Economic strategies include decisions such as major reconstruction, expansion of production, or a change in the specialization or profile of the company.
Economic strategies are associated with the implementation of decisions on the management of processes of a feasibility, financial, social and other nature.
Economic strategies are important for the life and development of enterprises. It depends on their implementation what funds will be allocated for future development, how dividends will be paid, etc.
The development of a company’s strategy begins with a combination of a set of interconnected solutions that determine the priority areas of available resources and the efforts of the enterprise in order to realize its main economic mission.
The first step in creating a high-quality strategy is to determine the business credo of the enterprise (mission) in the form of general principles and guidelines that determine the purpose of the company in society with other business entities .
The goals of the strategies are to describe the final as well as intermediate states of the organization or firm when implementing its strategy in terms of economic development. At the same time, specific objectives are specified for general tasks in individual areas of activity. Tasks are implemented through individual specific activities.
When managing an enterprise based on the principles of strategic planning, which are supplemented by a mechanism for coordinating tactical and operational decisions with general strategic decisions in conjunction with a mechanism for monitoring and adjusting strategies, we are talking about a strategic management system.
The strategy of the enterprise is not identical to its policy, which only proclaims the main intentions in the activities of the enterprise. The strategy guides the process of making important decisions in the chosen direction. Therefore, it is broader and more solid than politics.
In content, the economic strategy covers decisions in the scope and volume of production, strategic aspects of internal management, enterprise behavior in the markets of factors and goods, etc.
There are several main areas (types) of economic strategies.
1. Technological - strategic decisions in the field of technology, their development and impact on market factors.
2. Commodity market - a set of decisions on the nomenclature, quality and volume of output, methods of enterprise behavior on the market.
3. Financial and investment - a set of decisions on how to attract, spend or accumulate financial resources.
4. Integration - solutions for the integration of functional and managerial interactions with partner enterprises.
5. Resource-market - decisions on the behavior of the company in the market of production resources and factors.
6. Social - decisions regarding the structure of the team, the nature of its relationship with shareholders.
7. Management strategy - decisions that affect the nature of company management in the implementation of a specific strategy.