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Strategy Formulation: Evaluating Efficiency and Effectiveness
For any business to continued growing over time it must balance the strategic formulation of its business model with the implementation of strategies (Buttner, 2006). There is however, an inherent conflict between strategic formulation on the one hand, or effectiveness, and the implementation of strategies, or efficiency, on the other. As markets change and economic conditions vary by country and region, strategy formulation and implementation are forced to flex or change over time to keep serving customers and generating revenue. The intent of this analysis is to explain how strategic effectiveness becomes more critical the greater the uncertainty there is in a given industry or geographic market. The effectiveness of a business must also be based on a solid foundation of agility and market focus (Dandira, 2011). Efficiency must be increasing in speed and accuracy of execution in highly competitive markets, yet must be guided by purposes and focus that effectiveness delivers (Mouzas, 2006).
Comparing Strategy Formulation and Implementation
An example of strategy formulation, or effectiveness, is in how Apple continues to innovate by creating the digital tablet market with the iPad. The effectiveness of launching a digital tablet PC robust enough in features to gain the attention and interest of customers eventually led to over 1 million being sold in the first thirty days...
The product design of the Apple iPad and its very successful launch are an example of strategy formulation. The effectiveness of the Apple iPad design is what is also driving an entirely new level of innovation throughout the tablet PC market, creating competition between the Google Android operating systems and Apple's own iPhone operating system (Desposito, 2010). Exceptional effectiveness creates entirely new markets and industries.
An example of efficiency is the global launch of the Apple iPad throughout the company's hundreds of stores in the U.S. And selected parts of Europe that participated in the initial product launch. The synchronizing of all factors in the product launch, from the television commercials that were both regional and national in scope to the many Internet-based offers all had to support and strengthen the selling value proposition of the new device. The efficiency of the launch process contributed to Apple customers, some loyal to the company for decades, buying them sight unseen online as well. Efficiency can generate customer demand, excitement around a product introduction, and lead to exceptional sales growth of new products. The Apple iPad launch is a perfect example of how effectiveness in product design and efficiency of strategy execution completely reshaped the digital tablet marketplace. The Apple iPad launch was one of the most successful in the history of Apple as…
References
Bettina Buttner. (2006). Effectiveness vs. Efficiency: Growth-Accelerating Policies in a Model of Growth without Scale Effects. German Economic Review, 7(3), 297-316.
Martin Dandira. (2011). Involvement of implementers: missing element in strategy formulation. Business Strategy Series, 12(1), 30-34
Desposito, J... (2010, October). With iPad Sales Soaring, Are Netbooks Dead? Electronic Design, 58(14), 13.
Meskendahl, S.. (2010). The influence of business strategy on project portfolio management and its success - A conceptual framework. International Journal of Project Management, 28(8), 807.
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