Description

Description: This course has been designed to introduce a variety of aspects of international business. Globalization and growing international trade amongst many different countries have brought new challenges and opportunities for many new economies and established economies. 

This course features dynamic and engaging video with audio narration, infographics and short quizzes to test your knowledge

Background: A strategy determines the organisation’s success or failure and therefore, the importance of the evaluation process, which highlights that by measuring performance you can later develop strategies improves it. Strategy evaluation is the process of determining the efficiency and effectiveness of the strategic plan in achieving the organisation’s goals and objectives. In other words, how well the strategy works. Tilles explained that a valid strategy will yield growth, profit, or whatever other objectives the firm has established, however, that an inappropriate strategy will only fail to yield benefits or even worse result in disaster. The following is a list of question to consider when evaluating a strategy:
• Will your strategy, if properly implemented, assist your organisation in achieving its goals based on your vision and mission?
• Is your strategy being properly implemented? Do you have an effective reporting system in place to check this?
• Is your strategy improving your organisation’s competitiveness in the marketplace? Is it responding reflexively to changes in the marketplace?
• Is your strategy sustainable based on your available resources?
• Does your strategy involve workable timelines to ensure the strategy is not only implemented properly, but within the required time frame?
• What kind of payoff did you expect from your strategy? Are you on track to receiving it?
Strategy evaluation is very important, Weston highlighted that a key approach to strategic planning is continuous monitoring of the external environments. The environments should encompass both domestic and international dimensions and include analysis of economic, technological, political, social, and legal factors. Different organizations will give different emphasis and weights to each of the categories.

As discussed previously, the strategic management process consists of three stages:

Strategy Formulation,

Strategy Implementation, and

Strategy Evaluation.

The following sections will discuss: Strategy evaluation for the Financial Plan, Capital Structure & Valuation; Revised Vision & Mission Statements (Confirmed Targets & Goals); and Strategy Evaluation & Feedback