ABSTRACT
Change could be entropic or could lead to a better order of things. Organizations respond to change by redefining their strategy. A rational first step to take while redefining strategy is to assess what the context of change is and where the organization presently stands. The strategic objectives of the organization are set next, depending on where the organization is currently positioned and where it wants to move during the planning horizon. Usually these objectives are set in financial and market-facing dimensions for easier understanding. The organization sets the performance targets to be attained during the reference period. Once the targets are set, the organization needs to evolve the strategy, which could be defined as a coherent group of initiatives undertaken to achieve the targets. Environmental scanning is a major step used by companies while formulating strategy. When it comes to strategy implementation, the “Balanced Scorecard” is among the most preferred tools used by most companies.
