A prescriptive strategy is a course of action that outlines a specific set of steps that should be taken in order to achieve a desired outcome. It is often used in business, government, and other organizations as a way to guide decision-making and ensure that resources are used efficiently and effectively.
There are several examples of prescriptive strategies in action. One common example is the use of business plans, which outline a company's goals and the steps needed to achieve them. A business plan might include details about target markets, marketing efforts, financial projections, and other aspects of the business.
Another example of a prescriptive strategy is a project plan, which outlines the steps needed to complete a specific project. A project plan might include a timeline, budget, and list of resources needed, as well as a description of the deliverables and key milestones.
Another example of a prescriptive strategy is a crisis management plan, which outlines the steps that should be taken in the event of a crisis, such as a natural disaster or a data breach. A crisis management plan might include details about who is responsible for managing the crisis, what communication channels should be used, and how to respond to different types of emergencies.
Prescriptive strategies can also be used in government and other public sector organizations. For example, a government agency might develop a strategic plan that outlines its goals and the steps needed to achieve them. This might include details about budget priorities, staffing, and policy initiatives.
Overall, prescriptive strategies are an important tool for guiding decision-making and ensuring that resources are used effectively. By outlining specific steps and objectives, prescriptive strategies can help organizations stay focused and achieve their goals.
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This kind of strategy is also depended on effective analysis and research which makes it similar to learning school of strategies Eun and Resnick, 2012. For example, Motorola has successfully met the needs of emerging markets by using its fundamental technological strengths in electronic components to progress from supplying TVs and car radios to offering telecommunications services Advantages of Prescriptive Strategic Process Clear objectives provide focus on the Business Objectives can be Translated into Targets against which performance can be measured and monitored Resources can be allocated to specific objectives and efficiency can be judged The approach is logical and rational It structures complex information, defines and focuses business objectives, establishes controls, and sets targets that performance can be measured Criticisms of Prescriptive Strategic Process There are commonly major Difference between designed and realized strategy Rigid Planning in a dynamic and turbulent business environment can be uncreative Rigid loyalty to plans may mean missed business opportunities It is possible and better to go without the short-term benefit in order to obtain the long-term good. By analyzing a wide range of factors, it can then help them rank their leads. There are two primary approaches to prescriptive analysis. Data analytics is one tool that they have at their disposal to reach these goals.
Explaining The Prescriptive And Emergent Strategies
Accent starts by ensuring a clean and complete historical data set by collecting any missing CRM data from your various sales activity data sources email, calendar, phone, etc. Prescriptive analytics is one of the key branches of data analytics more on the others in a bit…. Also by adopting Mintzberg analogy, prescriptive strategy is said to biblical in its approach, it appears at a point in time and is governed by a set of rule s, fully formulated and ready to implement. The advantage of this school of strategy is that if any company enjoys a monopoly market then it can formulate its strategy and make it to the best use of its power. These factors come from behaviors of former employees preceding their departure or termination. Prescriptive Processes CS5704 - Assignment 1 Jitrat Jaidee jaideej hotmail.
Prescriptive and Descriptive Schools of strategy
Analysis techniques like game theory, data management algorithms, graph databases, and more can be used. From pricing to marketing, businesses predict actions delivering an optimal return on investment. Like any other approach to strategic management, the Mintzberg emergent strategy has its advantages and its drawbacks. Risks are managed efficiently, leading to an increase in profits. To learn more about our prescriptive analytics for Sales and Marketing teams contact us today for a live demo. The study of linguistic competence does not include the study of prescriptive standards that claim that one sentence rather than another is correct.