BUS 485 Topic 7 DQ 2

Why is it necessary to regularly evaluate business strategy?

Regularly evaluating a business strategy is important for a number of reasons. I think firstly that a company must keep current with business trends in marketing, services, and production. Evaluating your strategies will surely help keep a company afloat in markets and economies that consistently fluctuate and change. Currently Hastings has filled bankruptcy and is closing their doors, they sell movies, books, and music mostly in an age where online downloads are dominating the markets. This is only the most recent example and you can see this with blockbuster in the past amongst the many others.

Chron.com mentions “An organization’s performance data might be the key indication that business goals and objectives need to be reviewed and re-evaluated. For example, under-performing program and project outcomes might result from several factors. For example, this might include inefficient team performance, changes in the needs of the targeted market or ineffective or flawed strategies.” And I think that a company must constantly reassess its future and current trends to stay afloat.

The Importance of Strategic Evaluation. (n.d.). Retrieved July 29, 2016, from http://smallbusiness.chron.com/importance-strategic-evaluation-13127.html