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Strategy formulation is an important aspect of strategic management .Imagine you have just been appointed as...

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General Management

Strategy formulation is an important aspect of strategicmanagement .Imagine you have just been appointed as chief ExecutiveOfficer for Zambia State Insurance Corporation, and the Board ofDirectors expect you to formulate a winning strategy for thecompany that will enable it gain a strong market position given theintensity of completion in the insurance industry. Discuss the keycomponents that you would consider in the development of strategyand clearly show how these apply to ZSIC.

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Indeed strategy formulation is an important aspect of strategic management which becomes further crucial for a company which operates in a competitive sector like insurance sector Without having a proper robust strategy no company can win the customers and ensure its success So as a chief Executive Officer for Zambia State Insurance Corporation and the Board of Directors I would employ following strategy to woo the customers and ensure the success of ZSIC in a cut throat competitive Zambian insurance industry Understanding the needs of customers    See Answer
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