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TASK 2 - STRATEGY EVALUATION
To achieve an objective, managers must develop a suitable strategy. A strategy is a long term plan setting out how an objective will be reached. For example, if the objective is to reduce costs, the strategy could involve relocating or reducing the labour force. If the objective is to boost revenue, the strategy may be to launch new products or to invest in a big promotional campaign. A strategy may be developed by using a firm's strengths to exploit the opportunities that exist. For example, a strong brand name may be used to extend a firm's products into new markets. It may also use these strengths to protect itself against threats; for example, a retailer may use its finance to acquire key locations to prevent a competitor buying them. Strategies can be evaluated by many ways. One of the way is by using Porter's Five Forces model. In this model there are five different sources which are strongly connected with the business and they must be kept in mind while making strategies. While making strategy for a business includes keeping those things in mind which will ruin the business. For example in case of a retail business, if a new retail business entered in, then strategy in this will be change accordingly in this case. Secondly if buyer's power is strong in retail business, then it could be a negative or a positive impact on business. If they are strong then they can force down the prices of the product which will lower the profit, so in this case strategy will be evaluated very carefully as every step can change the course of business. Suppliers are the major part of any business so keeping them in mind is a necessary part in strategy evaluation. A firm may also want to protect itself against its weaknesses. For example, it may try to find alternative suppliers to reduce an over-reliance on a particular one; it may invest in a rebranding exercise to reposition itself. Fourth part is degree of rivalry. This measures the degree of competition between existing firms. The higher the degree of rivalry the more difficult it is for existing firms to generate high profits. Fifth and last part is threat of substitute. This measures the ease with which buyers can switch to another product that does the same thing. Keeping following things in mind will help effecting business in loss. If the second industry is easy to enter in market, if there is a high degree of rivalry between firms within industry, buyers are strong, suppliers are strong etc. The implication of Porter's analysis for managers is that they should examine these five factors before choosing an industry to move into. They should also consider ways of changing the five factors to make them more favourable.

TASK 3 - IMPLEMENTATION
Evaluating strategies is a difficult task but implementing them in a regular and smooth manner is more complicated. The importance of strategy should not be underestimated. Changing the price of an item, changing the distribution strategy and investing in new equipment are all important decisions but if you are fighting in the wrong market with the wrong products then the details are almost irrelevant. The strategy sets out where and how the battles will be fought and a good strategy is essential to business success. This involves an understanding not only of what happens within the firm but also the ability to forecast changes in the external environment and their significance succ