1 Answer | Add Yours
The question is somewhat confusing. What is implemented is a strategic plan that is developed during the process of strategic planning. I am assuming the question is asking for the process of strategic planning and giving below my answer accordingly.
A company’s strategy consists of the combination of competitive moves and business approaches that managers employ to please customers, compete successfully, and achieve organizational objectives.
A company’s strategy is the game plan management is using to stake out a market position, conduct its operations, attract and please customers, compete successfully and achieve organizational objectives. it consists of the following five interrelated tasks.
- Forming a strategic vision of where the organization is headed.
- Setting objectives – converting the strategic vision into specific performance outcomes for the company to achieve.
- developing a strategy to achieve the desired outcomes
- Implementing and executing the chosen strategy efficiently and effectively.
- Evaluating performance and implementing corrective adjustments in vision, long-term direction, objectives, strategy, or execution in light of actual experience, changing conditions, new ideas, and new opportunities.
Strategic vision is the management’s views and conclusions about what the organization’s long-term direction should be, the technology-product-customer focus it intends to pursue, and its future business scope. It reflects management’s aspirations, gives specifics about companies future business plans, defines long-term business purpose, and clarifies its identity in terms of business mission.
The purpose of setting objective is to convert managerial statements of strategic vision and business mission into specific performance targets in terms of results and outcomes the organization wants to achieve.
A strategy reflects managerial choices among alternatives and signals organizational commitment to particular products, markets, competitive approaches, and ways of operating the enterprise.
Implementing and executing the strategy entails assessing what it will take to develop the needed organizational capabilities to reach the targeted objectives on schedule. It requires attention to functions like building an organization compatible with strategy, allocating company resources for implementing strategy, establishing strategy-supportive policies and operating procedures, motivating people that induce them to pursue the target objectives, installing information, communication, and operating systems that enable company personnel to carry out their strategic roles effectively.
Strategic management is an dynamic and ongoing process. As a strategy once formulated is implemented, as well as when it is being implemented, need to be reviewed and revised in light of actual experience and in response to changing conditions.
We’ve answered 318,964 questions. We can answer yours, too.Ask a question