the task of strategy choice involves

unnecessary. A corporate strategy, for example, of P&G may be acquiring the major tissue paper companies in Canada to become the unquestionable market leader. as-needed reactions to structure to the achievement of targeted results. their jobs. It is management’s duty to stay on top of the company’s situation, deciding whether things are going well internally, and monitoring outside developments closely. Strategy implementation implies putting the organization’s chosen strategy in to action and making it work as intended. reputation with customers, winning a stronger foothold, in international markets, how: how to grow the business, how to satisfy, customers, how to Definition of the Business and its Mission: 3. Formulate a Strategy to Achieve the Strategic Goals: Top 5 Stages: Defining the Mission Statement, Analysing the Environment, Organisational Self-Assessment and Few Other Stages, Every organisation should have a mission statement. Thus, the concept of competitive strategy (as opposed to cooperative strategy) has a competitor-orientation. iii. 3. Before publishing your Articles on this site, please read the following pages: 1. They integrate guide and control organizational activities for the immediate and long-range future. Establishing strategy-supportive policies and operating procedures. management. forward and to keep improving on how the strategy is being executed. Strategy is not simply about “competing for today”; it is also concerned with “competing for tomorrow.” This dynamic concept of strategy involves establishing objectives for the future and determining how they will be achieved. Evaluation consists of comparing the predicted results to the actual results. commitment to total But keep in mind what your bigger goals are and measure only the things that help you determine if you’re progressing toward those goals. share, achieving lower overall costs than rivals, boosting the company's Strategic management does not replace traditional management activities such as budgeting, planning, monitoring, marketing, reporting, and controlling. Strategic analysis involves a systematic evaluation of strategic alternatives with reference to certain criteria. Thomson and Strickland write, “Companies whose managers neglect the task of thinking strategically about the company’s future business path or who are indecisive in committing the company to one direction instead of another are prone to drift aimlessly and lose any claim to being an industry leader.”. short-run objectives, long-run objectives should take the, priority. Strategy implementation includes designing the organization’s structure, distributing resources, developing decision making process, and effectively managing human resources. from a lower-priced Evaluation assure the management that the organizational strategy as well as its implementation meets the organizational objectives. The objective of competitive strategy is to win the customers’ heart through satisfying their needs, and finally to outcompete the competitors (or rival companies) and attain competitive advantages. It communicates ‘who we are, what we do, and where we are headed’. They are:-. They can understand the reaction of environmental changes on the organisation and the probable response of the organisation with the help of strategic management. strategic management. A mission is the long-term vision of what an organisation wants to be and to whom it wants to serve and what impact on the society. Focusing on alternatives – The aim of this step is to narrow down the choice to a manageable number of feasible... 2. Share Your Word File Even when a, company elects to 2. best-laid business plans must be adapted to shifting, market conditions, altered The manager must have a thorough knowledge and analysis of the general and competitive organisational environment so as to take right decisions. This is the enterprising link as compared to other linkages as it incorporates people-related issues in strategy formulation. typically uneven—faster in some areas and slower in others. This preview shows page 2 - 3 out of 3 pages. Evaluation and control is concerned with the evaluation systems that are to be used to ensure the operation of strategic planning to effectively achieve the organisation’s objectives. The strategy-making task thus involves – (a) developing an intended strategy, (b) adapting it as events unfold (adaptive/reactive strategy), and (c) linking the firm’s business approaches, actions, and competitive initiatives closely to its competences and capabilities. Objective setting is required of all managers. By developing and, communicating a business Defining the Mission Statement 2. In this article we will discuss about the various steps, stages and phases involved in the strategic management process. Essentially, a mission statement defines a company’s values a. nd outlines its organisational purpose and reasons for existent. Every unit in a company needs concrete, measurable performance targets that contribute towards achieving company objectives. performance are good standard of their entrepreneurial. Strategic Choice. Strategic objectives serve Strengths are positive internal factors that a firm can use to accomplish its goals. When a strategy has been analysed and selected, the task is then to translate it into organisational action. Having a solid understanding of these levels of strategy will help you break your strategy into the correct levels, so you can align your company-wide goals from the top of your organization (the corporate level) to the bottom (the functional level). made. Consequently the strategic actions they, initiate tend to be For example, growth strategy may be achieved by intensive growth strategy of market penetration, market development, and product development or integrative growth strategy of horizontal integration and vertical integration or diversification strategy depending upon the internal strengths and weaknesses provided the external business environment is favorable. Large firms have diverse products, operations, markets, and technologies and hence they have to essentially use complex systems.

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