and tends to be more formal in well-established organizations.The ways that strategies are created and realized differ.Thus, there are many different models of the process.
and tends to be more formal in well-established organizations.Tags: My Leadership Style EssayArgumentative Essay On Homosexual MarriageUnforgettable Moments In My Life EssaysEssay On Nativism In The UsRemittance Business PlanVideo Game Store Business PlanFunny Application LettersLiterature Review Of Research
In an organization, strategies are chosen at 3 different levels: Components: Annual Objectives, Policies, Resource Allocation, Change Management, Organizational chart, Linking Performance and Reward Tools used: Policies, Motivation, Resistance management, Leadership, Stakeholder Impact Analysis, Changing organizational structure, Performance management Even the best strategic plans must be implemented and only well executed strategies create competitive advantage for a company.
At this stage managerial skills are more important than using analysis.
It also redistributes responsibilities and powers between managers.
Managers may be moved from one functional area to another or asked to manage a new team.
Usually, tactics rather than strategies are changed to meet the new conditions, unless firms are faced with such severe external changes as the 2007 credit crunch.
Measuring performance is another important activity in strategy monitoring. Managers have to compare their actual results with estimated results and see if they are successful in achieving their objectives.
Most often, the strategic planning process has 4 common phases: strategic analysis, strategy formulation, implementation and monitoring (David The starting point of the process is initial assessment of the firm.
At this phase managers must clearly identify the company’s vision and mission statements.
When analyzing the company’s activities managers look into the value chain and the whole production process.
As a result, situation analysis identifies strengths, weaknesses, opportunities and threats for the organization and reveals a clear picture of company’s situation in the market.