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Reviewer - Module 1: 4. Implement Strategy

Strategic management involves 4 key steps: 1) Environmental scanning to analyze internal/external factors, 2) Strategy formulation by setting objectives and crafting corporate/business strategies, 3) Strategy implementation by designing structures and allocating resources, and 4) Strategy evaluation by measuring performance and making corrections. These steps are carried out in chronological order when creating a new strategic plan, and as needed for existing organizations to adapt to changing situations. The goal is to develop a strategic vision and exploit core competencies to gain a competitive advantage through an integrated set of strategic commitments and actions.

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Erika Mae Legaspi
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826 views

Reviewer - Module 1: 4. Implement Strategy

Strategic management involves 4 key steps: 1) Environmental scanning to analyze internal/external factors, 2) Strategy formulation by setting objectives and crafting corporate/business strategies, 3) Strategy implementation by designing structures and allocating resources, and 4) Strategy evaluation by measuring performance and making corrections. These steps are carried out in chronological order when creating a new strategic plan, and as needed for existing organizations to adapt to changing situations. The goal is to develop a strategic vision and exploit core competencies to gain a competitive advantage through an integrated set of strategic commitments and actions.

Uploaded by

Erika Mae Legaspi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Strategic Management

Reviewer – Module 1

Strategy – is an integrated and coordinated


set of commitments, decisions and actions 4. Implement strategy
designed to exploit core competencies and
gain a competitive advantage  Build an organization capable of
carrying out strategy
Strategic Management – is the formulation  Allocate ample resources to
and implementation of the major goals and strategy critical activities
initiatives taken by a company's top  Establish strategy supportive
management on behalf of owners, based on policies and procedures
consideration of resources and an  Institute Best Practices and
assessment of the internal and external mechanisms for continuous
environments in which the organization improvement
competes  Install support systems that
allow personnel to carry out
Tasks of Strategic Management their strategic roles effectively
 Tie rewards/incentives to
1. Develop Strategic Vision and performance objectives and
Mission good strategy execution
 Strategy supportive work
Strategic vision – road map to future
environment and corporate
of company; unique to a company;
culture
guides decision making; shapes
 Exercise strategic leadership
strategy
5. Evaluate, review, correct
2. Set objectives
 Continuously monitor
Objectives – specific performance
performance
targets
 Monitor changes in environment
3. Craft strategy to achieve objectives  Initiate corrective adjustments as
needed
Levels of strategy
 Corporate Factors shaping the choice of strategy
 Business
 Societal, political, regulatory,
 Functional
community citizenship considerations
 Operating
 Industry attractiveness; changing
industry and competitive conditions
*done within context of internal and
external situation  Company opportunities and threats
 Company strengths, weaknesses and
competitive capabilities
 Personal ambitions, business 2. Strategy Formulation
philosophies, and ethics of key
executives Strategy formulation – is the process of
 Shared values and company culture deciding best course of action for
accomplishing organizational objectives
Industry and Competitive Analysis and hence achieving organizational
 Dominant economic traits purpose. After conducting environment
 Existing competition and competitive scanning, managers formulate corporate,
forces business and functional strategies.
 Driving forces in industry
3. Strategy Implementation
 Strongest/weakest companies
 Key Success Factors for the industry
Strategy implementation – implies
 Overall industry attractiveness
making the strategy work as intended or
putting the organization’s chosen
Company Situation Analysis
strategy into action. Strategy
 Identify current mission, objectives, implementation includes designing the
strategy organization’s structure, distributing
 How well is current strategy working? resources, developing decision making
 SWOT process, and managing human resources.
 Financial analysis
 Strength of competitive position 4. Strategy Evaluation
 Strategic issues/problems
Strategy evaluation - is the final step of
Strategic analysis leads to good (realistic) strategy management process. The key
strategic choices. strategy evaluation activities are:
appraising internal and external factors
Strategic management process has that are the root of present strategies,
following four steps: measuring performance, and taking
remedial / corrective actions. Evaluation
1. Environmental Scanning makes sure that the organizational
strategy as well as its implementation
Environmental scanning – refers to a meets the organizational objectives.
process of collecting, scrutinizing, and
providing information for strategic purposes. These components are steps that are carried,
It helps in analyzing the internal and in chronological order, when creating a new
external factors influencing an organization. strategic management plan. Present
After executing the environmental analysis businesses that have already created a
process, management should evaluate it on a strategic management plan will revert to
continuous basis and strive to improve it. these steps as per the situation’s
requirement, so as to make essential
changes.

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