It is concerned with putting the strategy into operation or translating the strategy into strategic action. The steps, stages and phases involved in strategic management process can be studied under the following heads: ADVERTISEMENTS: Strategic management process has following steps: 1.
Thompson and Strickland point out that, “The managerial task of implementing and executing the chosen strategy entails assessing what it will take to develop the needed organisational capabilities and to reach the targeted objectives on schedule. Process. Here, the specific interests of each stakeholder are assessed along with the organisation’s record in responding to them. Gives specifics about its future business plans. Keeping these factors in view would come up with the question of properly rating a risk, as this would be the basis of charging a premium or price for running a risk. Third, a firm must determine the best method to develop international strategies as it ventures beyond its national boundaries.
In different companies these phases may have different nomenclatures and the phases may have a different sequence, however, the basic content remains the same.
As Drucker puts it – “One cannot make decisions for the future.
Most business decision-making takes place on the basis of expectations about the future. This involves identifying the strengths and weaknesses of the organisation, and working on the strengths to overcome the weaknesses.
f. Winning a stronger foothold in international markets, h. Gaining a sustainable competitive advantage, and.
The Courtney formula was accepted as the official risk analysis method of the US governmental agencies.
They are concerned with identifying other possible ways of achieving the same strategy formulated to utilise external business opportunities or minimise the firm’s activities to overcome threats. An ideal strategy is one which reflects the mission of the company. The company’s vision is a “general statement of its intended direction that evokes emotional feelings in organisation members”.
Other Elements of Strategy Implementation: Some other principal aspects of implementing strategy are as follows: i. Risk can mean that some danger or loss may be involved in carrying out an activity and therefore, care has to be taken to avoid that loss. Weaknesses are negative internal factors that inhibit a firm’s ability to accomplish its mission and goals. Strategy Formulation 6. Risk identification requires knowledge of the organization, the market in which it operates, the legal, social, economic, political, and climatic environment in which it does its business, its financial strengths and weaknesses, its vulnerability to unplanned losses, the manufacturing processes, and the management systems and business mechanism by which it operates. This implies that risk can have an upside as well as the downside. In contrast, PPfM focuses on doing the right projects at the right time by selecting and managing projects as a portfolio of investments.
5 steps to the the issues management processes are as follows- A. identification of the potential issues is the first step of the management process because it w. 2. Formulating a strategy is an important step to enhancing organisational position and building competitive advantages not only in the national but also in the global arena. There are three steps in two-way linkages: i.
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