Strategy Implementation Aspects

Budget

Organization

Tasks assigned

Resources allocation

Motivation

Proper measuring of results

Consistency

In addition to developing functional policies, the implementation phase involves identifying the required resources and putting into place the necessary organizational changes.

5) Once implemented, the results of the strategy need to be measured and evaluated, with changes made as required to keep the plan on track. Control systems should be developed and implemented to facilitate this monitoring. Standards of performance are set, the actual performance measured, and appropriate action taken to ensure success.

64. Why strategic planning process might be different in different organizations? Provide examples.

65. What are the existing approaches and methods to strategic management?

In general terms, there are two main approaches, which are opposite but complement each other in some ways, to strategic management:

· The Industrial Organizational Approach

o based on economic theory — deals with issues like competitive rivalry, resource allocation, economies of scale

o assumptions — rationality, self discipline behaviour, profit maximization

· The Sociological Approach

o deals primarily with human interactions

o assumptions — bounded rationality, satisfying behaviour, profit sub-optimality. An example of a company that currently operates this way is Google

66. What is the role of stakeholders in the strategic planning process?

A stakeholder is any person or organization, who can be positively or negatively impacted

by, or cause an impact on the actions of the company. It is important to understand stakeholders needs/expectations and involve them into strategic planning process.

67. What is the role of vision, mission, values and principles in the strategic planning process?

Where? – Our dreams and desires about the future

Vision

How? – Our understanding about the basic purpose of the company existence