Saturday, July 27, 2019
What is Strategic Management? (Part 3 of 4)
2.4 Strategy Implementation and Execution
Putting the strategy into place and getting individuals and organizational
subunits to go all out in executing their tasks is the next step. The
leadership challenge is to so stimulate the enthusiasm, pride and commitment of
managers and employees that an organization wide crusade emerges to carry out
the chosen strategy and to achieve the targeted results.
2.5 Evaluating Strategic Performance and Making Corrective
Adjustments
Neither strategy formulation nor strategy implementation is
a once-forall-time task. Corrective adjustments may be necessary under
particular circumstances. Testing out new ideas and learning what works and
what doesn’t through trial and error is common. Thus, it is always incumbent upon
management to monitor both how well the chosen strategy is working and how well
implementation is proceeding, making corrective adjustments whenever better
ways of doing things cand be supported.
2.6 The Process of Strategic Management
Because each component of strategic management entails
judging whether to continue with things as they are or to make changes, the
task of managing strategy is a dynamic process - all strategic decisions are
subject to future modifications.
2.6.1 Characteristics of the Process
• managers do not necessarily go through the sequence in
rigorous lockstep fashion.
• the tasks involved in strategic management are never
isolated from everything else that falls within a manager’s purview
• the demands that strategy management puts on the manager’s
time are irregular
• formulating and implementing strategy must be regarded as
something that is ongoing and that evolves
The strategy implementation is the product of incremental
improvements, internal fine-tuning, the pooling effect of many administrative
decisions and gradual adjustments in the actions and behavior of both
managerial subordinates and employees.
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