“If today were the last day of my life, would I want to do what I’m about to do today?”

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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