Saturday, July 27, 2019
What is Strategic Management? (Part 4 of 4)
3 Who Are the Strategy Managers
It goes without saying that an organization’s CEO (chief executive officer) and COO (chief operating officer) are strategy managers with ultimate authority and responsibility for formulating and implementing the strategic plans of the organization as a whole. But... those who implement the plan must make the plan! The strategic management function directly involves all managers with line authority at the corporate, line-of-business, functional area and major operating department levels.
4 Why Strategic Management Matters
The advantages of first-rate strategic thinking and a deep commitment to the strategic management process include:
1. the guidance it provides to the entire management hierarchy in making clear just “what it is we are trying to do and to achieve”
2. the contribution it makes to recognizing and responding to the winds of change, new opportunities, and threatening developments
3. the rationale it provides for management in evaluating competing requests for investment capital and new staff
4. the coordination it adds to all the strategy-related decision making done by managers across the organization
5. the proactive instead of the reactive posture that it gives to the organization.