Strategy Formulation Essay

6612 words - 26 pages

Chapter 13. What aspects of strategy formulation do you think requires the most time? Why?"Strategy formulation includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. Strategy formulation issues include deciding what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand operations or diversify, whether to enter international markets, whether to merge or form a joint venture, and how to avoid a hostile takeover. Strategy implementation often is called the action stage of strategic management. Implementing strategy means mobilizing employees and managers to put formulated strategies into action. Often considered to be the most difficult stage in strategic management, strategy implementation requires personal discipline, commitment, and sacrifice."(Page 5)4. Why is strategy implementation often considered the most difficult stage in the strategic-management process?"Strategy implementation requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Often considered to be the most difficult state in strategic management, strategy implementation requires personal discipline, commitment, and sacrifice. Successful strategy implementation hinges upon managers' ability to motivate employees, which is more an art than a science." (Page 6)5. Why is it so important to integrate intuition and analysis in strategic management?"The strategic-management process can be described as an objective, logical, systematic approach for making major decisions in an organization. Yet strategic management is not a pure science that lends itself to a nice, neat, one-two-three approach. Based on past experiences, judgment, and feelings, most people recognize that intuition is essential to making good strategic decisions.Intuition is particularly useful for making decisions in situations of great uncertainty or little precedent. Analytical thinking and intuitive thinking complement each other." (Page 7)7. Discuss relationships among objectives, strategies, and polices."Objectives can be defined as specific results that an organization seeks to achieve in pursuing its basic mission. Objectives are essential for organizational success because they state direction; aid in evaluation; create synergy; reveal priorities; focus coordination; and provide a basis for effective planning, organizing, motivating, and controlling activities. Strategies are the means by which long-term objectives will be achieved. Business strategies may include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint ventures. Policies are the means by which annual...

Find Another Essay On Strategy Formulation

Organizational Strategizing Essay

1314 words - 5 pages The epistemological views on organizational strategizing are as old as strategy itself. Strategy scholars distinguished between formulation and implementation; making formulation the key concept which provides the roadmap for the organization. Implementation was seen by early strategy scholars as the tools to navigate the map. The formulation stage of the strategic process has always been seen as critical in identifying a roadmap for an

Strategic Process Essay

909 words - 4 pages Figure 1 is an illustration of what constitutes the strategic process with each of the stages thoroughly investigated against internal and external factors of the organization. The formulation stage is critical in identifying a roadmap for an organization. At this stage, there are usually senior executives or policy makers. Once their work is complete the strategy is cascaded down for implementation usually to line managers and public officials

Strategic Planning and Strategic Management - University of Phoenix - Assignment

605 words - 3 pages MGT/498 · Describe and define the primary components of the Strategic Management Process. The Primary components of the strategic managements are the Strategy formulation and the strategy implementation. Strategy formulation covers the mission, external analysis, and internal analysis. The strategy implementation have more areas to cover such as cost advantage, differentiation advantage, corporate strategy, vertical integration, strategic

Schools of Thought in Strategic Management

839 words - 4 pages strategic management can be organized into three levels: corporate, business and operational levels (Ritson, 2013). The levels of strategic management can be formulated through several schools of thought. The schools of thought include the planning school, positioning school and the resource based school. The planning school of thought is a formulation that strives to make a fit between the strategy that a business has and the environment

Integrated Organisational Communication - 2017 - UJ - assignment

1015 words - 5 pages actual communication programmes are developed. The communication strategy therefore contributes to the overall success of the organisational strategy. 2.1.3. Communication of Strategy Communication of Strategy is vital in order to get consistency between the various levels of strategy formulation. During the formulation of strategy, this communication takes place from the top down, but during the formation and implementation of

Primary Components Strategic Management Process

573 words - 2 pages external and internal environments to key people within the corporation" (Wheelen & Hunger, 2008, p. 10).Strategy Formulation is very important to an organization, helps management prepare for the future of the organization in developing strategies. Strategy formulation is the creation of, "plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses" (Wheelen & Hunger, 2008, p. 12

MGMT 101 300221556

1305 words - 6 pages essay, it will be briefly described the strategic management process and the next move in TATI. Strategic management is the process of formulating and implementing strategies in organizations. Strategy formulation is the first strategy in strategic management, which is the process of creating strategy and that involves assessing existing strategies, develop new strategies and strategic plans. The second strategy in strategic management is called

Strategic Planning and Strategic Management - University of Phoenix MGT/498 - Assignment

688 words - 3 pages emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation and evaluation.” (Jurevicius, 2013). The Primary Components of the Strategic Management Process. “The processes that firms use to develop a strategy can differ dramatically across firms. In some cases, executives do not spend significant time on strategy formulation and strategies are often based only

What It Takes for a Company to Succeed: Strategy or Luck

1644 words - 7 pages luck. Strategy will be defined and explained, and its importance for the success of an organisation discussed. The question of whether luck is essential for success as strategy will also be addressed, along with the resulting connotation of this discussion for the formulation and execution of Freedom Airways’ strategy. Luck is not an ingredient for the success of an organisation, while this issue will show that strategy is most certainly an

Taxonomy

2306 words - 9 pages classify Strategy in general and in particularly relation with Priya. This classification has some theoretical background as well which shows the importance of strategic planning. Strategic planning includes strategic formulation, its mission, core competencies and implementation. This strategic classification will be effective by relating it to the below mentioned school of thoughts established by Mintzberg.STRATEGIC MANGEMENTThe strategic management

Different Processes of Strategy

1285 words - 6 pages processes offers the most relevant guidance to the formulation of an appropriate strategy. The strategy making process can be divided into the following stages: Strategy formation as a process of conception is known as one of the most influential view of the strategy-formation process. This design model places primary emphasis on the appraisals of the external (threats and opportunities in the environment) and internal situations (strengths and

Similar Essays

Strategic Management/Strategy Formulation Essay

4761 words - 19 pages What aspects of strategy formulation do you think requires the most time? Why?"Strategy formulation includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. Strategy formulation issues include deciding what new businesses to enter

Individual Marketing Strategy Formulation Essay

1849 words - 7 pages Individual Marketing Strategy Formulation Introduction The organization under analysis is an organic food manufacturer called Annie’s Homegrown Organic. It is headquartered in Berkeley California, but has facilities throughout the country as well as in other countries such as Canada and the Philippines. In 2013, it was ranked one of the top 25 most successful small businesses in the country. Their marketing strategy is an inspiration for

Strategy Formulation And The Relevance Of Methodologies

3105 words - 12 pages Abstract—This article reviews some strategy formulation methodologies that are elaborated to achieve organisation's goals and objectives. Key words— Strategy, Strategy Formulation, Top- down Methodology, Bottom- up Methodology, Porter Five Force. I. INTRODUCTION TO STRATEGY AND STRATEGIC PLANNING A 2007 survey of European and American firms reported that more than ninety-five per cent have employed a strategic planning process

Dell's Long Term Objectives: Strategy Formulation And Implementation

1169 words - 5 pages varied by market segment and already has been a big hit in the U.S. Dell knows that the way to globalize the company successfully is through e-business.Dell is gearing up in China. The key to its strategy is a locally designed PC called Su Ma (Speedy Horse) which it hopes will draw sales away from the homegrown powerhouse, Legend. Dell has already built a factory in Xiamen, which is on the southeastern coast of China in order to promote its next day