Question

Strategic management

E, ESSAY QUESTIONS 31. What are the phases of the strategy-making, strategy-executing process and what d each one involve? oes

Answer 1

Strategy making involves:

• Clarify/ define Vision/ Goals- both short- and long-term objectives. Create a process of how to achieve these objectives. These goals should be detailed, and realistic to achieve, adding value financially and non-financially to one’s business.
• Gather, Analyze, interpreting Information about the process/ goals/ methodologies/ technologies/ infrastructure/ resources etc. to be required to achieve the goals
• Then Formulate a Strategy- a road map to as how efficiently you plan to accomplish your established goals

Strategy executing:

• Implementation of Strategy- most difficult part, as it conversion on field/ practical of your theory of planning and strategy. It requires very focus, calm, detailed and step by step approaches, to avoid any failures and losses and work with efficiency, as all resources are now practically getting engaged to deliver outcome.
• Evaluate and Control- is about monitoring implementation and effectiveness of your strategy. How good is it going/ what is excess/ what is deficient/ what gaps are you facing/ what is the root cause for it/ how can you repair before things go more wrong.