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Business Strategy Consulting
Strategic Management is the process
of specifying an organization's objectives, developing
policies and plans to achieve these objectives, and allocating
resources to implement the policies and plans to achieve
the organization's objectives. It is the highest level
of managerial activity, usually performed by an organization's
Chief Executive Officer (CEO) and executive team. Strategic
management provides overall direction to the enterprise.
Strategic Management is the process of specifying an organization's objectives,
developing policies and plans to achieve these objectives, and allocating resources
to implement the policies and plans to achieve the organization's objectives.
It is the highest level of managerial activity, usually performed by an organization's
Chief Executive Officer (CEO) and executive team. Strategic management provides
overall direction to the enterprise.
Strategic management can be seen as a combination of strategy formulation and
strategy implementation, but strategy must be closely aligned with purpose.
Strategy Formulation:
Doing a situation analysis: both
internal and external; both micro-environmental and
macro-environmental.
Concurrent with this assessment,
objectives are set. This involves crafting vision
statements (long term view of a possible future),
mission statements (the role that the organization
gives itself in society), overall corporate objectives
(both financial and strategic), strategic business
unit objectives (both financial and strategic), and
tactical objectives.
These objectives should, in the
light of the situation analysis, suggest a strategic
plan. The plan provides the details of how to achieve
these objectives.
This three-step strategy formulation process is sometimes referred to as determining
where you are now, determining where you want to go, and then determining how
to get there. These three questions are the essence of strategic planning. SWOT
(Strength Weakness Opportunities and Threats) Analysis: I/O Economics for the
external factors and RBV for the internal factors.
Strategy Implementation:
Allocation of sufficient resources
(financial, personnel, time, technology support)
Establishing a chain of command
or some alternative structure (such as cross functional
teams)
Assigning responsibility of specific
tasks or processes to specific individuals or groups
It also involves managing the process.
This includes monitoring results, comparing to benchmarks
and best practices, evaluating the efficacy and efficiency
of the process, controlling for variances, and making
adjustments to the process as necessary.
When
implementing specific programs, this involves acquiring
the requisite resources, developing the process,
training, process testing, documentation, and integration
with (and/or conversion from) legacy processes.
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Strategy formulation and implementation
is an on-going, never-ending, integrated process requiring
continuous reassessment and reformation. Strategic Management
is dynamic. It involves a complex pattern of actions
and reactions. It is partially planned and partially
unplanned. Strategy is both planned and emergent, dynamic,
and interactive. There are critical points at which a
strategy must take a new direction in order to be in
step with a changing business environment. These critical
points of change are called strategic inflection points.
Strategic management operates on several time scales. Short
term strategies involve planning and managing for the present.
Long term strategies involve preparing for and preempting
the future. Marketing strategist Derek Abell has suggested
that understanding this dual nature of strategic management
is the least understood part of the process. He claims
that balancing the temporal aspects of strategic planning
requires the use of dual strategies simultaneously.
