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What Does Process of Crafting & Executing Strategy Entail?
1. Crafting & executing a company's strategy is a five-stage managerial process:
(a). Developing a strategic vision of where the company wishes to head & what its future product-consumer-market-technology focus should be.
(b). Setting objectives & using them as yardsticks for computing the company's performance & progress.
(c). Crafting a strategy to get the desired outcomes & shift the company along the strategic path that management has charted.
(d). Implementing & executing the chosen strategy efficiently & effectively..
(e). Monitoring developments & initiating corrective adjustments in the company's long-term direction, objectives, strategy or execution in glow of the company's actual performance, varying conditions, new ideas & new opportunities.
A good strategic plan is a dominant motivator for change and usual progress updates are crucial to maintain that momentum. The next steps then are to regularly ensure in on progres
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