Strategic management: Formulation and implementation

Abstract

Part II includes the following chapters: Chapter 6: Strategic management framework and strategic analysis Chapter 7: Strategic formulation – options, mission statements, and objectives Chapter 8: Strategy formulation – business strategies and action plans Chapter 9: Strategic implementation and execution Chapter 10: Reflections and concluding comments Chapter 6 focuses on how strategic leaders translate the company's vision and strategic direction into business strategies that are actionable and result in desired outcomes. Strategic leaders have to have the intellectual capacity to determine the scope of their businesses and extended enterprises, analyze and understand the business environment and market spaces, and establish a framework for formulating strategies and objectives, implementing the strategies and actions plan, evaluating outcomes, and leading change. They also have to engage in organizational dynamics and help people within the organization to achieve extraordinary outcomes. Chapter 7 examines how to take the implications of the strategic analysis and develop strategic options. The options are than translated into business objectives and strategies. Some of the main categories involving strategic options include growth, development, improvements, and investments. They also include potential divestitures. The main perspectives focus on closing the gap between the opportunities and challenges and the organization's capabilities and resources to take advantage of the current and future situations. The chapter includes a discussion about the selection of business objectives.