Crafting and executing a company’s strategy is a five-phase managerial process:
- Developing a strategic vision of where the company needs to head and what should be its future product-consumer-market-technology focus.
- Setting objectives and using them as yardsticks for measuring the company’s performance and progress.
- Crafting a strategy to achieve the desired outcomes and move the company along the strategic course that management has charted.
- Implementing and executing the chosen strategy efficiently and effectively.
- Monitoring developments and initiating corrective adjustments in the company’s long-term direction, objectives, strategy, or execution in light of the company’s actual performance, changing conditions, new ideas, and new opportunities.
Latest posts by Farida Shaikh (see all)
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