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Strategy Formulation vs Strategy Implementation

by Shamsul

Strategy Formulation vs Strategy Implementation

 
Strategy formulation refers to preparing a well-thought-out working plan, which helps achieve the organization’s goals. The Strategy implementation means implementing the formulated working plan. Placement of forces before the action takes place.
   
 
Strategy Formulation:
 
  1. It involves decision-making and planning in creating strategic plans and goals for an organization.
  2. It is a process of employing forces before the action.
  3. This is an entrepreneurial activity that consists of strategic decision-making.
  4. It pays a huge focus on effectiveness.
  5. It is a rational process.
  6. This is a process of coordination among individuals.
  7. It needs a wonderful combination of logical skills and initiative.
  8. It precedes the plan implementation.
 
 
Strategy Implementation:
 
  1. It includes all those factors needed to execute the plans.
  2. It is a process of managing forces.
  3. This is based on the administrative talk.
  4. It pays attention to efficiency.
  5. It is an operational process.
  6. This also needs coordination between individuals.
  7. It requires particular leadership traits and motivational features.
  8. It follows strategy formulation.
 
 
 
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Strategic Management Process Enable Company to Achieve Better Results
 
 by Shamsul   
 
 
 
 
 
 
 
Strategic Management Process – Meaning, Components, and Steps
 
 
This process means defining the company’s strategy. In this process, managers make a set of choices based on strategies that enable them to achieve better. It is a continuous method that evaluates the industries and businesses in which the company is involved. It also helps to evaluate its competitors and adjusts goals. A Strategic management process is necessary for achieving present and future goals. The strategic management process contains the following four steps,
 
 
1- Environmental Scanning:
 
It denotes a process of providing, collecting, and scrutinizing information for strategic purposes. It helps to identify external as well as internal factors that affect the company’s performance. After conducting environmental scanning, the managers should analyze it frequently to improve it.
   
 
 
2- Strategy Formulation:
 
It is a process of deciding the best possible action for achieving the company’s objectives and purpose. After conducting environmental scanning, managers should analyze functional, corporate, and business strategies.
 
 
3- Strategy Implementation:
 
It is a process of making the strategy of the organization. Strategy implementation includes the company’s structure, decisions, and resources.
 
 
4- Strategy Evaluation:
 
In the strategic management process, strategy evaluation is the last step. It involves the following factors.
   
 
  • Assessing external and internal factors.
  • Measuring performance on a regular basis.
  • Taking the right decisions.
 
 
 
 
These factors help in creating a new plan. As we mentioned above, strategic management is a continuous process. Make sure that each component must make connections with others.
   
 
 
 
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Strategy Implementation for Better Performance and Competitive Advantage
 
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Strategy Implementation for Better Performance and Competitive Advantage
 
 
Meaning and Steps
 
Strategy Implementation is a process that involves translating selected strategies into organizational moves to obtain strategic objectives and goals. It is a method in which an organization must utilize, combine, and develop an organizational framework and trends to follow strategies. As a result, these factors lead to better performance and competitive advantage.
 
Organizational structure plays a huge role in developing roles and tasks for the employees. It is necessary to correlate tasks and roles in order to enhance customer satisfaction, quality of the products, and efficiency. But, it is not enough to motivate the workers. It requires an organizational control system. It plays a big part in motivating employees. Organizational structure is also referring to beliefs, norms, and attitudes shared by groups and members of the organization. The following are some important steps that play a huge role in implementing a strategy.
   
 
  • For strategy implementation, developing an organization is a must.
  • Distribution of resources to strategically-important activities.
  • Developing policies that encourage strategy.
  • For regular growth, utilize the best programs and policies.
  • Building incentive structure to increase the success rate.
  • Utilizing strategic leadership.
 
 
Strategy Implementation
 
If the strategy is excellent, but its implementation is not exemplary, you can’t achieve success. Moreover, strategy implementation is not achievable without the stability of organizational dimensions and strategy as mentioned above.
   
 
There are some chances that strategy implementation may pose some threats to managers and employees. Thus, the employees and managers can employ conflict behavior with any change in status, roles, and beliefs. There are so many other things like formal and informal groups, beliefs, attitudes, and values that are also important in implementing a strategy.
   
 
 
 
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