By Wallace Stettinius, D. Robley Wood, Jacqueline Doyle, John Colley
Stettinius (business management, college of Virginia) outlines 24 functional steps for devising, imposing, and handling progress- riding options at each degree of the strategic procedure, from assessing readiness via defining the enterprise, realizing the industry, surroundings pursuits, writing enterprise and annual plans, and tracking effects. each one step provides functional recommendation in a two-page layout.
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Stettinius (business management, collage of Virginia) outlines 24 functional steps for devising, enforcing, and coping with development- using concepts at each degree of the strategic technique, from assessing readiness via defining the company, understanding the marketplace, atmosphere targets, writing enterprise and annual plans, and tracking effects.
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Extra resources for How to Plan and Execute Strategy: 24 Steps to Implement Any Corporate Strategy Successfully
These processes include assessing the competitive environment and the firm’s strengths and weaknesses and identifying the actions required to position the company. These management processes link the annual plan to the business plan and the strategic plan. A proposed, regular calendar for developing these plans follows: ■ ■ ■ ■ The first quarter is spent gathering information and assessing the situation. Second-quarter efforts include identifying issues, formulating strategies, and writing the strategic plan.
Focus internally ✓Understand opportuni- ties and threats The purpose of most strategy implementation efforts is to exploit opportunities and/or to counter threats. You have the advantage of being able to select the opportunities to pursue. Threats, on the other hand, may be imposed on you. Where should we look to identify opportunities and threats? Major sources include the industry (for substitute products or disruptive technologies), competitors (to assess their strengths and weaknesses), the general environment (for economic, social, political, or technological events and trends), and the organization’s specific environment (for shifts in market characteristics).
For which ones should you prepare immediately? Here are three tips for managing your opportunities and threats: Identify and exploit opportunities: That’s the essence of success. Give widespread recognition to employees who find ways to innovate. Place bets on multiple new products and services; some will pay off handsomely, but be prepared to lose your total investment on products that fail. Do not ignore threats: That attitude could lead to failure. Be attentive to identifying and monitoring potential threats to your business.