Please enable JavaScript.
Coggle requires JavaScript to display documents.
SMGT T2 (Ch2) The process of crafting and executing strategy (Stage 4:…
SMGT T2 (Ch2) The process of crafting and executing strategy
Five interrelated stages:
Execute the strategy
Monitor and evaluate performance and make adjustments
Craft a strategy that achieves the objectives and vision
Set the strategic objectives
Develop the vision, mission, and core values
Stage 2: Setting objectives (26)
The balanced scorecard (28)
Internal perspective (Operations)
Learning & growth perspective (HR)
Customer perspective (Marketing/Sales)
Financial perspective (lag)
Timing
Longer-term (3-5yrs)
Short-term (approx. 1yr)
Extended vision period
SMART
Stretch objectives (27)
Table 2.2 (29) examples of objectives - most are a bit useless
Stage 1: The basis (20)
Mission statement
Identify buyer needs and market
Give the company its own identity
Identify companies products and services
Core values
Vision
Do's and Don't's (22)
Vision should (24):
Beacon for aligned departmental objectives and strategies
Help organisation prepare for the future
Gain support of organisation members
Reduce risk of rudderless decision making
Crystallise snr execs views on long-term direction
Stage 4: Executing strategy (36)
Creating a strategy-supporting structure
Staffing the organisation to obtain needed skills and expertise
Developing and strengthening strategy-supporting resources and capabilities
Allocating ample resources to the activities critical to strategic success
Ensuring that policies and procedures facilitate effective strategy execution
Organising the work effort along the lines of best practice
Installing information and operating systems that enable company personnel to perform essential activities
Motivating people and tying rewards directly to the achievement of performance objectives
Creating a company culture conducive to successful strategy execution
Exerting the internal leadership needed to propel implementation forward
Stage 3: Crafting strategy (32)
Hierarchy
Corporate (Group) Strategy
Is combined in single business orgs
Business Strategy
Functional area strategies
Smaller orgs might just have two levels
Operating strategies
Combining first three stages creates the 'strategic plan' (35)
Stage 5: Monitoring and evaluation (37)
Using the three tests (12)
Article: Crafting strategy that measures up (2011)
Whittington (1993) - 4 approaches
Giligan & Wilson (2003) - 'Umbrella strategies'
Mintzberg (1994) - 10 views of strategy process
Thompson & Strickland (2001) - 10 commandments (p.279)
Venkatram & Subramanium (2002) - 3 eras of strategy (p.282)
Governance strategic responsibilities (37)