Phases in the Managerial Process of Crafting and Executing a Company's Strategy

This phase will include leadership support. The director of strategy will need to ensure that the deputy director of the MVAA as well as the director are aware of the strategic planning that will take place as well as gain their support for our efforts. In this regard, our section will need to keep in mind the overall goals of the agency and develop goals and tasks of our own that will support the agency’s goals.

Planning consists of competitive moves and business approaches developed to attract, please customers, conduct operations, grow the business, gain competitive advantage, and achieve performance objectives (Huidan, 2011). There are three steps to planning. A manager must be able to decide what goals to pursue, the best strategy to achieve those goals, and how to use their available resources to achieve those goals as efficient as possible (Bethel University,

Evaluate Porter’s three-phase process (page 32, figure 2.1) for defining a company strategy and create a simple chart of the recommended change addressing issues in each phase.

Describe goals and objectives as they apply to business. pg 181-182; wk 6 lecture, pg 1

In general, an overall strategy should precipitate into goals and those goals in strategic objectives that can be used to by 1st and 2nd line managers. These strategic objectives’ progress are measurable and quantifiable. Many managers utilize tools such as score cards to analyze the success or lack of, that a company and its managers attain, fails to meet, or surpasses the stated goals. Alignment of these processes to reach a company’s goals is dependent upon the number of goals, the specificity of these goals, and whether or not the entrusted managers have executed these strategies with the necessary resources to accomplish them. According to Sull (2015), “80% of managers say that their goals” fall into this category” (p. #)

Chapter 6 – Strategy Formulation: Situation Analysis and Business StrategyChapter 7 – Strategy Formulation: Corporate StrategyChapter 8 – Strategy Formulation: Functional strategy and Strategic Choice

Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is _____.

An organization needs to determine the results that it is aiming for as part of its strategic operation. This includes its financial performance together with the perception of its stakeholders.

The First aspect to consider the Objectives and Goal-Setting that help to clarify the vision of the business. Important facts to consider in this step is to define the short and long objectives, set the actions that help to accomplish the objectives and last distribute the task among employees. In addition is necessary for this step to write the mission statement and communicate the goal with shareholders and staff. The second aspects were Analysis which consists in gathering the necessary information and data that will allow to accomplish the vision and help the business to grow. In addition, at this stage is important to identify the strength and weakness of the company. The third aspects were Strategy Formulation which is the process where information is a review, and business resources are identified. The Fourth aspect is Strategy Implementation, this stage is critical to the business because it is the action stage so if the strategy implemented did not work new structure installed at the beginning of this stage will overcome the issue. Employees within the organization also must be aware of their responsibilities, duties, and goals. Evaluation and Control are the last aspects to take into account and consist of review the internal and external issues and set corrective issues. A good evaluation begins by defining the parameters to be measured, monitoring internal and external take corrective actions that will move the company forward. Indeed, “the success of monitoring depends on the initial quantitative objective used in the plan’s development” (Berkowitz 2017, page

Berman (2006) outlines 4 stages of strategic planning. The first is a pre-planning phase (Berman, 2006). During this stage, it is important for organizations to assess how ready their organization is for implementing change. Berman (2006, p. 67) says there are five main stages of change: having an urgent need for change, having support from top management, having support from a "critical mass" of people in the department, achieving early successes to demonstrate the potential benefit of the change, and, finally, both internal and external stakeholders must trust you and the organization.

We have identified three ongoing processes- analyses, decisions, and actions- that are central to strategic management. In practice, these three processes – often referred to as strategy analysis, strategy formulation, and strategy implementation – are highly interdependent and do not take place one after the other in a sequential fashion in most companies.

Phase 1 - Establish the foundation. These alignment and analysis steps are necessary to obtain executive sponsorship and the commitment of resources from all stakeholders. Without a basis of business impact analysis and risk assessment, the plan cannot succeed and may not even be developed.

Performance management has been defined as a continuous process of identifying, measuring, and developing the performance of individuals and teams and aligning performance with the strategic goals of the organisation (Aguinis, 2009). Organisations can either use strategic or operational performance management. Most organisational performance management systems are strategic in nature. They are aligned to the business strategy and support the achievement of its strategic goals (Armstrong, 2015). Armstrong (2015) suggests that a strategic approach to performance management takes a broad and long-term view of where the business is going and manages performance in ways which ensure a strategic thrust is maintained. An example of a strategic performance management system is the Balanced Scorecard. A Balanced Scorecard is a strategic planning system that is used to align an organisation’s business activities to its vision and strategy (Roussel, 2013). Once the strategies are aligned they are organised and measured using the four measures of the Balanced Scorecard. These four measures are the customer measure which measures customer satisfaction, the financial measure which measures financial requirements and performance, the internal business process measure which measures critical-to-customer process requirements and measures, and the knowledge, education and growth measure which focuses on how employees are educated, how knowledge is gained and captures and how it is used to

Changing circumstances and ongoing management efforts to improve the strategy cause a company 's strategy to evolve over time—a condition that makes the task of crafting a strategy a work in progress,

Strategy literature offers many techniques and models suited for systematic strategic analysis. The SWOT analysis, the PESTEL analysis, the Five Forces analysis framework are the prime examples of techniques that can be adopted for strategic analysis. This assignment will use PESTEL and Five forces model to analysis the environment of CRH plc.