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

570 WordsFeb 17, 20182 Pages
There are five interrelated and integrated phases in the managerial process of crafting and executing a company’s strategy. The first phase is developing a strategic vision of what direction the company needs to be going and what its future product, customer, market, technology focus should be towards. This specific managerial step will provide long term direction which fills the organization with a sense of determined action as well as aiding to communicate with stakeholders what exactly the management’s aspirations of the company are. The second phase is setting objectives, and using the targeted results and outcomes as it measures for determining the company’s performance and progression. The objectives need to indicate how much of what kind of performance and when it is needed as well as requiring a substantial amount of organizational stretch. By measuring the company’s performance it demands setting from both the financial objectives and strategic objectives where a balanced scorecard approach will track both of these objectives. The third phase is crafting a strategy to achieve the objectives which is to move the company along the strategic course that the management has monitored. This strategy is concerned mainly with forming responses to changes under way in the external environment, planning competitive moves and market approaches designed at producing sustainable competitive advantage, building competitively valuable competencies and capabilities, and uniting

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