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Sample Coursework Paper on Strategy Execution Process

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Sample Coursework Paper on Strategy Execution Process

A strategy is a contingent plan used to increase an organization’s competitive advantage in the market. In this essay, the writer will investigate the distinct tasks that managers have to undertake in developing a strategic vision, mission and core values. It is the first stage in strategy formulation.

             Top management should define the objectives and action to be taken to achieve the desired results and should be tailor made for specific employees because each employee will have a particular duty to accomplish (Slack, 2015). Finally, a corporate and vision statement is formulated. A mission statement is a written notice of the company’s essential purpose, focus, ethics, culture, and norms for operation (Slack, 2015).  It’s important in that;

(1) It prioritizes important tasks which will be accomplished first

(2)  Outlines the target markets and how it will be reached.

(3) It directs the organization.

            Vision statement indicates where the company wants to be in the future. In the next action phase, managers conduct a SWOT analysis to identify the internal strengths and weaknesses the organization possesses (Bamberger, Biron, & Meshoulam 2014). . They also analyze the external competitive environment to find out the opportunities and threats in the operating environment. Here, the identified strategy is implemented at all levels of the company (Bamberger, Biron, & Meshoulam 2014).

            It’s important to collect enough factual data at this stage because all the other steps depend on the quality of data gathered here.

              Concluding, strategy formulation is a function performed by top level management with a purpose of moving an organization from its current position to a desired financial advantage given the competition it is facing from rival firms. Formulating a strategy involves defining the company’s objectives, desired results, mission, and vision and analyzing the strengths, weaknesses, threats and opportunities facing the firms and finally implementation of the best strategy.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Bamberger, P. A., Biron, M., & Meshoulam, I. (2014). Human resource strategy: Formulation, implementation, and impact. Routledge.

Slack, N. (2015). Operations strategy. John Wiley & Sons, Ltd.

 

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