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What Is Strategy and Why Is It Important?

What Is Strategy and Why Is It Important?

 

The five (5) tasks of strategic management are clear:

 

– Develop a strategic vision and business mission;

– Setting objectives;

– Crafting a strategy to achieve the objectives;

– Implementing and executing the strategy; and

– Evaluating performance, monitoring new developments, and initiating corrective action.

 

But, who does strategy — the CEO? Only the CEO? The upper echelon? Line Department Managers? Staff Department Managers? Operational Unit Managers? Or, does everyone do it??? And what do they do??? Mention long-term and short-term in your response.

 

In this regard, what is the role of the role of the Board of Directors — should they be very involved (overly involved)? Or, should they rubber-stamp everything that management puts forth?  What does Sarbanes-Oxley say about Board involvement?

 

Note, our PowerPoints include some special issues about strategy, including:

  • Strategy is about asking the right questions:
  •  
    • What must managers do, and do well, to make
      a firm a winner in the marketplace?
  • Strategy requires getting the right answers:
  •  
    • Good strategic thinking and good management of the strategy-making, strategy-executing process.
    • First-rate capabilities and skills in crafting and executing strategy are essential to managing successfully 
    •  Is that all that strategy is about???

       

      Take a piece of this intro and “run” with it! Use some real-life examples — use Google, if necessary — discuss your job; discuss your former job; what about the job(s) of your parent(s); or any organizations that you’ve read about; etc., etc., etc.!

       

      View the slides again from Chapter 1 and other articles, books, and slides; Do we all know what a “substantive post” and “responsive post” are?  Well, substantive posts are early posts, which get others thinking — they are provocative, contain new thoughts, links to other sites, article quotes, textbook quotes, are substantial, and are referenced and/or linked, etc.  Responsive posts are “responding,” substantially, to classmates substantive posts.