Identify any areas of which the business must seek external resources. The issues facing the company should be prioritized by their importance to your success. Once prioritized, begin formulating the strategy. Because business and economic situations are fluid, it is critical in this stage to develop alternative approaches that target each step of the plan. Successful strategy implementation is critical to the success of the business venture. This is the action stage of the strategic management process.
If the overall strategy does not work with the business' current structure, a new structure should be installed at the beginning of this stage. Everyone within the organization must be made clear of their responsibilities and duties , and how that fits in with the overall goal. Additionally, any resources or funding for the venture must be secured at this point. Once the funding is in place and the employees are ready, execute the plan.
Strategy evaluation and control actions include performance measurements , consistent review of internal and external issues and making corrective actions when necessary. Any successful evaluation of the strategy begins with defining the parameters to be measured. These parameters should mirror the goals set in Stage 1. Determine your progress by measuring the actual results versus the plan.
Monitoring internal and external issues will also enable you to react to any substantial change in your business environment. If you determine that the strategy is not moving the company toward its goal, take corrective actions. If those actions are not successful, then repeat the strategic management process.
Advances in Strategic Management
Because internal and external issues are constantly evolving, any data gained in this stage should be retained to help with any future strategies. Skip to main content. Tip The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.
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Free Online Course: Strategic Management from Coursera | Class Central
Please be aware that many students cancel their registration and you will move up the list over time. Instructor: Prof. Goals of the course Strategic Management is designed to teach relevant competences in strategic planning and -implementation, for both professional work-life and further scientific development. Case Studies More details on the case studies can be found on Moodle. Required readings: Porter; Michael. Harvard Business Review.
Mintzberg; Henry. The Fall and Rise of Strategic Planning. Optional readings: Porter; Michael. What is Strategy. Spanos, Y. Strategic Management Journal, 22 10 , — Ronda-pupo, Guillermo Armando, and Luis Angel. Von Krogh, G. Strategies to crack well-guarded markets. Harrigan, K.
Barriers to entry and competitive strategies. Strategic Management Journal 2 4 : — Optional readings: Santos, F. Academy of Management Journal.
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Young, G. Organization Science. Chen, MJ, and Miller, D.
Strategic Management Journal. EarlyView published online. Strategies for Survival in Fast-Changing Industries. Management Science. Kim, W. C; Mauborgne, R. Blue Ocean Strategy. Hacklin, F.
Strategic Choices in Converging Industries. Trantopoulos, K. MIS Quarterly. Garriga, H. How constraints and knowledge impact open innovation. Strategic Management Journal, 34 9 , Optional readings: von Hippel, E. Reeves, M. Your strategy needs a strategy. Chesbrough, H.
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