Strategic Management HW
salher
strategic_management.docxWhat 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-Oxleysay about Board involvement?
The PowerPoint slides end with:
· 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???
