Five Tasks of Strategy The strategy-making or strategy-implementing process consists of five interrelated managerial tasks: Forming a strategic vision of where he organization is headed so as to provide long-term direction, delineate what kind of enterprise the company is trying to become, and infuse the organization with a sense of purposeful action. Setting objectives or converting the strategic vision into specific performance outcomes for the company to achieve.
There are five essential tasks of strategic management. They include developing a strategic vision and mission, setting objectives, crafting tactics to achieve those objectives, implementing and executing the tactics, and evaluating and measuring performance.
This step is made up of both the vision and the mission. The mission is used to define why the organization exists.
Often companies within the same industry with have similar mission statements. This task is usually the responsibility of the CEO. Executive leadership should not be pulling the mission and vision from thin air.
There is a mission and a vision present for all companies. Sometimes the vision is present only as ideas in the heads of top management.
Management must find out what it is and communicate that to the employees. A clear and concise mission and vision will help the company work together for the same purpose. It is also used in the other steps of strategic management.
Setting Objectives The second step, setting objectives, takes the strategic vision and creates specific goals that will occur to accomplish what is laid out in the vision statement. Goals should be feasible but also not easily attainable. If goals are set too low, complacency will occur.
Establishing these goals removes confusion employees may have on what should be accomplished. Managers can set both financial objectives and strategic objectives. Strategic objectives have the power to motivate and prompt action where financial objectives are seen more as a constraint.
Managers should define both goals but concentrate on strategic objectives will bring about better results.
Both long-term and short-term objectives should be set. Short-term objectives will motivate present performance while long-term objectives will put the company in the proper position to achieve what is outlined in the vision down the road.
Priority should be placed on long-term objectives over the short-term. Companies that stress short-term objectives end up in business short-term.
Crafting Tactics to Achieve Organizational Objectives The third step, crafting tactics to achieve organizational objectives, is where management defines how to achieve the defined objectives. In this step, management decides how best to respond to changes in the environment, how to rise above the competition, and how to move towards the corporate vision and strategic objectives.
Implementing and Executing the Tactics The fourth step, implementing and executing the tactics, includes determining what company resources should be allocated to each activity, establishing policies, motivating employees, providing the resources necessary to achieve objectives, and encouraging a continuous improvement culture.
Tactics must be tailored to organizational capabilities and culture for them to work efficiently. Change will most likely be needed, but the amount of change varies depending on how new the tactics are.
This usually involves revising policies or resource allocation, moving people around, retraining and retooling, or making changes to reward systems.
Each manager must look at the tactics and their department to determine how best to implement each tactic correctly. Evaluating and Measuring Performance The fifth step, evaluating and measuring performance, is how management determines whether or not the tactics implemented effectively to achieve organizational objectives and comply with the strategic vision.
If performance is not to expectations, corrective action must be taken.
Performance can be measured by various methods such as financial data, customer satisfaction, quality reports, employee satisfaction, and capital utilization.Reviewing New leslutinsduphoenix.com FIVE TASKS OF STRATEGIC MANAGEMENT Developing Strategic Vision & business Mission Revise as Needed Crafting Setting Implementing a Strategy to Objectives & Executing Achieve the the Strategy objectives Revise as Needed Improve/ Change as Needed Improve/ Change as Needed Evaluating Performance.
PART II: THE FIVE TASKS OF STRATEGIC MANAGEMENT. The strategy-making, strategy-implementing process consists of five inter-related managerial tasks. There are five essential tasks of strategic management. They include developing a strategic vision and mission, setting objectives, crafting tactics to achieve those objectives, implementing and executing the tactics, and evaluating and measuring performance.
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Jun 29, · The strategic management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must . Transcript of Five Tasks of Strategic Management.
End Start Forming a Strategic Vision What the company's future busines make up will be and where the organization is headed. A.) Provide long-term direction B.) Delineate what kind of enterprise the company is trying to become.