Strategy-implementation and formulation
A strategy is a broad plan developed by an organization to take it from where it is to where it wants to be. A well-designed strategy will help an organization reach its maximum level of effectiveness in reaching its goals while constantly allowing it to monitor its environment to adapt the strategy as necessary. Strategy formulation is the process of developing the strategy.
Strategy formulation is vital to the well-being of a company or organization.
There are two major types of strategy:
(1) corporate strategy, in which companies decide which line or lines of business to engage in; and
(2) business or competitive strategy, which sets the framework for achieving success in a particular business.
While business strategy often receives more attention than corporate strategy, both forms of strategy involve planning, industry/market analysis, goal setting, commitment of resources, and monitoring.
Strategic implementation put simply is the process that puts plans and strategies into action to reach goals.
A strategic plan is a written document that lays out the plans of the business to reach goals, but will sit forgotten without strategic implementation. The implementation makes the company’s plans happen.