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the process of crafting a strategy in a new company

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General Management

the process of crafting a strategy in a new company

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The managerial process of crafting and executing strategy has five phases which includes 1Developing a strategic vision 2 Setting objectives 3Crafting a strategy to achieve the objectives and vision 4 Implementing and executing the strategy 5 Monitoring developments evaluating performance and making corrective adjustments Developing a strategic vision describes a strategic vision as the route a company intends to take in developing and strengthening its business In this step a strategic vision of where the company needs to head and what its future is in regard to its products customers market and technology focus is sort and detailed This managerial step provides longterm direction infuses the organization with a sense of purposeful action and communicates to stakeholdersAppeals to the longterm interest of employees customers stockholders and others who have a stake in the enterprise directional Feasible Comprises realistic attainable goals Focused Is clear enough to provide guidance in decision making Flexible Is general enough to allow individual initiative and alternative responses in light of changing conditions and Communicable Is easy to communicate can be successfully    See Answer
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