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Process
10.2
Implementation
Putting the formulated plan to work
Evaluation
Continuously evaluating and updating the strategic
plan
Formulating Strategy
Developing the grand- and business-level
strategies to be used by the company
Companys strengths/weaknesses and
threats/opportunities shape the strategies
First step is to understand the current position of
the company
Identify mission, identify past and present strategies,
diagnose the companys past and present
performance, set objectives for the companys
operation
Formulating Strategy
Identify the mission statement
Outlines why the company exists
Describes the companys basic products
and/or services and defines markets and
sources of revenue
Designed to accomplish several goals and
ensures a common purpose within the
company
Setting Goals
Concise statements that provide direction
employees and set standards for
achieving the companys strategic plan
Established in many areas (see handout)
Goals must be reevaluated as the
environment and opportunities change
Multiple goals are used to reflect the
desired performance
SWOT Analysis
Strengths, Weaknesses, Opportunities,
Threats
Process that allows companies to evaluate
overall health
Internal (SW) and external (OT)
Implementing Strategy
Action stage of strategic management
Managers determine and implement the
most appropriate company structure,
motivate employees, develop short-range
goals, and establish functional strategies
Strategy must fit with current company
policies
Or conflicting policies must be changed
A. T. Cross Company