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Strategy Development and Implementation

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Short answer reflect on the many different components of strategic development and implementation, which do you believe will be the most relevant and effective in leadership and management roles? Why? (Can not be extended past 6/26)

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Guidance on Strategic Development and Implementation
Strategic Management process comprises of Strategy Formulation or Development and Strategy Implementation as two major stages which are important to develop the strategies of the organization and then converting these strategies into action (Wheelen and Hunger, 2010). One of the foremost and most important component of strategy development is building the company's vision which is comprising of the organization's core ideology constituting its core values and purpose and an envisioned future which includes a 10 to 30 year Big Hairy Audacious Goal (Collins and Porras, 1996). The mission is basic reason for existence of the organization that needs to be defined by the organization. The vision and mission leads to another important component in strategic development - formulation of objectives (Wheelen and Hunger, 2010). This vision and mission leads to another major component in strategic development is defining objectives of the organization (Wheelen and Hunger, 2010). The other major component in strategic development is the environmental scanning to understand the implication of company's macro environment including political, economic, social, technological, environmental and legal factors and micro environment comprising its customers, competitors, suppliers and ...

Solution Summary

The solution provides guidance on the major components of strategic development and implementation and perspective on how some of them are important from the management and leadership's perspective.