Strategy and Why it is Important

Disc. Bd. #2 - What Is Strategy and Why Is It Important?

The five (5) tasks of strategic management are clear:

- Develop a strategic vision and business mission;
- Setting objectives;
- Crafting a strategy to achieve the objectives;
- Implementing and executing the strategy; and
- Evaluating performance, monitoring new developments, and initiating corrective action.

But, who does strategy -- the CEO? Only the CEO? The “upper” echelon? Line Department Managers? Staff Department Managers? Operational Unit Managers? Or, does everyone do it"? And what do they do"? Mention “long-term” and “short-term” in your response.

In this regard, what is the role of the role of the Board of Directors -- should they be very involved (overly involved)? Or, should they rubber-stamp everything that management puts forth? What does Sarbanes-Oxley say about Board involvement?

Note, our PowerPoints include some special issues about strategy, including:

Strategy is about asking the right questions:

What must managers do, and do well, to make
a firm a winner in the marketplace?
Strategy requires getting the right answers:

Good strategic thinking and good management of the strategy-making, strategy-executing process.
First-rate capabilities and skills in crafting and executing strategy are essential to managing successfully.

Is that all that “strategy” is about"?

Take a piece of this intro and "run" with it! Use some real-life examples -- use Google, if necessary -- discuss your job; discuss your former job; what about the job(s) of your parent(s); or any organizations that you've read about; etc., etc., etc.!

View the slides again from Chapter 1 and other articles, books, and slides; read the chapter core concepts; read the chapter outlines; and, of course, read the chapters .