Enterprise-Wide Strategic Management Achieving Sustainable Success through Leadership, Strategies, and Value Creation
Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- List of boxes
- List of abbreviations
- Introduction
- Part I Context: Laying the foundation and the underpinnings of ESM
- Part II Strategic management: Formulation and implementation
- 6 Strategic management framework and strategic analysis
- 7 Strategic formulation – options, mission statements, and objectives
- 8 Strategy formulation – business strategies and action plans
- 9 Strategic implementation and execution
- 10 Reflections and concluding comments
- Index
- References
8 - Strategy formulation – business strategies and action plans
from Part II - Strategic management: Formulation and implementation
Published online by Cambridge University Press: 05 June 2012
Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- List of boxes
- List of abbreviations
- Introduction
- Part I Context: Laying the foundation and the underpinnings of ESM
- Part II Strategic management: Formulation and implementation
- 6 Strategic management framework and strategic analysis
- 7 Strategic formulation – options, mission statements, and objectives
- 8 Strategy formulation – business strategies and action plans
- 9 Strategic implementation and execution
- 10 Reflections and concluding comments
- Index
- References
Summary
Introduction
Crafting business strategies and action plans are among the most crucial aspects of the strategic management process. While the front end of strategic formulation requires incredible analyses, insights, and imagination, the harmonization of business strategies and action plans requires more than intellectual exercises and hard work. It involves a team effort to affirm the strategic analyses, understand the implications of the future, and know what is necessary to realize the desired future state. It is based on the intellectual capacity of strategic leaders and the organization to ascertain the best strategies in the context of both the theoretical possibilities and the practical realities.
The crescendo of strategic formulation necessitates that strategic leaders become fully engaged in deliberations over strategic options and business objectives, and in the selection of the best business strategies. It involves making difficult decisions that establish the strategic agenda for the future and determine the pathways to success. It also involves translating the strategies into action plans and initiatives so that the selected strategies can be validated in light of the capabilities and resources of the organization and the real world. Strategy formulation is not about either-or outcomes, but holistic perspectives about strategic decisions to create sustainable success.
Business strategies focus on the plans and actions of the business unit or those of a small and medium-sized enterprise (SME) to create value and achieve sustainable success. In a large company they are a subset of the overall corporate strategy.
Information
- Type
- Chapter
- Information
- Enterprise-Wide Strategic ManagementAchieving Sustainable Success through Leadership, Strategies, and Value Creation, pp. 358 - 427Publisher: Cambridge University PressPrint publication year: 2009
References
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, Sustainable Business Development: Inventing the Future through Strategy, Innovation and Leadership (Cambridge, UK: Cambridge University Press, 2006, p. 170)CrossRefGoogle Scholar
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, Fast Cycle Time: How to Align Purpose, Strategy and Structure for Speed (New York, NY: Free Press, 1993, p. 9)Google Scholar
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