change management class :milestone 3 assignment
The Strategic Management Process Overview
In order to be an effective strategic leader, one must take advantage of the strategic management process. This process consists of a set of actions used to formulate and implement specific strategies to give the organization a competitive advantage (Lussier & Achua, 2015). There are five steps to this process and they are described below:
Vision: Develop a strategic vision and mission statement that outlines the long-term direction, purpose, customer needs, and values of the organization. Answer such questions as: Where are we going and why? Who are we and what do we do? What do we value? Do we have a competitive business model?
Objectives: Set clear objectives for both the short and long term, ensuring that all departments and managers understand their responsibilities and accountability. Ask questions such as: What are our strategic objectives and outcomes? Is there clarity about them across the organization? Does everyone know their own objectives?
Strategy: Formulate a strategy that takes into account industry trends and changes, competitor analysis, core strategy, and risk assessment. Ask questions such as: What are the trends taking place in our industry? Who are our competitors and how do we rank against them? What is the best strategy for us to gain or maintain a competitive advantage?
Execution: Ensure that the right people and resources are in place to execute the strategy, and considering the culture and structure of the organization in relation to the strategy. Ask questions such as: Do we have the right people in the right places? What are the performance targets for tracking success? Do we have the resources to execute our strategy?
Evaluation: Regularly evaluate and control the overall strategic roadmap, performance against quarterly milestones, and take corrective actions as needed to address weaknesses in the strategy. Ask questions such as: How well did our strategy perform this quarter? Are we hitting our performance targets? What actions can we take to ensure we reach our milestones?
Strategic leadership involves creating and implementing a plan for success in an organization. The ability to do this effectively separates successful strategic leaders from those who are not as effective.
