BU288 Lecture Notes - Lecture 5: Strategic Management
Document Summary
Strategy implementation: successful strategy implementation is crucial for the success of the business unit. This is the action stage of the strategic management process. If the overall strategy does not work with the business" current structure, a new structure should be installed at the beginning of this stage. Everyone within the organization must be made clear of their responsibilities and duties, and how that fits in with the overall goal. Additionally, any resources or funding for the venture must be secured at this point. Once the funding is in place and the employees are ready, execute the plan. Strategy implementation includes designing the organization"s structure, distribution and allocation of resources, developing decision making process, and managing the human resources. Strategy evaluation and control actions include performance measurements, consistent review of internal and external issues and making corrective actions when necessary. Any successful evaluation of the strategy begins with defining the parameters to be measured.
