Strategy formulation and strategy implementation are interdependent processes designed to guide and ensure that a company or organization achieves its objectives. Both are part of an overall business management and corporate strategy scheme.Know More
In the strategy formulation stage, plans and decisions are made regarding the organization's strategic goals and how to achieve them. The necessary forces, such as materials, labor and other resources that the plan requires, are assembled. The emphasis is on the effectiveness of the planned activities.
The implementation stage highlights efficiency and puts the plans into operation. As the plans become reality, the focus shifts to managing the processes. The strategic formulation plans are used as a guide to keep the implementation process on track and ensure that the overall goals remain in sight.Learn more about Managing a Business
Intensive growth strategies are business plans designed to improve the business performance of a company, bringing the highest gains with the least amount of effort and risk. They include strategies for market penetration, product development and market development.Full Answer >
To implement a strategic plan, review the plan, create a vision for implementing the plan, select a team to assist with implementation, and schedule regular meetings. Upper management should be involved and consulted where appropriate during the implementation process.Full Answer >
A quality policy should emphasize how important the company feels about providing high-quality products or services to its customers, and it should state that the company has controls in place for the implementation, monitoring and maintenance of its quality objectives. The policy can also show how meeting high-quality standards will help the company meet its operational goals, such as increasing its customer base or decreasing customer complaints.Full Answer >
Management by objectives is a business model that encourages a team collaboration committed to achieving a company's mission. Each management level identifies a target purpose, which is agreed upon by organizational consensus. This management style was first introduced in Peter Druck's 1954 book, "The Practice of Management."Full Answer >