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-Oxleysay about Board involvement?

The PowerPoint slides end with:

• 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.!