Question

What are the five integrated tasks of the strategy-making, strategy-executing process, and what does each one involve?

Answer 1

Soln. Five integrated tasks of the strategy-making, strategy-executing process are mentioned below -

• Defining the vision and mission of the organization - This tasks define the purpose of the organization in its mission statement and the progress to be made in the coming future in its vision statement. Helping in achieving and following Vision and mission of the company, should be the task of every employee
• Defining and setting objective of the organization - This defines the goals and the benchmarks that a company targets to achieve in its operation.Objectives are defined on different parameters, like in terms of production growth, in terms of revenue etc.
• Strategies to achieve the objectives - It includes the pre-planning among the individuals and resources to achieve the target of the objective.It is very crucial to maintain the success of the organization. Failure in strategy can lead to great loss to the organization
• Implementation of tasks - After strategy, every individual is assigned its role and responsibilities to perform and implement the respective tasks.It can be based at individual level or at the organization level
• Performance measurement - Implementation of tasks should be evaluated on some bench marking so that any deviation should be corrected to maintain the quality of the implementation.