Question

What is the role of the Chief Executive Officer (CEO) in the strategy formulation and strategy execution process? Why has their job become increasingly difficult? Give one or more specific examples of the difficulties currently faced by Chief Executive Officers.

Answer 1

An organisation's CEO plays a vital and important role in the development of the organisation.The CEO sets goals for the organisation and mission and vision also.The CEO has the power to regulate the overall functioning of the organisation.The strategy formulation is important for the organisation development.The strategy is important for the organisation to compete with the same level industries.So very careful and successful implimentation of strategies leads to success of the organisation.The business exhibits fluctuating nature,the nature of the business may vary and it depends upon the behavior and attitude of the customers.So the business gives always importance for the customers taste and prefernces.So the strategy will change according to this,so such type of situations,the strategy making is very difficult.Then the whole risk lift by the CEO of the company.So the CEO of the comopany always manage the external environment and relationships for the proper strategy making and growth of the organisation.The policy formulation is important for the organisation,because it leads to the creation of the strategy policies and implimentation.So the formulation and implimentation of the strategies and success or failure of the strategies are the responsibilty of the CEO of the organisation.

The job of the CEo is not much easier.Because in this job includes high pressure and tension.Because in this job the CEO considering the past records of the company and create the anticipated strategy for the future.Then creation of the strategy would considering the mission and vision of the organisation.Then the CEO of the company not fluctuate from the vision and mission of the company.Sometimes,the CEOs are responsible for considering the technolgical advancement and according to this,they will formulate the strategy.The another challenge faced by the CEOs are priority list,because the long list of priorities are infront of the CEOs and they are obviously confusing about to select the right one,it is very difficult time limit to create execute and review the best strategy.The another challenge is to mamage the scarcity of the resources.They are facing difficult in seeking the oppurtunities with the help of limited resources.The updated approach in the day to day business is the other thing,becasue the company is following one particular system then the drastic updation in the business field is the challenging one.Because it is difficult to switch from one technology to another.