MNG 3702Notes

INTRODUCTION TO STRATEGY IMPLEMENTATION AND CONTROL Define the term strategic management Strategic management is the process for planning, implementing and controlling strategy for the organisation. The purpose of strategic management is to ensure that the organisation applies four key elements, namely: 1. A clear and consistent long-term strategic direction in terms of what the organization wants to achieve in future 2. A profound understanding of the external environment to ensure that the organisation is able to align itself with opportunities and to deal with threats as effectively as possible 3. An objective knowledge of the key resources, capabilities and weaknesses that the organisation possesses as well as their value to allow the organisation to build on these and develop a distinct competitive advantage 4. A proper alignment of organisational strategies, structure, systems, culture, and functional and operational management (collectively referred to as organizational architecture) to ensure the effective implementation of strategic plans, portfolios, programmes, projects and initiatives Demonstrate an understanding of where strategy implementation and control fits into the strategic management process Strategic management refers to the process for planning, implementing and controlling the strategy of the organisation. It therefore consists of three components, namely strategic planning, strategic implementation and strategic control.  Strategic implementation- it’s the doing part where both human and non-human factors in the organisation are applied to ensure that the strategy is executed in line with the devised plans. It consists of three elements namely change management, organizational learning and resource allocation  Strategic control- entails control measures ensuring that strategies are on track. It reviews and provides feedback to the formulation and implementationphases