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TASKS IN STRATEGIC MANAGEMENT
Strategy formulation and implementation process consists
of five interrelated managerial tasks as are outlined:
Setting Vision
and Mission
v
It is the first
important task in strategic management.
v
Strategic vision and
mission formulation is the basic stage of the company.
v
It determines long
term direction towards the its operations like products and services,
technology and quality etc.,
v
It decides what kind
of enterprise the company, it also is trying to become and infuse the
organization with a sense of purposeful action oriented in the future.
Setting
Objectives
v
Setting objectives
involves to the converting the strategic vision and mission into specific
performance outcome for the company to achieve it.
Crafting
strategy
v
Crafting the
strategy is to achieve the desire and expected outcomes in the company.
Implementation
v
Implementation and
executing for suitable strategy to efficiently and effectively.
Control and
Evaluation
Control and evaluation performance and initiating corrective adjustments relating in vision, long-term direction, objectives, goals, strategy execution in
light of actual experience , changing conditions , new ideas,
and new opportunities for business enterprise.
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