A strategy is a set of goal-directed actions a company takes to gain and sustain a competitive advantage and increase their bottom line. In order for a company to sustain a competitive advantage, they must to have superior performance relative to their competition. To have a competitive advantage, means being known in the industry for providing superior products and service. A strategy is about combing activities. A strategy must be able to adapt to change. A strategy requires you to make tradeoff in competing and creating a unique and valuable position. Strategic positioning means performing different activities from rivals or performing them differently. Greater value allows for higher prices. A strategy that creates a unique
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What are the five basics tasks of the strategy making executing processes? Why are all these tasks important when developing a strategy? A successful strategy execution is a joint effort that includes management of both people and business processes. It is a task for all the management team. Each have a strategy executing responsibility and all employees are part of the strategy executing process. A strategy execution requires a commitment to change, action and performance. All must commit to the strategy by getting things done and delivering results. Below are five basic tasks of the strategy making and executing processes.
1. Exercise strong leadership to propel strategy execution forward
2. Tie rewards and incentives directly to the achievement of strategic and financial targets
3. Staff the organization with the right people for executing the strategy
4. Allocate the right resources to the strategy execution …show more content…
The board of directors plays the role of overseeing the company’s strategic direction, evaluate its senior executives, handle executive compensation, and oversee financial reporting practices. Every company should have a solid independent board of directors that is (1) well informed about the company’s performance, (2) guides and evaluates the CEO and other top executives, (3) has the courage to curb management actions the board believes to be inappropriate or risky, (4) confirms to shareholders that the CEO is doing what is expected of him, (5) provides insight and advice to management and (6) is strongly involved in debating the pros and cons of major decisions and
What are the five basics tasks of the strategy making executing processes? Why are all these tasks important when developing a strategy? A successful strategy execution is a joint effort that includes management of both people and business processes. It is a task for all the management team. Each have a strategy executing responsibility and all employees are part of the strategy executing process. A strategy execution requires a commitment to change, action and performance. All must commit to the strategy by getting things done and delivering results. Below are five basic tasks of the strategy making and executing processes.
1. Exercise strong leadership to propel strategy execution forward
2. Tie rewards and incentives directly to the achievement of strategic and financial targets
3. Staff the organization with the right people for executing the strategy
4. Allocate the right resources to the strategy execution …show more content…
The board of directors plays the role of overseeing the company’s strategic direction, evaluate its senior executives, handle executive compensation, and oversee financial reporting practices. Every company should have a solid independent board of directors that is (1) well informed about the company’s performance, (2) guides and evaluates the CEO and other top executives, (3) has the courage to curb management actions the board believes to be inappropriate or risky, (4) confirms to shareholders that the CEO is doing what is expected of him, (5) provides insight and advice to management and (6) is strongly involved in debating the pros and cons of major decisions and