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The Strategy Formulation, Strategy Execution Process

External and Internal Factors Shaping Strategic and Operating


Decisions

Stage
Stage Stage Stage
Stage 5
Evaluating and
1 3
Crafting a 4 analyzing the
Developing 2
Setting strategy to Executing
a strategic achieve the Strategy external
Objectives environment
vision,missi objectives
onand and move and the compay
the company s internal
values along the situation to
intended
identify
path
corrective
adjustments
Stage 1: Developing a
Strategic Vision, a Mission,
and Core Values

STRATEGIC MISSION VALUE


VISION STATEMENT S
Potray's a company Conveysacompany' Beliefs, traits and
future business s behavioral
scope purposeinlanguage norms
specific
Stage 2: Setting Objectives
The managerial purpose of setting
objectives is to convert the vision and
mission into specific performance targets.
Performance
Targets

Financial Strategic
Performan Performan
ce ce
Stage 3: Crafting Strategy

Crafting Strategy is a
collaborative team effort that
includes managers in various
positions and at various
organizational leves.
Stage 4: Implementing and Executing
the Chosen Strategy

Managements
Managements action
action agenda
agenda for
for
executing
executing thethe chosen
chosen strategy
strategy emerges
emerges
from
from assessing
assessing what
what the
the company
company will
will
have
have to
to do
do to
to achieve
achieve the
the targeted
targeted
financial
financial and
and strategic
strategic performance
performance
Stage 5: Evaluating Peformance and
Initiating Corrective Adjustments

Evaluating and analyzing


the external environment
and the companys
internal situation and
performance to identify
needed corrective
adjustments

This stage of the strategy


management process is the trigger
point for deciding whether to
continue or change the companys
vision, objectives, strategy and/or
strategy execution methods.