Write a 300-word strategy evaluation report on a chosen company.
Research from the Internet and from printed information can enhance strategy evaluation. Competitors’ performance information can help bring perspective to an organization’s performance evaluation. It is also important to look at changes, externally and internally, as an indicator for the need to modify strategy.
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By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
• Competency 1: Evaluate key elements of the strategic planning process.
o Identify strategic information on competitors using appropriate research.
o Recommend strategies based on strategy evaluation research.
• Competency 3: Apply a sequential process for developing and implementing strategies, goals, objectives, and tactics as part of the strategic plan implementation.
o Identify new strengths and weaknesses and opportunities and threats.
o Interpret the effectiveness of a company’s strategies.
A strategy evaluation framework can help achieve annual and long-term objectives. Evaluation allows an organization to use internal strengths and to capitalize on external opportunities as they surface, defending against market shifts and correcting internal weaknesses before they become a problem. Successful organizations formulate, implement, and evaluate strategies intentionally and continually evaluate their strategic position shaping their future intentionally as opposed to being shaped by external forces.
Strategic management allows an organization to make effective decisions, execute those decisions efficiently, and take corrective action. The key to effective strategy evaluation is the integration of intuition and analysis. Strategic management is first a people process and a mechanism for fostering organizational communication. The planning process is more important than the written plan. In fact, the written plan is only a snapshot and because of the rapid rate of change, leaders must plan continuously.
Strategic management also includes formulating, implementing, and evaluating organization-wide decisions that enable an organization to achieve its objectives (David, 2014). Formulation includes the organization’s mission, internal and external assessments, and the establishment of strategies. Implementation includes the creation of short-term objectives and allocation of resources to achieve strategies. Evaluation reviews performance and recommends corrective action.
There are many benefits to strategic planning, including financial and competitive sustainability in a global market. Globalization, e-commerce, and attention to the environment have become important strategic concerns. Engaging employees in the strategic management process can facilitate the implementation of a well-planned strategy and enhance competitive advantage. Through this course, you have learned about the importance of mission and involvement in a sequential planning process.
David, F. R. (2014). Strategic management: A competitive advantage approach, concepts & cases (15th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
QUESTIONS TO CONSIDER
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
• Consider market segmentation and product positioning as a strategy-implementation tool.
• Consider the nature of research and development in strategy implementation.
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