Managing Strategy
Introduction
According to Hambrick and Fredrickson (2001), they define strategy as a plan of action intended to attain an overall aim or a long term goal. The managing strategy, therefore, means designing and implementation significant enterprises together with the purposes of the company. The approach has five basics, which include arenas, vehicles, differentiators, staging, and economic logic. The objective of this essay is to discuss different dimensions of strategy and analyze the importance of the seven questions involved in the policy of an organization.
The model of strategy dimension
Concerning the different dimensions of the strategy presented by the authors, I will not make any changes to the model because, to begin with, they put all the procedures in their right places. This action simplifies strategy management and provides guidelines for every step. The authors also stress the main points that an organization needs to emphasize while planning, thus saving time for other essential activities in the company. Besides, I wouldn’t add nor delete any dimension presented by the authors since their approach is accurate and precise. There is a strategic analysis that discusses the industry analysis, market place or customer trends, and environmental forecast. The report has detailed information regarding the competitors, and an assessment of strengths, weaknesses in the internal structure of the company. Therefore, i feel that it tackles all the analyses. Thus, there is nothing I can add to the approach. Besides, the model also addresses the mission, that is, the fundamental and values purpose, the objectives, the external strategy approach on how the company will achieve its goals together with supportive organizational arrangements which I feel that it covers the whole organization needs (Hambrick and Fredrickson, 2011).
The Reading On Stress Test Your Strategy
As argued by Simons (2010), there are seven questions an organization should employ to stress test the strategy of a company or as a strategy for plans, which I find to be a deficit of other essential parts or considerations of an organization. Therefore, I firmly believe that the questions are not enough when it comes to testing the stressing aspect of the organization strategy. I would also like to add other strategy-related items to those of the author to stress essential areas of strategy management to facilitate the assessment of an organization.
The questions that I will add to help in a company’s stress assessment include, where do the company want to be in the next 2-4 years? What client demands or market trends support the organization’s strategy? What plan has the company employed to deliver on its goals? Together with who are the immediate competitors in the market? The questions I have added helps an organization to frame a future vision, signal trends, and feedback to provide knowledge concerning competitors, new products, or economic realities present in the changing needs of the company. They also offer messages, expenses, and actions that ensure a strategy is viable or comes to life.
Conclusion
In summary, managing strategy is the approach that a company takes to plan and implement its goals in the long run. The objectives of the company walk hand in hand with the strategic plan created by the organization. The managing directors are responsible for planning and implementing the strategies of the company. Workers, together with employers, are responsible for ensuring that the strategic plan works out.
References
Hambrick, D. C., & Fredrickson, J. W. (2001). Are you sure you have a strategy? Are you sure you have a strategy?
Simons, R. (2010). Stress-Test Your Strategy. The 7 Questions to Ask.