Formulation of a Grand Strategy

Grand Strategy: A general explanation of how the organization’s mission is to be accomplished

Situational Analysis

Finding the organization’s niche by performing a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to match unfolding opportunities with resources being acquired.

Capability profile: Identifying the organization’s strengths and weaknesses

Determining Strategic Direction Through SWOT Analysis

Key capabilities for today’s companies

—  Quick response to market trends

—  Rapid product development

—  Rapid production and delivery

—  Continuous cost reduction

—  Continuous improvement of processes, human resources, and products

—  Greater flexibility of operations

The Need for Speed

Speed has become an important competitive advantage. Speed involves more than just doing the same old things faster. Reengineering: Radically redesigning the entire business cycle for greater strategic speed

Formulation of Strategic Plans

Develop clear results-oriented objectives stated in measurable terms. Identify activities required to accomplish the objectives. Assign specific responsibilities to the appropriate personnel. Estimate times to accomplish activities and their appropriate sequencing. Determine resources required to accomplish the activities. Communicate and coordinate the above elements and complete the action plan.