Strategic Formulation 4 KEY ELEMENTS Clear vision Vision enables companies to maintain their focus on key objectives and opportunities. Having a clear idea of the company purpose is the single factor most closely correlated with superior financial performance. Option Selection Selection is a core part of strategy as companies must constantly make choices about their products, their markets and their tools and resources. Options and not unlimited. Certain choices preclude others. Comprehensive Courage Courage requires a readiness to innovate and embrace change for the good of the organization. Courage requires comprehension and openness to the beliefs and outlooks of others within the organization. Adaptation Ability to adapt to a changing environment is a key part of management success. Managers must often look outside their own company and even industry to gain best practice insight.
Posted on: Sun, 07 Dec 2014 03:42:10 +0000
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