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Business Strategy
1
Strategy is implemented through organizational
structure and control.
Structure:
1) the division of management responsibilities
2) the establishment of reporting relationships
Control:
Policies intended to influence behavior—align the interests of the individual with the interests of the organization
Strategic Principle
- A memorable & actionable phrase that distills a company’s corporate strategy into its unique essence.
- Helps companies maintain strategic focus
- Drives a Company’s Strategy
- Action Oriented
- Enables people to do something NOW
Example
GE’s strategic principle- “Be number one or number two in every industry in which we compete, or get out.”
Why Strategic Principles Matter
Forces trade-offs
Tests strategic soundness
Sets clear boundaries
- Creates flexibility among employees
- Permits innovation and rapid response to opportunities
Transforming the Corner-Office Strategy into Frontline Action
Emily Milam, Tyler Killpack, Jessica Nield, Brent Meacham
What is it?
Implementation
Develop at the right time
How to Create Strategic Principles
How do you convey a consistent message from the top down?
Before a company grows too complex and priorities are confused, strategy should be in place.
How do you get a strategy to permiate?
- Develop at the right time
- Capture the company’s competitive advantage
- Implement efficiently
Capture the company’s
competitive advantage
Be sure your strategy represents a plan to allocate resources in a unique way.
Implement efficiently
Strategic Management Process
Communicate effectively: consistency, simplicity and repetition are key.