what element does a formal strategy contain? course hero

What are the elements of a great strategy?

The strategy should be thoroughly baked into the product/service plan, the communications plan, the marketing plan, the people plan, the process improvement plan, the budget plan and the operational plan. This list of Elements of a Great Strategy is by no means exhaustive, but the intention was to provide a basic outline ...

What are the most important concepts to consider when developing a strategy?

For this element, there are a few important concepts to mention here: ‘ Coherent Alignment’ – The strategy should align and bind the whole organization together. While each function or department will have to develop their own specific plans, these should receive inspiration, purpose and direction from the main strategy.

How many elements are there in a strategic plan?

The following are 10 elements that represent sound principles to be taken into consideration when developing a strategic plan: Sometimes before you go forward, you have to look back.

What is a successful strategy?

As was mentioned, a successful strategy is not only one that is intelligently designed and well-constructed, but also inclusive of all stakeholders, effectively deployed and governed with a nearly fanatical level of discipline and passion.

What is the fourth element of a strategy?

Element #4: Sense of Reality. A strategy is not worth much if it does not accurately reflect the reality of the situation – the good, the bad and the ugly. It is also not going to help much if the strategy stretches the organization well beyond its means or outlines completely unrealistic and unattainable objectives.

What is a successful strategy?

As was mentioned, a successful strategy is not only one that is intelligently designed and well-constructed, but also inclusive of all stakeholders, effectively deployed and governed with a nearly fanatical level of discipline and passion.

What is solid follow through?

Solid follow-through is more than governance reviews and scorecard updates. It needs the leadership to be absolutely committed to and thoroughly passionate about the strategy. Leaders should be talking the ‘language’ of the strategy on a daily basis. When even the employees are talking about it frequently, this is when the plan has become institutionalised and permeates every level of the organisation. The strategy should be thoroughly baked into the product/service plan, the communications plan, the marketing plan, the people plan, the process improvement plan, the budget plan and the operational plan.

Is strategy a failure?

A great strategy does not just remain stuck in a powerpoint slide, but gets effectively and passionately deployed to every level of the organisation. If there is a function or team that is disengaged from the planning activity, or not involved in its execution, then the strategy is a failure.