What Is Strategy and Why Is It Important?

The five (5) tasks of strategic management are clear:

- Develop a strategic vision and business mission;

- Setting objectives;

- Crafting a strategy to achieve the objectives;

- Implementing and executing the strategy; and

- Evaluating performance, monitoring new developments, and initiating corrective action.

But, who does strategy -- the CEO? Only the CEO? The upper echelon? Line Department Managers? Staff Department Managers? Operational Unit Managers? Or, does everyone do it??? And what do they do??? Mention long-term and short-term in your response.

In this regard, what is the role of the role of the Board of Directors -- should they be very involved (overly involved)? Or, should they rubber-stamp everything that management puts forth? What does Sarbanes-Oxley say about Board involvement?

Note, our PowerPoints include some special issues about strategy, including:

• Strategy is about asking the right questions:
• • What must managers do, and do well, to make a firm a winner in the marketplace?
• Strategy requires getting the right answers:
• • Good strategic thinking and good management of the strategy-making, strategy-executing process.
  • First-rate capabilities and skills in crafting and executing strategy are essential to managing successfully.