Strategic Visioning Exercise

1 Introduction

A company’s strategy is the game plan the management has for positioning itself in its chosen market, competing successfully, pleasing clients and achieving good business performance.

Crafting a strategy is the process in which management say what 'among all possible paths and actions' they have decided with regard to the direction they want to move the company in, taking into account the particularities of the business environment.

The purpose of defining a strategy answers two needs. One is the need to proactively shape how a company’s business will be conducted. The other one is molding independent decisions and actions of business units, departments, managers and employees across the company into a coordinated action plan.

2 The strategy making and implementation process consists of five interrelated managerial tasks:

  • Forming a strategic vision of the company’s future business make-up and of the direction the organisation is moving in.
  • Defining objectives to convert the strategic vision into specific measurable performance outcomes.
  • Crafting an action plan to achieve the desired results.
  • The process of implementing and executing the chosen strategy in an effective and efficient way.
  • Monitoring, evaluating and adjusting the implementation process in the light of actual experience, changing conditions, new market opportunities, new ideas etc.